The Legal 500

ISIDORA GOYENECHEA 3477, PISO 19, LAS CONDES, SANTIAGO, CHILE
Tel:
Work +56 2 2472 7000
Fax:
Fax +56 2 2472 7001
Web:
www.moralesybesa.com

Chile

Banking and finance
Banking and finance - ranked: tier 1

Morales & Besa

Morales & Besa regularly advises major lenders in the Chilean banking sector, but also acts for borrowers, guarantors and collateral agents in both domestic and cross-border transactions; and the team stands out for the financing of renewable-resource projects and the restructuring of major companies. The practice also fields an impressive banking regulatory group. Key acquisition financing deals included advising Bank of America on the $2bn financing of Lundin Mining Corporation’s purchase of an 80% stake in the Candelaria/Ojos del Salado copper mining operations and supporting infrastructure; and advising Deutsche Bank (London) and SMBC on a $700m loan to AES Gener, for the acquisition of a controlling stake in power generator Guacolda. In regulatory matters, the team assisted China Construction Bank with obtaining approval to open a branch targeted at Chinese investors in Chile. Highlighting the team’s strong restructuring capabilities, it advised a syndicate of banks, led by Banco de Chile, Banco de Crédito e Inversiones and Banco Santander Chile, on the restructuring of financing granted to the Saieh Group’s retail companies. ‘Skillful and creative lawyerPedro García led advice to the bondholders’ representative during the renegotiation of La Polar’s debt (valued at $1bn in issued bonds). Senior partner Guillermo Morales, José Miguel Carvajal and Matías Langevin are recommended, as are Carlos Silva and Myriam Barahona.

Leading lawyers

Pedro García - Morales & Besa

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Corporate and M&A
Corporate and M&A - ranked: tier 2

Morales & Besa

Morales & Besa’s M&A practice group comprises over 20 lawyers and is particularly focused on complex, cross-border transactions. Energy deal highlights included advising Endesa Chile on its strategic $309m acquisition of the remaining 50% interest in Gas Atacama. The practice also acted for Inversiones Orestes on the sale of 49% of Soudal, the takeover requiring the co-ordination of law firms, advisors and representatives from five countries; and acted for Merrill Lynch Corredores de Bolsa, as tender offer administrator, on the public offer for the $630m acquisition of Farmacias Ahumada. Name partner Guillermo Morales is department head, and Eugenio Besa, Carlos Silva, Alejandro Huneeus, Matías Langevin and Michel Diban are also key advisers. Macarena Laso made partner in March 2015.

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Dispute resolution
Dispute resolution - ranked: tier 4

Morales & Besa

Morales & Besa’s ‘overall service is excellent’. The team represented Hidroeléctrica El Paso in its $110m damages claim against Acciona Infraestructuras (Chile) for breach of a hydroelectric power plant construction agreement. Gonzalo Cordero is an expert in construction, civil liability, consumer protection law and post-M&A conflicts. Jorge Vial is also highly rated.

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Labour and employment
Labour and employment - ranked: tier 3

Morales & Besa

Morales & Besa is ‘an excellent law firm that offers good availability and has the ability to deal with a wide range of legal issues’. The growing practice –now five-strong– is led by former Undersecretary of Labour, Fernando Arab, who was promoted to partner in March 2015. Arab is ‘a rising star with very good knowledge of labour issues’ and is further lauded as ‘very efficient and prompt to answer; he gives his clients lots of personal attention’. The team acted for Artica Impresores in collective bargaining matters, and assisted Bank of America Merrill Lynch with the termination of the employment of its senior executive for Chile, and subsequent replacement. Other clients include Toshiba, China Construction Bank, Iron Mountain and Constructora Ingevec.

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Projects and infrastructure
Projects and infrastructure - ranked: tier 1

Morales & Besa

Morales & Besa’s team offers ‘excellent quality of service, prompt answers and impressive expertise in project finance’, and the 16-strong group (including six partners), is active on both the regulatory and transactional aspects of the practice. The department has experience of infrastructure financing transactions and recent mandates include advising a foreign consortium – led by France’s Vinci group, along with Aéroports de Paris – on the public bidding process for the Santiago airport concession PPP project, the advice involving all regulatory aspects related to the bidding process and concession contract, the structuring of the consortium and project contracts, and the investment and financing of the project. It also acted for Ferrovial Servicios on the public bidding for Sótero del Río’s PPP hospital concession, and advised Solairedirect on the structuring and development of various photovoltaic projects in Chile, including land and mining rights, concessions and permits, and project agreements. Other key financing deals included advising DNB Bank and Corpbanca on the project financing of a 45MW wind project; and assisting Banco Santander-Chile on a consortium’s project financing for the design and construction of the Chacao Bridge. Practice head Carlos Silva is ‘very experienced’, particularly on the finance side; key partner Pedro García is particularly recommended for his knowledge of construction matters; while Myriam Barahona has ‘deep expertise and an excellent approach to problem solving’.

Leading lawyers

Carlos Silva - Morales & Besa

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Real estate
Real estate - ranked: tier 3

Morales & Besa

Morales & Besa’s six-strong practice has longstanding experience in all types of real estate development, finance and acquisitions. The team recently acted for Cencosud subsidiary Costanera Center, on the development of the Costanera Center Complex, the largest retail and office building in South America, and advised PPG Industries Chile on the sale of an industrial plant. Ongoing work includes advising construction company Constructora Ingevec on its real estate transactions. Name partner Eugenio Besa, and Macarena Laso, who made partner in 2015, are the key contacts. Other clients include BCI Asset Management, Inversiones y Rentas Ingevec, and Pfizer Chile.

