Americas

Headlines

Why Argentines are flocking to Uruguay

FRANCISCO, AN ACCOUNTANT, sips coffee in a café as he explains why he would move to Punta del Este, Uruguay’s most famous beach resort, from his native Argentina. “I can’t sit back and watch my government drain my pension pot empty over the next few years with crazy taxes.” Arturo, a business owner from the province of Buenos Aires, joins the...

Martín Vizcarra survives an impeachment vote

AT FIRST SIGHT, the impeachment vote on September 18th looked like a big victory for Peru’s president, Martín Vizcarra. Just 32 of 130 congressmen voted to remove him on suspicion that he had obstructed a corruption investigation. But the president owes his survival to the incompetence of his foes rather than to the strength or enthusiasm of his...

AMLO’s war against the intelligentsia

ON SEPTEMBER 21st President Andrés Manuel López Obrador (known as AMLO) began his televised early-morning press conference by asking a functionary to read out an interminable list of petrol prices at service stations around the country. Then there were video updates on AMLO’s pet infrastructure projects: an $8bn oil refinery, a new airport in Mexico...

The knife fight over Ruth Bader Ginsburg’s replacement

THE PARTIES to a civil war almost never agree on why it began—and the parties to America’s decades-old fight for control of the Supreme Court are no different. For Republicans, the cause of the conflict is a Democratic Party that has tried to block conservative justices, starting with Robert Bork’s failed nomination in 1987, by underhand means....

What does Amy Coney Barrett think?

SPEAKING ON FOX NEWS, Lindsey Graham, a Republican senator from South Carolina, conveyed the state of the battle to fill the Supreme Court seat of the late Ruth Bader Ginsburg: “We’ve got the votes to confirm Justice Ginsburg’s replacement before the election,” he said. “That’s what’s coming.” Mr Graham had promised in 2016 to await...

Finance

Pendo Systems name Ruth Wandhöfer, a globally recognized banking expert, to their Board of Directors

Pendo Systems is proud to announce that Ruth Wandhöfer, Global Head of Regulatory and Market Strategy at Citi, has joined their board. Ms. Wandhöfer is a banking regulatory expert and one of the foremost authorities on transaction banking regulatory matters. Her reputation has been built around her ability to drive regulatory and industry dialogue...

Implications of the money laundering law reform

The amendment to the money laundering law approved in the first debate requires accountants, lawyers and real estate agents to report suspicious transactions made by their clients.Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism...

Wall Street finishes flat ahead of earnings season, key US-China meeting

It was a fairly flat session on Wall Street overnight, as investors exercised caution ahead of the first-quarter earnings season and a meeting between the US and Chinese presidents later this week. Investors will be focussed on the potentially tense meeting between Donald Trump and Xi Jinping on Thursday and Friday, after Mr Trump held out the possibility...

GLC Advisors Strengthens Advisory and M&A Expertise with Addition of Senior Bankers

Addition of Several Industry Bankers Including Former St. Charles Capital Professionals Deepens Firm’s Expertise and Relationships Across Technology, FIG, Consumer, Retail and Energy IndustriesGLC Advisors & Co., LLC (“GLC Advisors”) is pleased to welcome nine seasoned M&A professionals, including former Partners and professionals of Denver based...

Columbia Threadneedle opens office in Chile

Columbia Threadneedle Investments has opened its first Latin American office in Santiago, Chile. As its first proprietary distribution hub for the Andes (Chile, Peru and Colombia), the new office will serve the asset manager’s institutional and wholesale clients in the region. Columbia Threadneedle has also appointed Santiago Zarauza Riestra...

Legal

Determining fair value in appraisal proceedings: the Supreme Court of Canada dismisses application for leave to appeal in Carlock v ExxonMobil Canada Holdings ULC

On August 13, 2020, the Supreme Court of Canada (the SCC) dismissed the application for leave to appeal in the case of Carlock v ExxonMobil Canada Holdings ULC (Carlock), indicating that the negotiated deal price in a transaction between well-informed, sophisticated, arms-length parties that is the result of a vigorous sale process provides strong objective...…...

M&A in the Consumer & Retail Sector: Before and After the Pandemic

This article will provide a high level discussion of M&A trends in the Consumer & Retail (C&R) sector, beginning with a brief summary of the activity we saw in 2019, what trends were anticipated to occur in 2020 and how the COVID-19 pandemic (the Pandemic) is expected to affect M&A in this industry. Pre-Pandemic Trends...… Continue...

