The Brazilian firm Barbosa Müssnich & Aragão has lead the structuring and implementation of the corporate organisation of Tele Norte Leste Participações SA. The corporate organisation structure consisted of merging 15 telecommunication companies under Telecomunicações do Rio de Janeiro SA, now named Telemar Norte Leste SA, all controlled by Tele Norte Leste Participações SA. Tele Norte Leste is listed in Brazil and on the NY Stock Exchange.
TotalFinaElf, represented by Pérez Alati, Grondona, Benites, Arntsen & Martínez de Hoz(h) has acquired a controlling interest in Hidroeléctrica Piedra del Aguila SA, said to be one of the largest hydro generators in Argentina with an installed capacity of 1,400 MW. The deal was closed on September 21.
The state of Chile has just launched a US$ 650 million sovereign bond, due 2012. A Carey y Cía. team, led by partner Diego Peralta and associate Gonzalo Smith, advised JP Morgan and UBS Warburg, the lead underwriters. The deal was closed on October 16.
Cárdenas, Cassagne & Asociados has acted as legal advisor to Scotiabank Quilmes SA and First Trust of New York, in Argentina in relation to the creation of a global programme for the constitution of financial trusts and the issuance of notes and certificates of participation. The notes and certificates have a value of up to US$250 million. Scotiabank acted as trustor, arranger and initial underwriter. First Trust acted as financial trustee of programme.
Payet Rey Cauvi Abogados is representing EDELNOR, one of Peru´s main electricity distribution companies, in arbitration proceedings with the Peruvian government in relation to a dispute over the terms of a legal stability agreement. EDELNOR claims that new rules for the tax depreciation of assets passed by the Government in 1998 are not applicable to the company because of the tax stability guaranteed by the legal stability agreement it executed with the Republic in 1996.
Pérez Alati, Grondona, Benites, Arntsen & Martínez de Hoz(h) and Vinson & Elkins have advised on the recently closed US$120 million prepaid forward sale of US-delivered WTI crude oil between Chase Manhattan International Ltd., as purchaser, and Pan American Energy LLC, Argentine Branch.
Machado, Meyer, Sendacz e Opice Advogados have assisted Suzano Paper and Cellulose in the negotiation of an agreement with the Portuguese Group, Sonae. The agreement is to result in an investment of 250 million euros by National Enterprise of Portucel - a Portuguese state-subsidized company.
Bruchou, Fernández Madero, Lombardi & Mitrani has counselled ABN AMRO Bank N.V. in the sale and transfer of its retail banking business in Argentina. The buyers were Banco de Galicia y Buenos Aires SA. The transaction was closed on October 15.
The Inter-American Investment Corporation (IIC), the multilateral financial institution that is part of the Inter-American Development Bank Group, has approved a 10-year, US$4 million loan to the Uruguayan company Solenur SA (now renamed Camino a las Sierras SA).
André et Cie SA and Elinda SA have sold 99,9924 per cent of La Plata Cereal SA, one of the largest Argentine grain exporters, to Bunge Limited. The sale was made on October 5 and the transaction is expected to be concluded during the first quarter of 2002. The value of the transaction is subject to adjustments but is not expected to exceed US$70 million.