The oil group Shell has sold 256 petrol stations and three distribution centres in the south of Brazil. Agip, a part of the Eni energy group of Italy, is the buyer.
PT and Telefónica will each own 50 per cent of the joint venture, which will include five companies with 9.3 million clients. It will therefore become Latin America's largest mobile operator. The joint venture is expected to take effect from January 2002. It will be implemented in most Brazilian regions. It will be particularly focused in Rio de Janeiro and São Paulo.
Baker & McKenzie and Briones Alonso y Martín announced that the two firms will merge with effect from January 1, 2001. The merger will lead to the creation of the largest international law firm in Spain, with more than 140 lawyers and an annual turnover of nearly 18 million euros.
Beretta Kahale Godoy, Vinson & Elkins and Holland & Hart has counselled PSEG Americas Ltd in the indirect acquisition of 49 per cent of the shares of EDEERSA. PSEG has an option to acquire the remaining 51 per cent of the shares of EDEERSA. Cárdenas Cassagne advised the sellers in the transaction.
Davis Polk & Wardwell is advising Banco Bilbao Vizcaya Argentaria SA (BBVA) on its acquisition of the remaining shares it does not own of Banco Francés S.A. in Argentina and Banco Ganadero SA in Colombia. BBVA already owns 68 per cent of Banco Francés.
AA2000 was represented by Buenos Aires-based M&M Bomchil in the offering of fixed-rate bonds which closed on January 12, 2001 and is due 2004.
The Executive issued a Regulation that guarantees, encourages, and promotes national and international investment in Ecuador.
Venezuela has substantially amended its tax legislation, most recently with changes to the Income Tax Law effective as of January 1. Other significant changes involve reforms to the Constitution and amendments to the Value Added Tax Law as well as the Double Taxation Treaty between Venezuela and the United States which came into force last year on January 1, 2000.
The Parliament has passed a Budget Bill (‘the Bill’), yet to be approved by the Executive, which widens the antitrust provisions of Act No. 17,243 which the Uruguayan Parliament passed on June 29, 2000, and which included a brief antitrust provision (recently published on Latin Lawyer’s website).
In response to inconsistent revenue levels due to fluctuating prices of the country’s chief exports (petroleum and its deviatory products), Ecuador’s Economic and Finance Ministry and the Internal Revenue Service have developed a draft structural tax amendment to be submitted to the National Congress for discussion.