Kick Off del programa LawWithoutWalls

20 March, 2000

Durante enero se dio inicio a una nueva versión de LawWithoutWalls, programa que busca mejorar la práctica y la educación en Derecho a nivel Mundial. Este 2014, tuvo su Kick Off en el Executive Campus de la Universidad de Saint Gallen en Suiza y participaron los abogados de Bahamondez, Alvarez & Zegers, Marco Salgado y José Tomás Ureta. Ver Publicación

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“Latin Lawyer coloca a Bahamondez, Alvarez & Zegers en el top ten de las firmas en el área de M&A en número de transacciones”

20 March, 2000

Latin Lawyer M&A League Tables: Chile Friday, 28 February 2014 (3 weeks ago) by Rosie Cresswell Carey featured in the largest number of Chilean deals reported on by Latin Lawyer in 2013 and also sits at the top of the value M&A league tables – taking both leading spots for the second year running. Claro & Cía is in second place in each table. Carey appeared in 13 reported deals, while Claro came a close second with 10. Those two firms led by some margin in terms of volume; Morales & Besa and Prieto y Cía took joint third place with five deals each, while Philippi, Yrarrázaval, Pulido & Brunner appeared on four. On the value front, Carey’s reported deals added up to US$5.38 billion, Claro’s deal value amounts to US$4.35 billion and Morales & Besa is not far behind with US$4.23 billion. Latin Lawyer’s M&A league tables are based on reporting in Latin Lawyer’s daily online briefing of transactions announced between 1 January and 31 December 2013. We publish these league tables to provide an interesting insight into the law firms leading the way in Latin America’s transactional community, while providing a useful tool for firms to compare their activity with their competitors. We do not pretend that these tables paint the whole picture and we urge readers to keep this in mind when consulting the tables. We also encourage readers to take a look at our detailed explanation of our approach and methodology available here, in particular given the requirements we have for submitting deals for reporting which means we do not report on every deal taking place in a country. Reported M&A activity remained steady between 2012 and 2013; last year there were 34 deals covered where Chilean law firms participated, compared with 31 the previous year. Carey’s Pablo Iacobelli says 2013 was a good year for activity in the financial and manufacturing sectors and important natural resources transactions have also taken place. “We noted a high volume of mid-level acquisitions in varied manufacturing sectors such as salmon farming, wood products, health products and other areas,” he says. There have been some obstacles – namely social and environmental pressure in the energy sector and uncertainty over commodity prices – while November’s presidential elections saw activity taper off towards the end of the year. Nevertheless, Iacobelli is positive about deal flow for 2014, which he expects to continue at the same level under Michelle Bachelet’s administration. “We do not foresee big changes or a flight from the market-oriented and investor-friendly political environment that has been the rule for the last 20 years. We also expect that the improving economies of the United States and Europe will bring substantial investments into the country during the second half of the year,” he adds. LATIN LAWYER M&A LEAGUE TABLES: VOLUME Law firm Total no. of reported deals Carey 13 Claro & Cía. 10 Morales & Besa 5 Prieto y Cía 5 Philippi, Yrarrázaval, Pulido & Brunner 4 Guerrero Olivos 3 Cariola, Díez, Pérez-Cotapos & Cía Ltda 3 Bahamondez, Alvarez & Zegers 2 Baker & McKenzie (Chile) 2 Bofill Mir & Alvarez Jana Abogados 2 Noguera, Larraín & Dulanto 2 Portaluppi, Guzmán & Bezanilla 2 LATIN LAWYER M&A […]

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Rayovac obtiene victoria en demandas en su contra deducidas por The Gillette Company y Procter & Gamble

20 March, 2000

Rayovac won against The Gillette Company and Procter & Gamble legal claims that argued misleading advertising and infringement of the industrial property law. July 2010 Bahamondez, Alvarez & Zegers Ltda. defended Rayovac and Spectrum Brands against legal claims of misleading advertising and infringement of the industrial property law filed by The Gillette Company and Procter & Gamble. Both actions were in connection with Rayovac´s advertisement campaign, based on its claim “Lasts as long as Duracell”, referred to its battery properties. The plaintiffs also filed criminal suits for infringement of the industrial property law. That case was closed by the Public Prosecutor request of final dismissal, later on accepted and settled by the Court last July 26. By the dismissal, courts validated the thesis that comparative advertising is fully applicable even using third party´s trademarks if that use has the appropriate technical support and is made in respectful and non denigrating manner. Plaintiffs also brought civil actions before the Consejo de Auto Regulación y Ética Publicitaria (Conar) claiming infringement of the Chilean Advertisement Ethics Code, petition that was again rejected at first instance and on its review and appeal. Rayovac is one of the leaders in batteries, electrical products for personal care, among others, with brands like Rayovac, Varta and Remington. Bahamondez, Alvarez & Zegers Ltda. team was lead by its partner Matias Zegers, counsel Carlos Stevenson and its associates Juan Turner and Isidora Fernández.

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Bahamondez, Alvarez & Zegers Ltda. asesora inversión en acciones Serie A de Miniclinic SpA.

20 March, 2000

Bahamondez, Alvarez & Zegers has advised a group of local investors structured in a Venture Capital Fund in connection with their investment in Series A preferred stock of Miniclinic SpA. This is a start-up company founded by Patricio Millas and Fernando Espina to develop mini-clinics of primary health in accessible locations for the general public. Bahamondez, Alvarez & Zegers team included partner Matías Zegers and associate Cristóbal Smythe. Associate Gonzalo Rivera provided tax advice.

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Nuevo sitio web de BAZ

20 March, 2000

Baz new website is online now.

