Mergers have grown larger in Latin America. Last June brewer Anheuser Busch InBev agreed to buy the remaining 50 percent it did not already own of Grupo Modelo for a reported $20.1 billion. This was the largest acquisition ever in Mexican history. It dwarfed such 2011 largest deals as the $7.7 billion spin-off of Carlos Slim’s Minera Frisco, or the $5.8 billion acquisition of Brazilian Tele Norte Leste Participações by Brazilian telecom Oi.