Colombian brewer Grupo Empresarial Bavaria has acquired a controlling stake in Peruvian brewery Unión de Cervecerías Backus & Johnston from Venezuelan industrial conglomerate Empresas Polar for US$568 million. Polar had previously filed a complaint with the securities regulator in Peru regarding Bavaria’s acquisition of shares in Backus. The deal closed on December 20.
Mexican automotive parts manufacturer Sanluis Corporación SA de CV has completed a concurrent exchange offer and tender offer for its outstanding debt. The transaction closed on December 18, by which time US$252.4 million in defaulted bonds and commercial paper, or 86.7 per cent of the total amount outstanding, had been exchanged.
Brazilian leasing company Cia Itauleasing de Arrendamento Mercantil (CIAM) has concluded an issuance of 215 million debentures for a total value of R$4 billion (US$1.13 billion). The deal closed on November 10 and the public offer was registered with the Brazilian Securities Commission on December 10.
Following difficulties with an equity issuance in October (as reported in LATIN LAWYER), Chilean copper wire and cable manufacturer Madeco SA has reached an agreement to restructure its foreign and domestic debt with 14 bank creditors. The agreement was reached on December 18 and involves approximately US$120 million.
Brazilian packaging company Dixie Toga SA has signed an agreement with the Finnish firm Huhtamaki Oyj for a 50/50 joint venture, which will manufacture and market laminate for toothpaste tubes primarily for the Latin American markets. The deal was closed on December 10.
Chilean state-owned postal company Empresa de Correos de Chile (ECC) has refinanced its short-term debt through a loan of Ch$17.5 billion (US$25 million) from two local banks, Scotiabank Sudamericano and ABN Amro (Chile). The relevant documents were executed on December 19.
Renowned ratings agency Moody’s Investors Services has acquired 43 per cent of the stock of Moody’s Latin America Holding Corporation BVI (MLH) for an undisclosed amount from Douglas Elespe and his wife Norma B Chieri de Elespe. The agreement was executed on November 26.
In what was reportedly the largest acquisition of the year in Mexico, The Pepsi Bottling Group Inc (PBG) has bought Pepsi-Gemex SA de CV (PGS) in a tender offer for an aggregate price of US$880 million. The buyer received financing for the acquisition through a US$1.0 billion bridge loan agreement and a US$1.0 billion 144A/Reg S bond offering. The offer was announced on October 7 and expired on November 5.
The Republic of Colombia recently placed its first issue of sovereign bonds in the international capital markets since the inauguration of President Alvaro Uribe’s Government. The US$500 million issuance was announced on December 2.
German gas company Ruhrgas Industries GmbH has acquired the controlling interests in the worldwide metering business of Swiss conglomerate Asea Brown Boveri Ltd (ABB) for US$244 million. In Argentina this involved the acquisition of ABB Medidores SA (ABM) for an undisclosed amount, which closed on December 4.