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14
World Report - Latin America
JANUARY 2013
ZBV abogados advised Fénix Entertainment Group and alto Palermo in the acquisition of La Rural
Zang, Bergel & Viñes Abogados has advised Fénix Entertainment Group in the acquisition of Grupo De Narváez’s management
and
exploitation rights in Buenos Aires’ traditional exhibition center, La Rural.
La Rural is the largest exhibition center in Buenos Aires, venue of fairs, seminars, congresses and events visited by more than 35 million people in the last decade.
With headquarters in
Buenos Aires and offices in Chile, Colombia, Peru and the US, Fénix Entertainment
chavez inauguration row
Tensions are rising regarding the inauguration of Venezuelan president Hugo Chavez for his new term in office following his re-election late last year.
Disputes have been rife over whether his swearing in can be postponed due to Chavez’s ill-health. He has been in hospital for some time undergoing treatment for his fourth bout of cancer and his congressional allies have agreed that his inauguration date should be delayed until he is able to attend.
However, Chavez’s opponents are arguing that postponing
the
inauguration is unlawful and that if Chavez is not well enough to be sworn in on January 10, the National
Assembly president should step in as interim president until a later date.
Chavez’s election rival, Henrique Capriles, has argued that the decision should be strictly based on the law, saying: ‘‘The Supreme Court has to take a position on what the text of the constitution says,” according to the Associated Press.
In a parallel deal, Fénix Entertainment Group transferred to shopping
ZBV Abogados acted as legal counsel of Fénix Entertainment Group
Petrobras acquires
nitrogenous Fertilizers Plant in Paraná
Petrobras has announced that it has entered into an agreement with Vale S.A. (“Vale”) to purchase 100% of the shares issued by Araucária Nitrogenados S.A.
m3/year of Arla 32. The raw material used is asphalt residue, which is supplied by the Presidente Getúlio Vargas Refinery (REPAR), in Araucária.
(“Araucária
Nitrogenados”), located in Araucária, Paraná.
The transaction is worth US$ 234 million and payments will be made using revenue from the lease of mining rights owned by Petrobras to Vale, in the state of Sergipe.
The Araucária
Nitrogenados plant is capable of producing 700,000 tons per year (kta) of urea, 475 kta of ammonia and 450,000
The plant complements Petrobras’s additional fertilizer assets, allowing for close proximity to markets in São Paulo and Paraná, greater
Board of Directors in a meeting held today and is not subject to the approval by the Shareholders’ Meeting, and thus, there are no shareholder withdrawal rights, as it does not apply to article 256 of Brazilian Corporate Law.
storage
capacity and means of transportation, as well as optimization of the production mix of each plant to meet the demands of their adjacent markets and potential synergies with REPAR.
This acquisition was approved by Petrobras’
Transfer of control depends on compliance with precedent conditions, including the approval of the Brazilian Antitrust Authority (CADE).
Group is a leading company in entertainment and concerts, and it manages the exploitation rights of major venues such as Boca stadium, River Plate stadium and GEBA.
In August, the two companies announced an agreement through which Grupo De Narváez irrevocably committed to sell its stock in La Rural to Fénix Entertainment Group. The actual transfer of the participation took place in December.
center manager Alto Palermo S.A. (APSA) 50% of the vehicle that acquired the participation in La Rural.
Thus, Fénix
Entertainment Group and APSA share in equal parts ownership of the indirect participation in La Rural S.A.
ZBV Abogados was responsible for negotiation
elaboration of the legal documents, as well as the legal due diligence of the companies involved.
through partners Pablo Vergara del Carril and Fernando Aguinaga, and associate Pilar Isaurralde. In addition, of-counsel Alejandro Mao and associates Armando Ricci, Rodrigo
participated in the due diligence.
Bustingorry,
Soledad Quintana and María Amalia Cruz
the and
ZBV Abogados also acted as legal counsel of APSA through partner Pablo Vergara del Carril and associates Armando Ricci, Pilar Isaurralde and María Galindez Quesada.