Market: Chile

Cariola and Davis Polk in tender offer launched by Chile's Enersis

The offer, launched on November 21 2000, is for the outstanding shares of two of its distribution subsidiaries, Chilectra and Rio Maipo.

21 November 2000

Vial & Cia and Phillipi Yrarrázaval in LPG industrial venture.

On November 2 2000, the deal in which Spain's Repsol YPF will acquire 45 per cent of Chile's Lipigas Group for US$171 million, was completed.

02 November 2000

Guerrero Olivos and Cariola close Chile's biggest transaction of the year

The transaction, which closed on October 23, involved the acquisition of Transelec, a Chilean electricity transmission company, by Canada's Hydro-Québec for US$1.076 billion.

23 October 2000

Davis Polk advises leading Latin American private sector electric utility company

Santiago-based Enersis SA retained the law firm in connection with its September 5, 2000 offering to its shareholders of up to US$1 billion in newly issued ordinary shares.

05 September 2000

Possible Chilean Tax Reforms Relative to Tax Avoidance

On August 24, 2000 after a long period of discussion, the government sent a bill to Congress in order to reduce tax evasion and avoidance. The basis for the tax reform is to reduce the evasion rate and to raise funds for purposes of education, health, etc.

24 August 2000

Acquisition of Aguas Cordillera by Emos approved

On July 20 the Antitrust Commission approved the sale of Aguas Cordillera, the waterworks subsidiary of Enersis, itself a subsidiary of Spain's Endesa, to Emos for US$185 million.

20 July 2000

UK water company expands Latin American base

Law firm Del Rio, Morgan Peralta & Toro advised Anglian Water in its June 30, 2000 acquisition of Aguas Puerto.

30 June 2000

Reformation of criminal justice system planned

Chile is changing from a written criminal justice system to an oral one, similar to the American judicial system. This reform will gradually be enacted nationwide but in the first stage will be incorporated in two regions of the country. This innovation will require a great deal of effort for law firms, especially those specialised in criminal law, who will have to train their members in those skills required for oral procedures, different from those used in Chile until now.

01 April 2000

Public offering of foreign securities in the offshore stock exchange

A new title (XXIV) has been added to Law no. 18.045 (the "Securities Law"), containing the applicable regulations to the public offer in Chile of foreign securities or securities deposit certificates representing them ("CDV").

01 March 2000

Amendment planned for foreign capital repatriation restrictions

The Ministries of Finance and Economy of the new Administration have been considering the possibility of eliminating the mandatory one-year stay restriction on foreign capital brought into Chile either under the Foreign Investment Statute (Decree Law 600) or the Central Bank regulations.

01 March 2000

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