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IBA welcomes SEC turnaround on 'noisy withdrawal'
IBA welcomes SEC turnaround on 'noisy withdrawal'

IBA welcomes SEC turnaround on 'noisy withdrawal'

31 January 2003

The IBA’s Section on Business Law (SBL) issued a statement on 23 January welcoming the US Securities and Exchange Commission’s postponement on the controversial ‘noisy withdrawal’ rules. The association had called on the SEC to exempt foreign lawyers from the rules (as reported in LATIN LAWYER).

Chile issues best-ever sovereign bond to cover public deficit
Chile issues best-ever sovereign bond to cover public deficit

Chile issues best-ever sovereign bond to cover public deficit

24 January 2003

The Government of Chile has launched a US$1 billion sovereign bond at the lowest rate ever achieved by the country: 5.62 per cent. The bonds, due 2013, was issued and placed in the New York market at a spread of 163 basis points. The transaction closed on January 8.

BBVA sells Brazilian arm to Bradesco
BBVA sells Brazilian arm to Bradesco

BBVA sells Brazilian arm to Bradesco

24 January 2003

Continuing its series of acquisitions, Brazil’s Banco Bradesco SA has signed an agreement with the Spanish bank Banco Bilbao Vizcaya Argentaria SA (BBVA) to acquire 99.99 per cent of its Brazilian arm, BBV Banco SA (BBVB), for R$2.63 billion (US$770 million). The two banks signed the deal on January 10.

IRSA restructures debt in Argentina
IRSA restructures debt in Argentina

IRSA restructures debt in Argentina

24 January 2003

Following a rights offering last year, Argentine real estate company Inversiones y Representaciones Sociedad Anónima (IRSA) has restructured US$117 million in debt through a group of creditors. The transaction closed on November 21.

Mexican city securitises federal subsidy
Mexican city securitises federal subsidy

Mexican city securitises federal subsidy

24 January 2003

The Municipality of Guadalajara in Mexico has securitised the future proceeds from the Mexican Federal Government’s participaciones federales, issuing bonds through the Mexican Stock Exchange to the value of Mx$800 million (US$75 million). The transaction closed on December 6.

Telemar moves into southern Brazil
Telemar moves into southern Brazil

Telemar moves into southern Brazil

24 January 2003

Brazilian telecommunications company, Telemar Norte Leste SA has acquired 99.99 per cent of the shares of Pegasus Telecom SA, a broadband provider for the Brazilian corporate and entrepreneurial markets. The company’s shareholders approved the R$222 million (US$65.6 million) base bid in November, and the deal closed on December 27.

Coke bottler repurchases bonds at the speed of thought
Coke bottler repurchases bonds at the speed of thought

Coke bottler repurchases bonds at the speed of thought

24 January 2003

Chilean soft-drinks bottler Coca-Cola Embonor SA (CCE) has executed a successful bond repurchase for the equivalent of US$44.37 million, through an electronic auction on the Santiago Stock Exchange (SSE). The offer was published on December 8, and the auction was executed on December 12 through the SSE electronic trading systems. The actual auction lasted only ten minutes, in line with the exhange’s rules.

French join Argentine rat race
French join Argentine rat race

French join Argentine rat race

24 January 2003

The German pharmaceutical company Merck KGaA has sold the rodenticide business of its subsidiary LiphaTech SA (LSA) to De Sangosse Cebos SA (DSC), a French pest control specialist, for an undisclosed amount. The South American side of the deal was centred on Argentina, where the seller has a core production site. The transaction closed on December 18.

Mabe buys Brazilian fridge maker
Mabe buys Brazilian fridge maker

Mabe buys Brazilian fridge maker

24 January 2003

Brazilian holding company Mabe Investimentos Ltda (MIL) will acquire 100 per cent of the capital stock of fridge and freezer manufacturer CCE Eletrodomésticos SA (CES) from CCE Indústria e Comércio de Componentes Eletrônicos SA (CIC) and the Sverner Family, for US$31million. The agreements were executed on January 6, and closing is expected to take place by March 15.

IDB loan will help finance Guatemalan surveys
IDB loan will help finance Guatemalan surveys

IDB loan will help finance Guatemalan surveys

24 January 2003

In a bid to aid state decision-making, the Inter-American Development Bank (IDB) has approved a US$25 million dollar-denominated loan to Guatemala to help strengthen its statistics institute, the Instituto Nacional de Estadísticas (INE), and to enable a population and housing census and an agriculture census to be carried out. The bank announced its decision on January 15.