Morales & Besa represents buyer of “Fanaloza-Briggs” (Chile, Ecuador and Peru branches) in a multimillion post M&A against “Cementos Bío Bío S.A.”
In 2002 Cementos Bío Bío S.A., a major Cement Producer, decided to sell one of its business units in Chile, Ecuador and Peru to Grupo Briggs-Fanaloza (through Podolia Investment, an Ecuadorian Incoporated Company). The deal price was US$67 million. After the closing several contingencies appeared in breach of the representations and guarantees of the Contract. Our client has filed a complaint seeking compensation for the total amount of damages suffered as a consequence of the misrepresentations and false information provided by Cementos Bío Bío. The total amount of our claims is US$13,914,139.98. There is also a conflict related to the enforceability of a US$25,403,034.debt to Cementos Bio Bio. The litigation is at the initial stage (terms of reference).
The M&B team is led by Jorge Vial with associates Josefa Larraín, Isidora Gutiérrez and Carlos Hafemann.