On March 9, 2007, Mexican public company Mexichem, S.A.B. de C.V. acquired from privately held Nueva Holding Inc. of Panama 100% of the shares of the Panamanian company Amanco Holding Inc. and other related entities, including Amanco companies in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Peru and Venezuela, as well as in the British Virgin Islands and the Netherlands.  The completion of the acquisition of the Amanco entities in Colombia and Mexico is still subject to the corresponding regulatory authorizations.  The value of the transaction has not been officially disclosed, but according to several news reports it was approximately US$600 million (which amount includes the assumption of debt for approximately US$100 million).

As a result of the transaction, Mexichem will vertically integrate its PVC resin-production business with Amanco’s business of manufacturing PVC pipes and connections throughout Latin America. Mexichem’s wholly-owned subsidiary Mexichem Resinas Vinílicas, S.A. de C.V. (f/k/a Grupo Primex, S.A. de C.V.) is the largest producer of PVC resin in Mexico, while Amanco is the leading manufacturer of PVC pipes and connections in Latin America.

Nueva Holding was advised in-house by general counsel Patrick A. Nielson and assistant general counsel Nicolás Lustig.  Nueva Holding’s outside legal advisors for this transaction were the New York office of Jones Day, through partners Joseph Adams and Richard Kosnik and associates Jennifer Adams and Brian Foster, and Panama’s Arias, Fábrega & Fábrega through partner Rogelio de la Guarda and associate Gian Castillero.  Amanco Holding was represented by general counsel Andrés Capdepón and in-house attorney Elaine Pontes.

Mexichem was represented by Mexico City’s Forastieri Abogados, S.C., through partner Francisco Forastieri, senior associates Eduardo Díaz de Cossío, Leonora Olmedo and Francisco Pérez, and associate Gloria Martínez, who provided legal advice to Mexichem and coordinated the team of law firms that participated in the representation of Mexichem.  Partners John E. Rogers and Richard Rafferty, and associate John Dorsey of Strasburger & Price LLP advised Mexichem with respect to the U.S. legal aspects of the transaction.  Sucre, Arias & Reyes served as special Panama counsel to Mexichem, through partners Carlos Iván Sucre and Ernesto Arias, and associates Nadiuska López, Publio Cortés and Ernesto Eduardo Arias.  Mexichem was also advised in-house by general counsel Guadalupe Rodríguez.

Other counsel for Mexichem included:

• Argentina: Estudio Garrido Abogados – partner Diego M. Garrido and associate Lucas Granillo-Ocampo.

• Brazil: Pedraza, Maximiano & Kawasaki Advogados – partner Sérgio Kawasaki and associates Eduardo Tristão and Bruno Cassaro Strunz.

• Chile: Prieto y Cía. – partner José Luis Prieto and associate Francisco Álvarez.

• Colombia: Prieto & Carrizosa – partner Martín Acero and associate Guillermo Sossa.

• Costa Rica: Laclé & Gutiérrez (member of Consortium Legal) – partner Rolando Laclé Zúñiga and associate Monica Zamora.

• Ecuador: Pérez, Bustamante & Ponce – partner Rodrigo Jijón and associate Bruno Pineda.

• El Salvador: Romero, Pineda & Asociados – partner Antonio R. Méndez.

• Guatemala: Ralón, Orellana & Asociados – partner Stuardo Ralón and associate Enrique Asturias.

• Honduras: Lexincorp – partner Omar Claros.

• Nicaragua: Guy Bendaña-Guerrero & Asociados – Julián Bendaña.

• Perú: Rodrigo, Elías & Medrano – senior associate Luis Enrique Palacios and associate Nicolás Cornejo.

• Venezuela: Rodríguez & Mendoza – partner Eduardo Michelena and associates Juan Carlos Fermín, Federico G. Mendoza and Gerardo Bello.