Changes in relationships can be hard to take. The economic bond between Latin America and Spain, its biggest former colonial power, is shifting as the region's economies mature. Despite some ruffled feathers, the evolution is positive. After two decades in which Spain amassed assets worth €145 billion ($200 billion) in Latin America, last year was the first in which Latin American companies spent more on acquiring their Spanish counterparts than the other way around (see left-hand chart). Dealogic, a data provider, says Mexican firms were the biggest investors, putting money into Avanza, a bus company, and (with a Chinese firm) Campofrio, a meat processor.
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