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Latin America Update

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Latin America Update DECEMBER 2014 Latin America Update e are pleased to bring you this In This Issue Wreport on recent developments in S&C’s Latin America practice, along with FIRM DEVELOPMENTS Selected Highlights 2 views on important topics affecting business League Table Rankings 4 in the region. The practice continues to Recent Recognitions 5 be global in nature and broadly diverse Headlines: Sovereign Finance Market Developments 6 in terms of geography, practice areas and FEATURES types of clients. We are fortunate to have In Depth: FCPA Issues in Latin American M&A Deals 7 the best clients in the world. S&C now has Q&A: Pension Fund Investment in Infrastructure 11 over 80 alumni in the region, with many of What’s Next for Oil and Gas in Latin America 13 International Arbitrations Involving Latin American Parties 17 them playing important roles in their home countries. Our deep relationships with the PARTNER UPDATES leading Latin American law firms contribute Recent Developments 21 enormously to our success. VISITING LAWYERS Sergio J. Galvis Christopher L. Mann Program Updates 23 We hope you will enjoy this update. Visiting Lawyer Perspective 24 ALUMNI Alumni News 25 EVENTS Recent and Upcoming Events 26 FIRM DEVELOPMENTS Selected Highlights The Firm’s Latin America group remains at the forefront of sophisticated, high-level matters in the region, as evidenced by our versatility in advising across a wide range of sectors, including financial institutions, pension funds, healthcare, consumer products and natural resources, on complex, and often cross-border, matters. NOVEMBER 5 Minera Antucoya and JUNE 5 its owners, Antofagasta Anheuser-Busch InBev NV/SA plc and Marubeni completes its acquisition of the 50% stake Corporation, enter into of Mexican brewer Grupo Modelo that financing for the $1.9b MAY 24 it did not already own in a transaction OCTOBER 28 Antucoya copper project in DECEMBER 19 Bankia S.A. announces the sale valued at $20.1b Bancolombia S.A. completes Chile’s Antofagasta region BBVA completes its of its subsidiary, City National its $2.2b acquisition of HSBC $630m sale of a 98.92% Bank of Florida, to Chilean bank Bank (Panama) S.A. and its interest in Banco Bilbao Banco de Crédito e Inversiones subsidiaries from HSBC Latin Vizcaya Argentaria for approximately $883m America Holdings (U.K.) Limited (Panamá) S.A. 2013 jan feb mar apr may june july aug sept oct nov dec JANUARY 25 JUNE 4 OCTOBER 1 NOVEMBER 27 The Republic of Paraguay Cementos Argos S.A. Banco Bilbao Vizcaya Cementos Argos S.A. closes its debut international the largest cement and Argentaria S.A. (BBVA) completes its acquisition of Rule 144A offering of $500m concrete producer in completes the $2b sale of its Lafarge S.A.’s 53% stake principal amount of 4.625% FEBRUARY 1 Colombia, completes an AUGUST 1 stake in AFP Provida S.A. in NOVEMBER 4 in Lafarge Cementos, a bonds due 2023 Banco Bilbao Vizcaya Argentaria, offering of 29,855,340 ICC arbitration Chile to MetLife, Inc. Anglo American plc Honduran cement company, S.A. announces the sale of its 64.3% American Depositary Shares ($86m) for a South completes its sale of for €232m interest in Chilean pension fund (ADS) American company 100% of its Amapá iron administrator AFP Provida to MetLife, against entities ore operation in northern Inc. — one of the largest M&A from a Persian Gulf Brazil to Zamin Ferrous transactions in 2013 country Limited for up to $266m WWW.SULLCROM.COM LATIN AMERICA UPDATE CONTENTS 2 FIRM DEVELOPMENTS Selected Highlights continued OCTOBER 17 SEPTEMBER 15 Banco Popular settles Inversiones CMPC S.A., $200m AAA arbitration JUNE 30 JANUARY 9 MARCH 19 a Chilean paper pulp manufacturer, with the U.S. FDIC arising Chilean-Brazilian carrier, The United Mexican AT&T International, Inc. completes its Rule 144A/Reg out of purchase of assets LATAM Airlines States closes its first-ever announces the sale of its shares S offering of $500m of 4.750% SEPTEMBER 18 from the FDIC NOVEMBER 21 Group, closes its $784m FEBRUARY 28 Sterling-denominated 100- of América Móvil for $5.56b guaranteed notes due 2024 Tax dispute (over Amicus brief for The preemptive rights Argos USA Corp., year bond; Mexico remains JUNE 10 $500m) between foreign Clearing House offering and Santiago a subsidiary of Cementos the only Latin American ICDR arbitration for owners of oil pipeline Association in Stock Exchange listing Argos, enters into a issuer to have issued a Standard Chartered JULY 24 and a Latin American Argentine holdout pursuant to Reg S $600m unsecured term century bond Bank of claims ICC arbitration for sovereign OCTOBER 21 bondholder litigation loan to acquire assets by Latin American Japanese buyers of a Resolution of termination located in Florida investors relating to Mexican pharmaceutical of Canadian gold mining from Vulcan Materials the $60b Madoff Ponzi firm over breaches of