Companhia de Saneamento Básico do Estado de São Paulo (SABESP) has become the first company to be listed on both the New York Stock Exchange (NYSE) and in the Brazilian Novo Mercado.
AT&T Latin America Corp (ATTL) has carried out a senior secured vendor financing transaction worth approximaltely US$298 million. The vendor facility will consist of two tranches.
Baker & McKenzie (Mexico) has become the largest law firm in the west of Mexico following the arrival of eight new lawyers, including local partner José Miguel Zozayacorrea-Kuri, from Ruiz, Urquiza y Cía SC (formerly Andersen Legal).
Amendments to the Law of Corporations introduced in Law No. 10,303 of October 31, 2001, have again made it possible to issue debentures with a clause on adjustment based on exchange rate fluctuations.
The new Brazilian Civil Code, enacted on January 10, effective as of January 11, 2003, brings new considerations concerning the participation of foreign companies in limited liability companies (sociedades por quotas de responsabilidade limitada).
Currently passing through Brazilian Congress are bills 2813/00 and 3741/00, which provide for the compulsory disclosure of financial statements by Brazilian limited liability companies (Ltda).
São Paulo firm Pinheiro Neto Advogados has advised on the incorporation of the Rio/São Paulo Soccer League (Liga Rio/São Paulo de Futebol S/C) as a limited liability company. The company’s aims include organising a tournament between the leading football teams of the states of São Paulo and Rio de Janeiro.
President Cardoso has announced a significant restructuring of the Brazilian power industry. The country’s Wholesale Power Market, the MAE, is to be replaced by the Brazilian Power Market (Mercado Brasileiro de Energia, or MBE).
Law No. 10,303, enacted on October 31, introduced changes not only to Brazilian Corporations Law but also to Law No. 6,385 of December 15, 1976, which regulates the Brazilian Stock and Exchange Commission (the CVM) and the Stock Market.
Law 10,303 of October 31 amends the Brazilian Corporation Law, contributing to the modernisation of the Brazilian capital market through the increased protection of minority shareholders and the amplification of corporate governance rules. The new rules grant greater equity and political rights to minority shareholders and assure greater transparency of company decisions.