Barros & Errázuriz and Larrain y Asociados has advised Pacífico V Región S.A. (Pacifico) and Sociedad Punta del Cobre S.A, (Pucobre), respectively, in the reverse merger under which Pucobre absorbed its parent company, Pacífico. The transaction closed July 25th.
Established in 1989, Pucobre is a Santiago-based capital mining company, which specializes in the exploitation of medium-sized copper deposits in the Atacama region, of Chile. It also has two projects under development: Tovaku, in the Antofagasta region and El Espino, in the Coquimbo region.
According with the last record of the Commission for the Financial Market, Pacific V Region is the largest shareholder of Pucobre with an 84.7% of the company and is the vehicle through which it participates in the mining company.
Since both parties are publicly traded corporations, the transaction complied with the regulatory requirements applicable to these types of transactions, as well as with the rules of operations between related parties in open companies.
Partners Jorge Granic and Arturo Bulnes, assisted by associate Juan de Dios Ferrada acted as legal counsel to Pucobre, while partners Cristián Barros and Javier Díaz, assisted by associates Francisco Vial and Luz María Guridi, served as counsel to Pacífico.
Providence Capital served as financial advisor to the board of Sociedad Punta del Pucobre S.A.