The unsolicited cross-border acquisition by Virginia-based AES Corporation was finally settled in mid-June, after a battle lasting nearly two months.
This law, which replaces the obsolete 1940 Law has been widely received as an open, modern legal instrument.
The aim of the law, approved on May 31 by the National Legislative Commission, is to make up for the lack of legislation since the last telecoms law, passed in 1940.
The merger of Banco Unión with Banesco's savings and loan unit, Caja Familia, will create the country's second largest bank.
Corporación Andina de Fomento (CAF), the Caracas-based Andean development bank signed a joint venture agreement, incorporated on April 14, with American International Group (AIG) to form the Latin American Investment Guarantee Company Ltd.
The Income Tax Law, being prepared by the Tax Administration for adoption by Presidential Decree is still being drafted. The modifications are designed to increase tax revenues by expanding the taxable events to include new sources of territorial income (dividends).
Representatives from Colombia, Venezuela, Peru, Ecuador and Bolivia failed to reach any agreement in their meetings in January and February in Lima, but it is expected that the Andean Community will in any case increase the protection afforded to Industrial Property.
Resolution No. SPPLC-038-99 of July 9, 1999 came in to effect on January 7, 2000.