Milbank LLP advised Inversiones y Rentas S.A. (“IRSA”), controlling shareholder of Compañía Cervecerías Unidas S.A. (“CCU”), in its tender offer to purchase for cash up to 4.44% of CCU’s shares of common stock, including shares of common stock represented by American Depositary Shares. This is the first Tier 3 global cross-border tender offer in respect of a Chilean issuer’s common shares.
IRSA, a Chilean closely held corporation, is a joint venture between Quiñenco S.A., one of the largest and most diversified business conglomerates in Chile, and Heineken Chile Limitada, a Chilean limited corporation controlled by Heineken Americas B.V., a subsidiary of Heineken International B.V. Based in Chile, CCU is a producer of diversified beverages, also has operations in Argentina, Uruguay, Paraguay, Colombia, and Bolivia.
The Milbank deal team was led by Marcelo Mottesi, Chair of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, with special counsel Sam Badawi and associates Gonzalo Guitart and Marcela Barba. The team also included Tax partner Andrew Walker and associate David Hanno.
Mr. Mottesi said: “We are very pleased to have advised IRSA in this landmark cross-border transaction. We were able to structure one transaction that met both Chilean and US regulations, and achieve a successful result for our client.”
