News

New legal framework for tender offers

07 September 2000

In the last three months the National Securities Commission (Comisión Nacional de Valores - CNV), the body in charge of the supervision of the capital market in Argentina, issued two resolutions by means of which the regulatory regime for tender offers was modified.

Regulation of Legal Stability Agreements

06 September 2000

Law 27,343 published on September 6, 2000 establishes that contracts executed under the Organic Law on Oil, (No. 26,621), as well as contracts providing guarantees and rules for the promotion of mining investments, may only include tax stability benefits in respect of current taxes (excluding fees and contributions).

Davis Polk advises leading Latin American private sector electric utility company

05 September 2000

Santiago-based Enersis SA retained the law firm in connection with its September 5, 2000 offering to its shareholders of up to US$1 billion in newly issued ordinary shares.

Mayer Brown, Linklaters and Colombian firms advise European mining companies

05 September 2000

The firms worked on a Memorandum of Understanding under which UK-based Billiton will acquire a one third share of Carbones del Cerrejón from Anglo American and Switzerland's Glencore, the current equal owners.

New rules for competition

03 September 2000

On September 3 a decree was passed that will open up land line telephony services in Argentina to competition on November 9, 2000.

Partner leaves Andrews & Kurth Latin America practice

01 September 2000

As of September 1, 2000 Jay D Kelley joins Houston-based Vinson & Elkins with its' emphasis on energy, particularily project finance and Latin America. Jay Kelley's recent practice focuses on Argentina, Chile and Venezuela.

Brazil's industry ponders new rules to increase foreign investment

01 September 2000

Since the International Organisation of Securities Commission (IOSCO) approved a resolution recommending the adoption of international accounting rules Brazil has been considering the standardisation of its international accounting rules.

All change for Indecopi

30 August 2000

August 30 saw the resignation of Ms Beatriz Boza from her post as the president of the Peruvian National Institute for the Defence of Competition and the Protection of Intellectual Property (Indecopi).

Repsol YPF retains Severgnini, Robiola, Grinberg & Larrechea

30 August 2000

The Spanish oil and gas company retained the Buenos Aires-based law firm in its global exchange offer with Argentine energy firm Astra Companía Argentina de Petroleo SA that concluded on August 30, 2000.

Private sector allowed to seek foreign loans

30 August 2000

Brazil's National Monetary Council (CMN) issued Resolution No. 2770, on August 30, 2000, establishing new rules to permit private companies and financial institutions to obtain loans abroad without needing any previous authorisation from the Central Bank of Brazil (Bacen).

Injunction lifted allowing the sale of Brazilian telecommunications company

30 August 2000

Lawyers from the firms Machado Meyer, Pinheiro Neto, Barbosa Müssnich, Azevedo Sette, Pedro Gordilho and Wald e Associados advised in the US$800 million transaction which involved several regulatory and legal issues, concluding on August 30, 2000.

Mexican arbitration case sets precedent

30 August 2000

Solórzano, Carvajal, González y Pérez-Correa advised a US company in its dispute against Mexico which closed on August 30, 2000 involving a settlement of over US$16 million.