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Chile: Energy and natural resources

Electricity/oil and gas
Energy and natural resources: electricity - ranked: tier 2

Morales & Besa

At ‘well-respected, top-notch firmMorales & Besa, the practice ‘fields a wealth of relevant experience’ that covers project development, litigation and M&A, as well as regulatory matters and financing. The team advised Endesa Chile on its strategic acquisition of the remaining 50% interest in Gas Atacama; and acted for DNB Bank and Corpbanca on a wind power-related project financing. It also assisted Banco Security with the financing of a thermoelectric project. Practice head Alejandro Huneeus and key partners Carlos Silva and Pedro García are recommended.

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Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • 27 April 2016: Greatbatch/INTEGER

    Following completion of the acquisition of the Lake Region Medical groupe by Greatbatch, Inc. and the renaming of Lake Region Medical into INTEGER, Greatbatch contributed in multiple capital increases own shares to Swiss-based P Medical Holding AG/INTEGER (Switzerland) GmbH, which were swapped against shares in the Irish-based Lake Region Medical Holdings Limited. The transaction was completed by a down-stream merger of P Medical Holding AG into its subsidiary INTEGER (Switzerland) GmbH.
  • Liability Management Exercise of International Container Terminal Services, Inc. and affiliates

    SyCipLaw acted as Philippine counsel for the dealers, Citigroup Global Markets Limited and Hong Kong and Shanghai Banking Corporation in a back-to-back tender offer of perpetual securities and issuance of new perpetual securities.
  • New China Customs Taxation Policy on Cross-Border B2C E-Commerce Imports

    The Ministry of Finance, General Administration of Customs and State Administration of Taxation of China jointly issued a circular (“Joint Circular ”) relating to the taxation policy on the cross-border e-commerce retailing imports, with effect as from April 8, 2016.
  • Philippine Competition Commission Issues Transitory Rules for Mergers and Acquisition

    On February 12, 2016, the recently constituted Philippine Competition Commission (“PCC”), which was created under the Philippine Competition Act (Republic Act 10667 or the “PCA”), issued Memorandum Circular No. 16-001, Series of 2016 (the “Transitory Rules”), which provides for the transitory rules and guidelines relating to mergers and acquisitions that were, or are to be, executed or otherwise implemented after the effectivity of the PCA on August 8, 2015 but before the effectivity of its implementing rules and regulations (the “PCA IRR”). Given the special nature of transactions effected through the Philippine Stock Exchange, the Transitory Rules will not cover such transactions and will be covered by a separate issuance by the PCC.
  • Financing for the Mactan Cebu International Airport

    SyCipLaw acted as Philippine counsel to a syndicate of Philippine banks (composed of BDO Unibank, Inc., Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines, Metropolitan Bank & Trust Company and Philippine National Bank) and Asian Development Bank for the financing of the rehabilitation and development of the Mactan Cebu International Airport that was awarded by the DOTC and the MCIAA under the private-public partnership program of the government to the consortium between Megawide Construction Corporation and GMR Infrastructure. The financing is composed of (1) Php20 Billion (approx. US$446,773,200) commitment of the Philippines syndicate banks and (2) US$75 Million commitment of ADB.
  • Philippine Competition Commission Issues Transitory Rules on PSE-related Mergers and Acquisitions

    On February 16, 2016, the recently constituted Philippine Competition Commission (“PCC”), which was created under the Philippine Competition Act (Republic Act 10667 or the “PCA”), issued Memorandum Circular No. 16-002, Series of 2016 (the “PSE Transitory Rules”), which provides for the transitory rules and guidelines relating to mergers and acquisitions that were, or are to be, executed or otherwise implemented through the Philippine Stock Exchange (“PSE”) and after the effectivity of the PCA on August 8, 2015 but before the effectivity of its implementing rules and regulations (the “PCA IRR”).
  • 2016: Insurance regulation in Asia Pacific – Ten things to know about 20 countries

    SyCipLaw contributed the Philippine Chapter of the 2016: Insurance Regulation in Asia Pacific – Ten things to know about 20 countries published by Norton Rose. The 2016 edition of the summary guide provides an overview and practical checklist of ten common regulatory issues for insurance companies. The Philippine chapter was contributed by SyCipLaw partner Hiyasmin H. Lapitan.
  • Predictive Coding Software in the E-Disclosure Process Approved by English Court

    In the recent case of Pyrrho Investments Limited and another v MWB Property Limited and others [2016] EWHC 256 (Ch), the High Court of England and Wales approved the use of predictive coding software in electronic discovery.
  • Enabling the Business of Agriculture 2016

    SyCipLaw Partners Rose Marie M. King-Dominguez and Franco Aristotle G. Larcina, with support from Senior Associate Ruben P. Acebedo II, participated in the World Bank Group’s Enabling the Business of Agriculture 2016: Comparing regulatory good practices. The report examines regulations that impact private enterprise in the agriculture and agribusiness sectors. The report aims to promote smart regulations that ensure safety and quality control, as well as efficient regulatory processes, that support thriving agribusinesses.
  • April 2016: Mövenpick invests in imported wine wholesaler Cheers in China

    Hospitality and food service industry company Mövenpick invests in Chinese wine wholesaler Cheers by acquiring a strategic stake. Cheers has 30 branch offices in the greater Beijing area and currently generates annual revenues of roughly three million Swiss francs. Mövenpick is a Swiss group of companies with global presence. Its core competency lies in the hospitality business, with a focus on gastronomy, hotels, wine and premium branded products.