BNDESPar, the investment arm of Brazil’s state development bank, and French energy group EDF International have reduced their stake in the Rio-based power company Light Serviços.
On 23 July the companies sold shares worth about 700 million reais (US$361 million) in a public offering on the São Paulo stock exchange.
Motta, Fernandes Rocha – Advogados in Brazil and Mayer Brown LLP are representing Light in the matter, while EDF has retained Brazil's Machado, Meyer, Sendacz e Opice Advogados and Cleary Gottlieb Steen & Hamilton LLP's Paris team.
BNDES is taking legal advice from its in-house team.
Banco Itau BBA, the offering’s lead coordinator, is using Brazil's Souza, Cescon, Barrieu & Flesch Advogados and Clifford Chance LLP in the US.
Souza Cescon partner Joaquim Oliveira says, “it was quite a challenge for the company and everyone involved in the transaction to keep the documentation up to date through serveral months waiting for a window of opportunity as the market recovered from the international crisis.”
The deal sees EDF selling all of its 6.6 per cent stake in Light, while BNDESPar will reduce its holdings from 33 per cent to about 27 per cent.
Light is controlled by the Rio Minas Energia Participacoes consortium, an operation of Minas Gerais state-controlled utility Cemig.
Counsel to Light
           Motta, Fernandes Rocha – Advogados
Partners Julian Fonseca Peña Chediak and André Cantidiano and associates Carlos Eduardo Menezes Côrtes, Caio Machado Filho and Monica Maria Mendes Souza Tavares
           Mayer Brown LLP
Partners Ricardo M González and Stephen Hood and associates Philip Searson, Jeffrey Susskind and Carolina Niemeyer
Counsel to EDF
           Machado, Meyer, Sendacz e Opice Advogados
Partners Flavio Roberto Penteado Meyer and Celso de Paula F da Costa and associates Indira Kurokawa e Silva, Laura Westin, Diego Alejandro Costa Marchant, and Bruno Marino Gomes
           Cleary Gottlieb Steen & Hamilton LLP
Partner Jean-Pierre Vignaud and associate Amélie Champsaur
Counsel to BNDES
           In-house counsel - Hugo Ribeiro Ferreira and Marcelo Marcolino
Counsel to Banco Itau BBA
           Souza, Cescon, Barrieu & Flesch Advogados
Partner Joaquim José Aceturi de Oliveira and associate Ana Paula Calil
           Clifford Chance LLP
Partners Jonathan Zonis and Isabel Costa Carvalho and associates Anand Saha and Joanna Portella
(Latin Lawyer 29.07.2009)
(Notícia na Íntegra)