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International team advises ANCAP in search for strategic investor
International team advises ANCAP in search for strategic investor

International team advises ANCAP in search for strategic investor

26 October 2001

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.

Ferrere Lamaison assists in securing IIC loan for Uruguay infrastructure project
Ferrere Lamaison assists in securing IIC loan for Uruguay infrastructure project

Ferrere Lamaison assists in securing IIC loan for Uruguay infrastructure project

19 October 2001

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).

Banco Bisel acquires controlling equity interests in Banco Acac
Banco Bisel acquires controlling equity interests in Banco Acac

Banco Bisel acquires controlling equity interests in Banco Acac

05 October 2001

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.

Uruguay establishes registration rules for offshore funds
Uruguay establishes registration rules for offshore funds

Uruguay establishes registration rules for offshore funds

20 September 2001

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 and Guyer & Regules advise in purchase of Uruguayan forestry subsidiaries of West Fraser
Ferrere Lamaison and Guyer & Regules advise in purchase of Uruguayan forestry subsidiaries of West Fraser

Ferrere Lamaison and Guyer & Regules advise in purchase of Uruguayan forestry subsidiaries of West Fraser

17 August 2001

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.

Philippi, Yrarrázaval, Cravath and Simpson Thacher retained in Andina's tender offer to repurchase notes
Philippi, Yrarrázaval, Cravath and Simpson Thacher retained in Andina's tender offer to repurchase notes

Philippi, Yrarrázaval, Cravath and Simpson Thacher retained in Andina's tender offer to repurchase notes

03 August 2001

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.

Uruguay moves for mandatory filing of financial statements
Uruguay moves for mandatory filing of financial statements

Uruguay moves for mandatory filing of financial statements

27 July 2001

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").

Equifax acquires Clearing the Informes
Equifax acquires Clearing the Informes

Equifax acquires Clearing the Informes

29 June 2001

Ferrere Lamaison advised Equifax Inc in its recent purchase of Clearing the Informes, Uruguay's leading provider of consumer credit information to businesses.

State refinery seeks JV partner
State refinery seeks JV partner

State refinery seeks JV partner

15 June 2001

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.

Bond issue offered by Uruguayan government
Bond issue offered by Uruguayan government

Bond issue offered by Uruguayan government

08 June 2001

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).