Multilateral credit and development organisation Corporación Andina de Fomento (CAF) has entered into a loan agreement for US$25 million with Uruguayan company Corporación Nacional para el Desarrollo (CND) to fund the road concession Megaconcesión Vial.
International Food Packers, a US group, has acquired control of Frigorífico Canelones SA (FC) through the acquisition of 100 per cent of the capital of FC from fellow US company Land O’Frost. The deal closed on October 18 and was for an undisclosed amount.
International accountancy and consulting company PricewaterhouseCoopers International (PW) has sold its management consulting business to International Business Machines (IBM), including all related assets in Latin America. The deal closed on October 1, and the purchase price was US$3.5 billion.
The US telecommunications company Skyonline Inc has acquired the data and Internet operations of Diveo Broadband Networks in Argentina and Uruguay through the acquisition of the capital stock of Diveo Argentina SA, Diveo Uruguay SA and other subsidiaries for an undisclosed amount. The deal closed on October 17.
Australian food company Burns Philp and Co has bought the Latin American yeast and industrial bakery subsidiary of Kraft Foods International for US$110 million. The deal closed on October 31.
Uruguayan parastatal electricity company National Electric Power Generation and Transmission Administration (UTE) is suing the Argentine government over its decision to dollarise past power contracts at a one-for-one rate with the peso.
Dutch company Boskalis International BV, through its wholly owned Uruguayan subsidiary Boskalis International Uruguay SA, has won the concession to dredge canal access to the Port of Montevideo. The contract is worth approximately US$4 million and was officially awarded on October 2.
The IADB and the OECD have just established a new partnership to help
The recent accounting scandals have thrown the spotlight on practices within the legal profession and in particular on how conflicts of interest are resolved. Professional liability insurance is virtually unknown in Latin America, and clear standard corporate governance rules are hard to come by. But, as Rachel Youngman discovers, change is underway.
A syndicate of banks, including Banco Río de la Plata SA, BBVA Banco Francés SA, Citibank NA - Buenos Aires Branch and Banco Galicia Uruguay SA, are taking part in the debt restructuring of Grupo Concesionario del Oeste SA (GCO). The deal is worth approximately US$192 million.