Santamarina y Steta in Mexico City, Carey in Chile and
Muñiz Ramírez Pérez-Taiman & Olaya in Lima
have helped Mexican department store chain Liverpool acquire a
majority stake in Chilean counterpart Ripley.
The Calderon Volochinsky family, with help from Cariola,
Díez, Pérez-Cotapos & Cía Ltda in
Santiago, agreed to sell their 53 per cent stake in Ripley for 813
billion Chilean pesos (US$1.2 billion) on 7 July. The deal is
expected to receive regulatory approval within weeks.
Ripley has maintained a diverse business portfolio, despite
exiting Colombia earlier this year after posting net losses of
around US$70 million in 2015. As well as owning 69 stores in Chile
and Peru, the company offers financial services and manages
The deal is one of the largest cross-border acquisitions to take
place in Latin America this year. It follows a trend that has seen
large companies consolidate their assets in the region and look for
cost efficiencies, as a means to see out a period of sluggish
The transaction also highlights increasing commercial
integration between countries in the Pacific Alliance, a trade bloc
made up of Chile, Mexico, Colombia and Peru. It comes after Mexican
retail company Femsa acquired a majority stake in the owner of
Chilean pharmacy chain Cruz Verde in 2015.
Cariola Díez is regular counsel to Ripley, recently
helping the retailer up its stake in Chilean shopping mall company
Mall Viña del Mar.
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Until the new Civil and Commercial Code of the Nation (Código Civil y Comercial de la Nación or CCCN) became in force on August 1, 2015, distribution agreements had not had statutory regulation in Argentina.
In order to remunerate the invested capital, Brazilian companies are allowed to distribute earnings to their shareholders in the form of dividends or under the concept of interest on net equity (juros sobre o capital próprio – JCP).
Brazil remains among the ten most-complex nations in the world for multinational companies to stay compliant with corporate regulation and legislation, although signs of improvement are showing.
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