Billionaires ‘Nobody Knows’ Uncovered With Public Wealth
Not long after Juan Gallardo Thurlow took over PepsiCo Inc. (PEP)’s Mexican bottling and distribution operations in 2011, the shares of his soft-drinks company, Organizacion Cultiba SAB, reached 28 pesos per share -- making him a billionaire.
With 72 percent of Mexico City-based Cultiba, Gallardo Thurlow, 65, is worth at least $1.4 billion, according to the Bloomberg Billionaires Index. He’s one of eight low-profile individuals from Latin America and Spain whose 10-figure fortunes were revealed in a review of publicly traded company stakes. None has appeared on an international wealth ranking.
“You see these people walking around New York and almost nobody knows who they are,” said Eric Saucedo, a partner at the New York-based merchant-banking firm Tricap Partners & Co. “In Latin America, the reality is that there are still safety issues.”
Gallardo Thurlow first won the rights to bottle Pepsi products in 1986. Amid a wave of privatizations in the years that followed, he bought a handful of sugar plantations from the Mexican government to bolster his operations. In the early 1990s, he was tapped to help lead the negotiations that forged the North American Free Trade Agreement, working behind the scenes to represent Mexico’s private sector.
Since then he’s built up Cultiba, which generates $2.4 billion in annual revenue, and is preparing to raise more than $300 million in an equity offering. His stake is disclosed in the company’s latest annual report and in the preliminary prospectus for the share sale published in December on the website of Mexico’s stock exchange. Carlos Orozco, the company’s chief financial officer, didn’t respond to a phone message and e-mail seeking comment on the billionaire’s net worth.
On the other side of the equator, Chile’s Yarur family has presided over Banco de Credito & Inversiones, the country’s third-largest lender by market value, for more than half a century. According to a 2006 report by Fitch Ratings, the bank’s chairman Luis Enrique Yarur -- a third-generation shareholder -- owns 42 percent of investment company Empresas Juan Yarur SAC, which in turn owns more than half of the bank. Together with his 1 percent direct stake in BCI, his holdings are valued at $2 billion.
The press office at Santiago-based BCI didn’t have an immediate comment on Yarur’s net worth when contacted by phone Jan. 17, and didn’t respond to further e-mails.
Patricia Angelini Rossi also inherited her Chilean fortune. Her late uncle Anacleto, who had no children of his own, bequeathed to her and her brother Roberto most of his shares in publicly traded Antarchile SA (ANTAR), a diversified holding company based in Santiago with investments in forestry, energy, fishing and shipping.
Patricia’s 22 percent stake -- which includes shares held in her children’s names that she controls, according to the company’s latest annual report -- is valued at $1.7 billion. Her brother Roberto, the company’s better-known billionaire chairman, controls 26 percent of Antarchile. A press official at the family holding company, who asked not to be identified because of corporate policy, declined to comment on Patricia Angelini’s net worth.
Two Brazilian heiresses joined the billionaire ranks thanks to their father, Pelerson Soares Penido, who died last year at age 93. Penido helped build the capital city of Brasilia in the 1950s, as well as highways across the country. He later sold his toll-road operation for a stake in Sao Paulo-based CCR SA (CCRO3), now Brazil’s largest toll-road company by market value.
Penido’s daughter Ana Maria Marcondes Penido Sant’Anna, 56, owns 12 percent of CCR, a stake valued at $2.1 billion. After accounting for dividends and market performance, she probably controls an investment portfolio of at least $400 million, according to Bloomberg’s ranking.
Her sister, Rosa Evangelina, has a 5.3 percent stake in CCR, which is worth about $910 million, plus about $180 million million in cash from dividends, according to data compiled by Bloomberg. In an e-mailed statement sent by their press representatives, the sisters declined to comment on their net worth.
CCR is controlled in part by Dirce Camargo, Brazil’s richest woman. Camargo has a $13.9 billion fortune, according to the index, up 3.7 percent year-to-date.
An infrastructure empire created three hidden Spanish billionaires. Rafael del Pino y Moreno, who died in 2008 at age 87, started importing railroad track-repair machinery from Germany six decades ago. Today, the company he founded, Ferrovial SA (FER), generates 7.5 billion euros ($9.9 billion) in annual revenue building airports, highways and other infrastructure projects across Europe.
Del Pino’s five children control 44.3 percent of Ferrovial through holding company Portman Baela SL, which they own through Madrid-based Karlovy SL and another entity in the Netherlands. According to documents filed with Spain’s company registry, Rafael del Pino y Calvo-Sotelo -- Ferrovial’s chairman -- owns 45.2 percent of Karlovy, a stake valued at $2.2 billion.
His brother Leopoldo owns 20.3 percent of Karlovy, worth $1 billion. Maria del Pino y Calvo-Sotelo owns 20 percent of the holding company, valued at $980 million, according to Bloomberg’s ranking. Combined, the three billionaire del Pino heirs have collected more than 525 million euros in dividends since 2008. A press official at Ferrovial in Madrid, who asked not to be identified due to company policy, said the family never comments on its fortune.
Two remaining brothers, Joaquin and Fernando del Pino, are not billionaires based on their public holdings.
The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Each net worth figure is updated every business day at 5:30 p.m. in New York. The valuations are listed in U.S. dollars.
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