The SPAC is back: going public in a pandemic

According to Axios, the first half of 2020 saw special purpose acquisition companies (“SPACs” for short) in the U.S. raise over US$20 billion, easily eclipsing the US$13.3 billion raised in all of 2019. A SPAC is a special purpose vehicle that does not have any assets or operations, but exists solely for the purpose of...… Continue reading The...

COVID-19 Series: Considerations and Modifications of Certain Provisions in M&A Agreements (Valuation and Post-Closing Pricing Mechanisms)

In recognition that businesses are adjusting to their “new normal” and some companies are exploring acquisitions or divestitures as opportunities to strengthen their bottom line, we will be publishing a series of blogs aimed at highlighting some of the considerations and key drafting areas in a purchase and sale agreement that parties to...

Fintech M&A Activity in 2020: The Digital Economy is Here

Paying for Payments While uncertainty arising from the COVID-19 pandemic has slowed down most deal activity, Fintech, in particular the payments space, is a big exception. Recent analysis from KPMG revealed that UK payment deals in the first quarter of 2020 alone exceeded the total number of deals in 2019. Granted, deal sizes were relatively...…...

Deals

PIMJ will change its name to PGIM Japan Co

Prudential Investment Management Japan Co. Ltd will rebrand to PGIM Japan Co. The name change takes effect on October 1, 2017. Prudential first opened its Tokyo office in 1998. Read More

JPMorgan, Goldman Sachs top Canadian M&A rankings as activity rises: Reuters

Canadian mergers and acquisitions got off to their strongest start in 17 years in 2017 as cross-border deal activity picked up pace, with JPMorgan, Goldman Sachs and RBC taking the top three spots in the advisory rankings, Reuters reported. Foreign banks further consolidated their position in Canadian deal-making as companies looked beyond borders for...

Dyal Capital buys minority stake in credit investor Sound Point: Reuters

Dyal Capital Partners, the Neuberger Berman Group unit that takes minority stakes in hedge and private equity fund firms, has bought into credit investor Sound Point Capital LP, Reuters reported. Read More

PE-backed Cross MediaWorks launches One2oneMedia

Cross MediaWorks, a portfolio company of Lee Equity Partners LLC, has formed One2oneMedia. No financial terms were disclosed. One2onemedia will provide an addressable video business for agencies and advertisers in partnership with Multichannel Video Programming Distributors. Read More

Volatility drives Canadian companies to unload non-core assets: EY

Canadian companies are looking to sell non-core assets as a result of macroeconomic volatility, according to a new study by Ernst & Young (EY). A survey conducted for EY's 2017 Corporate Divestment Study found 73 percent of respondents were likely to pursue divestment strategies. Once divested, 51 percent reported the initiative led to valuations...

Acq Lite

Eni deal a testament to Abu Dhabi's attraction

March 12 (UPI) -- In what's nearly a $1 billion commitment, Italian energy company Eni said it made its Emirati debut in an agreement with the Abu Dhabi National Oil Company.Eni signed agreements to acquire minority shares in the Lower Zakum, Umm Shaif and Nasr offshore fields from state-run ADNOC for a total fee of $875 million."The stakes in the two...

Statoil using mega-rig to tap frontier North Sea area

March 12 (UPI) -- Norwegian energy company Statoil will move a deepwater drilling rig to the North Sea to tap a prospect awarded more than 30 years ago, a regulator said Monday.The Norwegian Petroleum Directorate gave Statoil consent to move the Deepsea Atlantic drilling rig to a section of the North Sea to tap into a prospect awarded to the company...

German green energy segment Innogy divvied up

March 12 (UPI) -- German utility company E.ON is now in control of the renewable energy segment created by its rival, RWE, in a landmark, multi-billion dollar deal, they said.In a joint statement, E.ON said it reached an agreement in principle with RWE to acquire more than three quarters of the stakes in renewable energy entity Innogy, an offshoot from...

Russia test-fires Kinzhal hypersonic missile

March 11 (UPI) -- A Russian jet successfully test-lauched a hypersonic missile Sunday, the Russian Defense Ministry said.The Kinzhal hypersonic missile was launched from an MiG-31 interceptor jet, which departed from an airfield in the Southern Military District, Russia's TASS News Agency reported."A MiG-31 fighter crew of the Russian Aerospace Forces...

Huntington Ingalls contracted for further repairs on USS Fitzgerald

March 9 (UPI) -- Huntington Ingalls was awarded a contract from the U.S. Navy to continue repairs on the USS Fitzgerald.The deal, announced Thursday by the Department of Defense, is valued at more than $77.5 million under the terms of a cost-plus-fixed-fee contract, which is a modification to a previous award.The modified contract between the U.S. Navy...