Administración Nacional de Combustibles, Alcohol y Portland (ANCAP) has retained the Uruguayan firm Guyer & Regules and the Argentine firm Marval, O'Farrell & Mairal, together with NewYork-based investment bank Salomon Smith Barney and Arthur D Little, to assist the company in its search for a strategic investor in the refining and distribution of oil. ANCAP is a wholly-owned oil company and reportedly the largest company in Uruguay.
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).
On September 27 Banco Bisel SA, an Argentine bank controlled by Caisse Nationale de Crédit Agricole, acquired an equity interest of 49.14 per cent in Banco ACAC SA, a Uruguayan retail bank which was controlled by Cooperativa Acac (70 per cent) and Caisse Nationale Crédit Agricole (30 per cent). The transaction involved a capitalisation of US$13 million. Following the acquisition Banco Bisel SA and Caisse National de Crédit Agricole hold a controlling equity interest in Banco ACAC SA.
On August 9 the Central Bank of Uruguay (BCU) enacted Circular No. 1755 containing new rules governing public offerings of offshore funds. The circular establishes that financial intermediation institutions, banking houses (casas bancarias), brokers associated with an authorised stock exchange and corporations administering offshore funds - acting through their local branches or representations - are entitled to publicly distribute such funds in Uruguay.
Ferrere Lamaison has acted as counsel to Weyerhaeuser in the purchase of Uruguayan forestry subsidiaries belonging to West Fraser. The deal - one of the more significant in Uruguay during the first part of 2001 - was completed on June 29.
Embotelladora Andina SA, through its wholly-owned Uruguayan subsidiary Sterling Pacific Corp SA, has tendered an offer to purchase up to US$350 million outstanding notes issued by Andina, which appointed JP Morgan as tender offer dealer manager.
On July 4 the Executive Branch approved a decree under which all Uruguayan companies with total assets of not less than approximately U$S 450.000 or with a net operating income of not less than approximately U$S 1.500.000 will be required to file their annual financial statements with the National Comptroller Bureau ("Auditoría Interna de la Nación" or "AIN").
Ferrere Lamaison advised Equifax Inc in its recent purchase of Clearing the Informes, Uruguay's leading provider of consumer credit information to businesses.
At the end of May Uruguay’s state-owned oil refinery, the Administración Nacional de Combustibles Alcohol y Portland (ANCAP), formally invited oil companies to express their interest in a potential joint venture.
Guyer & Regules and Shearman & Sterling advised the underwriter in the May 2, 2001 issue of a US$-125 million bond by the República Oriental del Uruguay (the Uruguayan state).