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B-Corps: definiendo el interés social y el éxito en los negocios

20 March, 2000

Columna del diario El Pulso, donde Felipe Bahamondez se refiere a las sociedades B-Corp que incorporan la sustentabilidad a los estatutos sociales y argumenta sobre la posibilidad de replicarlas en Chile.Article at the business newspaper “El Pulso”, in which partner Felipe Bahamondez refers to B-Corp companies that incorporate sustainability in their bylaws and elaborates on the possibility of replicating such companies in Chile.

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Latin Lawyer: “Bahamondez, Sherman y Guerrero participaron en la expansión de GNL Quintero”

20 March, 2000

“Bahamondez, Shearman and Guerrero help GNL Quintero to expand” Latin Lawyer, by Joe Rowley Bahamondez, Alvarez & Zegers has helped GNL Quintero redraft a previous project financing agreement to expand facilities at its regasification terminal in Chile, as the falling price of gas and stricter emissions targets has led to increased demand in the country. Taking 10 months to negotiate, the complex deal required legal counsel to amend contracts relating to an original US$1.1 billion project financing obtained in 2008 and earmarked for the development of the terminal. The latest deal closed on 25 July. Guerrero, Olivos, Novoa y Errázuriz Abogados in Chile and Shearman & Sterling LLP advised the lenders, having assisted in the original loan. GNL Quintero, a joint venture between ENAP, Endesa, Metrogas and until recently BG Group (the company is now selling its stake in the project), turned to Bahamondez Alvarez to advise on the expansion of the terminal and truck loading facilities, whose capacity is set to increase by some 50 per cent. “This project has been the result of the energy demand and how the markets have evolved since seven years ago when we first started to develop the project,” explains Bahamondez Alvarez partner Cristián Araya. “Now, due to environmental reasons and the falling price due to the discovery of shale gas in the US, everyone is looking at the market as an attractive one.” Three years ago, GNL Quintero relied on Larraín y Asociados to gain approval from its lenders – Banco Santander, Banco Español de Crédito, WestLB, Fortis (since merged with BNP Paribas), ING Capital, BBVA, Calyon, Mizuho, Intesa Sanpaolo and BG Group – for the addition of a truck loading facility to the LNG terminal. For Guerrero Olivos associate Macarena Ravinet, BG selling its stake in the project added a further complication because the documents had to be redrafted to reflect the fact that there would be a new gas-buyer. Carey is advising BG on the divestment. Upon completion, the terminal will see its capacity increase from 358,900 to 538,350 MMBtu per day. Counsel to GNL Quintero Bahamondez, Alvarez & Zegers Ltda. Partner Cristián Araya and associates José Tomás Ureta and Nicolás Vial Counsel to the lenders Shearman & Sterling LLP Partner Cynthia Urda Kassis and associate Christopher Dolan Guerrero, Olivos, Novoa y Errázuriz Partner Roberto Guerrero and associate Macarena Ravinet

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Latin Lawyer: “Oman Oil entra a Chile, mientras que el Grupo BG deja el proyecto GNL Quintero”

20 March, 2000

Oman Oil enters Chile as BG exits GNL Quintero project Thursday, 19 September 2013, by Joe Rowley Chile’s Claro y Cía and Spain’s Gómez-Acebo & Pombo Abogados have helped Oman’s government-controlled oil investment company enter Chile as it teams up with Spanish energy company Enagás to acquire BG Group’s remaining stake in regasification terminal GNL Quintero. Terminal de Valparaíso, the joint venture vehicle used by the pair to make the acquisition, paid US$176 million for the remaining 20 per cent stake held by the British oil and gas company; in a move that also signals the exit of BG from the country, although it will maintain various gas supply agreements. Chile’s Carey and the London office of Herbert Smith Freehills LLP advised BG, while GNL Quintero relied on Chilean firm Bahamondez, Alvarez y Zegers for the preparation and review of documents and the shareholding registry in the company. Due to the joint venture being structured under Spanish law, Enagás also drew counsel from the Madrid office of Bird & Bird LLP. Closing on 4 September, the acquisition comes a year after Enagás purchased BG’s other 20 per cent in the project, after the British oil and gas company announced plans to divest its entire stake to focus its resources on upstream gas production. BG entered the GNL Quintero project in 2006, winning a competitive tender to build and supply the 2.5 million tonnes per annum regasification plant. The remaining 60 per cent is divided equally between Chilean gas distributor Metrogas, state-owned energy company ENAP and Spain’s largest electricity utility, Endesa. Project financing was provided by 17 financial institutions drawn from around the world, which turned toShearman & Sterling LLP and Chile’s Guerrero, Olivos, Novoa y Errázuriz. Shortly after obtaining the stake, however, BG unexpectedly found itself having to adopt a second role as a pari passu, or equal-step, lender, after the collapse of Lehman Brothers in the US in 2008 rocked the international markets and severely curtailed available funding for the project. With BG’s ultimate aim being to exit the Quintero in order to focus on upstream production, Shearman & Sterling partner Cynthia Urda Kassis explains that the financing agreement also had to be structured to allow for a clean exit. “Our role was to determine what, if any, lender consents were required to permit the sale by BG,” she explains. Alongside the sale of BG’s first tranche in 2012, a parallel deal saw the company sell its loan portfolio on the international market to several financial institutions and bring to an end its role as pari passu lender. While lawyers note that the divestment of the first half of BG’s stake proved relatively straightforward, the sale of the remaining 20 per cent would prove more complex as rules contained within the shareholder agreement meant that any divestment by any shareholder of over 50 per cent of its stake would have to be approved by the other shareholders and lending banks in the project. This situation was given added complexity by two factors. The first was that the shareholder agreement also contained rules restricting any sale to companies of a certain investment grade, which created problems in light of Enagás’ downgrade […]

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