Market: Peru

SPCC of Peru in first bond programme

Payet, Rey, Cauvi in association with Uría & Menéndez has advised Southern Peru Copper Corporation (SPCC) and Banco de Crédito del Peru in the extension of the SPCC’s first bond programme from US$200 million to US$750 million. The extension was registered at the Comisión Nacional Supervisora de Empresas y Valores of Perú (CONASEV) on November 30.

14 December 2001

PSEG acquires Electroandes in Peru for US$226 million

Estudio Echecopar has advised PSEG in the privatisation of Electroandes SA. The American company paid US$226.6 million for the capital stock of Electroandes, a company with four hydroelectric generation facilities in central Peru and a total capacity of 183MW.

14 December 2001

Estudio Hernández & Rosselló advises Rey on provisional antidumping duties

By means of Resolution No. 026-2001-CDS-INDECOPI, published in the official gazette ‘El Peruano’ on November 14, the Dumping and Subsides Control Committee of INDECOPI (the National Institute for the Defence of Competition and Protection of Intellectual Property Rights) established the application of provisional dumping duties in respect of the importation of certain types of zippers of Chinese origin. The antidumping duties are applied over the FOB value of such imports.

07 December 2001

Atacocha SAA sees off hostile takeover bid

Compañía Minera Milpo SAA has filed a lawsuit against Compañía Minera Atacocha SAA in the latest twist in Milpo’s ongoing attempt to gain control of Atacocha.

30 November 2001

Consorcio Transmantaro in Peruvian project finance

Consorcio Transmantaro SA has participated in a project finance transaction in Peru in which bank creditors and bondholders provide the financing and share the same security

30 November 2001

Telefónica del Perú registers second bond programme

The US$150-million second bond programme of Telefónica del Perú has been successfully registered before the Comisión Nacional Supervisora de Empresas y Valores - CONASEV.

23 November 2001

Peru's new tax provision: an additional rate or a tax on dividends?

Article 55 of the Income Tax Law provides that income obtained by companies in 2001 will be subject to a 20 per cent rate, for income “reinvested” (a concept not yet defined), and 30 per cent for income not reinvested. It further provides that, in 2002, the general rate will be 20 per cent.

23 November 2001

Peruvian government in arbitration with electricity distributors EDELNOR

Payet Rey Cauvi Abogados is representing EDELNOR, one of Peru´s main electricity distribution companies, in arbitration proceedings with the Peruvian government in relation to a dispute over the terms of a legal stability agreement. EDELNOR claims that new rules for the tax depreciation of assets passed by the Government in 1998 are not applicable to the company because of the tax stability guaranteed by the legal stability agreement it executed with the Republic in 1996.

19 October 2001

Muñiz, Forsyth advises in Peruvian fisheries M&A

Lima firm Muñiz, Forsyth, Ramirez, Perez-Taiman & Luna-Victoria has advised

12 October 2001

Muñiz Forsyth involved in half of country's capital markets issuances

Peruvian firm Muñiz, Forsyth, Ramirez, Perez-Taiman & Luna-Victoria reports, based on official Securities and Exchange Commission (CONASEV) statistics for the period August 2000/August 2001, that it has participated in the structuring of over 50 per cent of all issuances in Peruvian capital markets during that period.

05 October 2001

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