German automotive group MAN has acquired Volkswagen’s Brazilian truck and bus business.
The transaction closed on 17 March and will see Volkswagen Truck & Bus joining forces with MAN’s commercial vehicles division in Latin America to form a new company called MAN Latin America.
Adriano Chaves of Volkswagen’s counsel, Machado Associados, says, "As a complex cross-border transaction, this deal required a lot of interaction and cooperation between German and Brazilian lawyers in order to have the issues addressed properly in the relevant jurisdictions."
"The complexities of the Brazilian legal environment (not only the legal concepts but also the administrative challenges faced by the companies) made it important for the Brazilian lawyers to take an active role in supporting the companies through the negotiations," he adds.
Chaves says his 15-year relationship with Volkswagen was a great benefit in negotiating the deal, adding, "In view of the size of the companies and the number of people involved, planning in advance was crucial for timely closing."
Clifford Chance LLP also advised Volkswagen through its Frankfurt office, while MAN took legal advice from Machado, Meyer, Sendacz e Opice Advogados in São Paulo and Freshfields Bruckhaus Deringer LLP in Munich.
Volkswagen Truck & Bus is Brazil’s largest truck manufacturer and has been operating out of its Resende plant in Rio de Janeiro state since 1996.
Counsel to Volkswagen
In-house counsel - Michael Ganninger, Alfred Stroehlein, Carmen Backsmann and Gerko von Frhr Hammerstein
Machado Associados
Partners Adriano Chaves, Luis Rogério Godinho Farinelli, Renata Almeida Pisaneschi and Cristiane Magalhães and associates Angélica Taís Santos Torres and Rochelle Ricci
Clifford Chance LLP
Partners Johannes Perlitt and Wolfgang Richter and associates Hilke Schmitt and Alexander Wojtek
Counsel to MAN Group
Machado, Meyer, Sendacz e Opice Advogados
Partner Mauro César Leschziner and associate Diana Pacifico Henne
Freshfields Bruckhaus Deringer LLP
Partners Ferdinand Fromholzer and Axel Epe
 (LATINLAWYER 20.03.2009)
(Notícia na Íntegra)