Mitrani Caballero & Ruiz Moreno advised Brazilian company Raízen Combustíveis S.A. and its Argentine subsidiary, Raízen Argentina Holdings S.A.U., in connection with the structuring, negotiation and documentation of the acquisition of Shell’s downstream business in Argentina for US$ 950 million, subject to customary price adjustments at closing. Raízen is a joint venture set up in 2011 between Shell and Cosan (Brazil).
The transaction, which was announced on April 24, 2018, will be structured through the purchase of 100% of the shares issued by Shell Compañía Argentina de Petróleo S.A. (SCAPSA) and Energina Compañía Argentina de Petróleo S.A. all held by Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij. The target companies operate in Argentina in, among others, the petroleum refining, fuel distribution, operation of fuel’s sites, manufacturing and trading of automotive and industrial lubricants and manufacturing and trading of liquefied petroleum gas (LPG) businesses.
The completion of the transaction is subject to the carve out of Shell’s upstream business, as well as other customary conditions for comparable transactions.
At closing, SCAPSA is expected to enter into several agreements with certain Shell entities on market terms, including a supply agreement for the import of hydrocarbons and a license of Shell brands in Argentina.
For more information:
https://ri.raizen.com.br/en/financial-information/notices-and-material-facts
https://www.shell.com/media/news-and-media-releases/2018/shell-to-sell-its-downstream-business-in-argentina.html
Participating counsel:
Counsel to Raízen
• In-house counsel:
✓ Lead counsel: Raphaella Gomes
✓ Other in-house counsel: Rodrigo Caldas, Rafael Skinner de Lucca, Jihad El-Khoury
• International and Argentine counsel: Mitrani Caballero & Ruiz Moreno
✓ Lead Partner: Diego E. Parise
✓ Other partners: Mercedes Rodríguez Giavarini and Carlos Trógolo (corporate); Corina P. Laudato (tax) and Estaban Valansi (labor)
✓ Associates: Mikaela Badaracco, Cecilia Brunelli, Guillermo Cornejo Bosch, Francisco López Santi, Magdalena Magnasco, María Luz Nuñez, Alejandro Rothamel, Andrea Schiavone.
• Brazilian counsel (tax matters): Barbosa, Müssnich & Aragão
✓ Partner: Daniel Abraham Loria
✓ Associate: Jacqueline Lima de Queiroz
Counsel to Shell
• In-house counsel: Jon Sellars, Katherine Armstrong, Ben Symes
• International counsel: Haynes and Boone, LLP.
✓ Partner: Ricardo García-Moreno
✓ Associates: Valisa Berber-Thayer and Patricia Mastropierro
• Argentine counsel: Marval, O’Farrel & Mairal