company’s concession in Company for $720m scheme sales agreements Latin America jan feb mar apr may june july aug sept oct nov dec 2014 FEBRUARY 13 MARCH 24 AUGUST 15 OCTOBER 6 DECEMBER 11 Transportadora de Gas Canada Pension Plan Anheuser-Busch Lundin Mining announces Second Circuit argument del Sur S.A. (TGS), the Investment Board InBev NV/SA submits its $1.8b acquisition of for Central Bank of largest transporter of (CPPIB) completes a a proposed agreement Freeport-McMoRan’s 80% Argentina on central natural gas in Argentina, MARCH 12 series of transactions to MAY 8 with Constellation AS OF OCTOBER 2 stake in the Candelaria/ bank immunity closes an exchange offer Bancolombia S.A. acquire a $600m stake in Repsol S.A. in its Brands, Inc. to the More than $28b in offerings Ojos del Salado copper to existing holders of the Camisea pipeline and U.S. DOJ under which mining operations in Chile; completes an equity disposition of and liability management NOVEMBER 7 its outstanding 7.875% offering of 110m 100% of its operating Argentine Government Constellation will transactions by sovereign S&C advises Sumitomo AT&T announces its $2.5b notes due 2017 preferred shares, company bonds received as acquire a glass bottle issuers Colombia, Metal Mining and acquisition of Iusacell amounting to compensation for shares manufacturing facility Panama, Paraguay, Sumitomo Corporation (Mexico) approximately in YPF S.A. and its located in Piedras Brazil, Mexico and CAF as the 20% stakeholders in $1.35b remaining interest in YPF Negras, Mexico for since January 2013 the projects approximately $300m WWW.SULLCROM.COM LATIN AMERICA UPDATE CONTENTS 3 FIRM DEVELOPMENTS League Table Rankings Latin American M&A Deals Announced Latin American M&A Deals Completed Lawyers Representing Sponsors/Borrowers for (2004 – 2013) (2013) Project Financings in Latin America (Since 1994) Sullivan & Cromwell – $173.7 Sullivan & Cromwell – $31.5 Sullivan & Cromwell – $30.8 2nd ranking firm – $133.2 2nd ranking firm – $23.8 2nd ranking firm – $19.0 3rd ranking firm – $129.2 3rd ranking firm – $21.8 3rd ranking firm – $15.8 4th ranking firm – $122.6 4th ranking firm – $18.9 4th ranking firm – $13.6 5th ranking firm – $116.0 5th ranking firm – $18.7 5th ranking firm – $13.2 (Rank by dollar value, $ billions) (Rank by dollar value, $ billions) (Rank by dollar value, $ billions) Source: Thomson Reuters, February 24, 2014 Source: Thomson Reuters, January 28, 2014 Source: Dealogic ProjectWare as of January 7, 2014 Nine of 10 largest-ever mining projects in Offerings by Latin American Sovereign Issuers (2009 – 2013) Latin America involved S&C Ranked by value ($ billions) and percentage of total Ranked by number and percentage of total $127.2 billion total value 144 total transactions Sullivan & Cromwell – 53% Sullivan & Cromwell – $51.8 41% Sullivan & Cromwell – 52 36% 2nd ranking firm – 15% 3rd ranking firm – 6% 2nd ranking firm – $26.8 21% 2nd ranking firm – 30 21% 4th ranking firm – 3% 14% 19% 3rd ranking firm – $17.3 3rd ranking firm – 27 5th ranking firm – 2% 4th ranking firm – $5.3 4% 4th ranking firm – 21 15% 6th ranking firm – 2% 7th ranking firm – 2% 5th ranking firm – $3.6 3% 5th ranking firm – 6 4% 8th ranking firm – 2% Source: Thomson Reuters, March 19, 2014 9th ranking firm – 1% 10th ranking firm – 1% Latin America Financial Institutions M&A Global M&A Regional Review Source: Dealogic ProjectWare (2013 – Q3 2014) Latin America and Caribbean (1H 2014) USD 45 billion Representing Sponsors / Borrowers in Oil and Ranking Value incl. Net Debt Mkt. Number 26 Gas Projects in Latin America (Since 1994) Legal Advisor of Target ($Mil) Share of Deals Sullivan & Cromwell 13,893.91 17.2 10 Sullivan & Cromwell – $9.3 2nd ranking firm – $8.9 2nd ranking firm 12,891.31 15.9 9 25.1% 21.7% 15.6% 0 3rd ranking firm 12,281.49 15.2 5 S&C 2nd 3rd 3rd ranking firm – $7.5 ranking firm ranking firm 4th ranking firm 11,942.49 14.8 6 4th ranking firm – $6.5 5th ranking firm 8,945.37 11.1 8 Source: Bloomberg 5th ranking firm – $6.0 (Rank by dollar value, $ billions) (Rank by dollar value, $ billions) Source: Dealogic ProjectWare as of January 7, 2014 Source: Thomson Financial SULLIVANWWW.SULLCROM.COM & CROMWELL LLP LATIN AMERICA UPDATE CONTENTS 4 FIRM DEVELOPMENTS Recent Recognitions What Others Say Americas M&A Deal of the Year Outbound Investment Deal of the Year IFLR (2012) Latin Lawyer (2013) Sullivan & Cromwell has built itself the enviable reputation LAN Airlines S.A. in its business combination Banco de Crédito e Inversiones’ purchase of City among Latin American clients as the firm you call in when the with TAM S.A. National Bank from Bankia stakes are high…having Sullivan & Cromwell on your side of “ a deal table promises an excellence of service, and sends a Cross-Border M&A Deal of the Year Sovereign Liability Management of the Year powerful signal to the other side.” LatinFinance (2012) LatinFinance (2013) Latin Lawyer 250 2014 ING Groep N.V.
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