Petroleo Brasileiro SA (PETR4) and Vale SA (VALE5), South America’s biggest companies by market value, will benefit after Rio de Janeiro was named the 2016 host of the Olympics, said Alan Gandelman, chief executive officer at broker ICAP Plc.
“The Olympics and the World Cup will benefit certain sectors, especially steelmakers and banks to finance infrastructure projects,” Gandelman said today in a telephone interview from Rio de Janeiro.
Brazil is slated to host the World Cup soccer championship in 2014. Vale is the world’s biggest iron ore producer, and Petrobras is Brazil’s state-controlled oil producer.
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