Increase – Press Release

With the legal advice of Tanoira Cassagne Abogados, last July, Increase, a company that empowers shops, e-commerce and large companies through technological solutions, received an investment of almost USD 3 million.

Among the investors who bet on Increase are Agrega Partners, which manages investments in more than 15 financial institutions and fintech companies in LATAM; Supervielle Group and Mercado Libre.

This new investment will be destined to fulfill the objective of launching new products, consolidate Increase’s position in Argentina and accelerate its expansion in LATAM.

Tanoira Cassagne Abogados advised and supported Increase throughout the investment round. On behalf of the firm participated partner Manuel Tanoira and lawyers Dolores Nazar and María Pía Alais.

Argentina: New Antitrust Law

On May 9th, 2018, the House of Deputies finally approved the new antitrust bill after the Senate introduced minor amendments.

The bill was approved with 163 votes for and 74 votes against it.

The main changes that the new antitrust law provides vis-a-vis the former antitrust law are:

  • Creation of a new independent, decentralized and autonomous Antitrust Agency which will be known as “Agencia Nacional de Competencia” –ANC- (“National Competition Agency). The ANC will consist of a Court for the Defense of Competition (5 members), a Secretariat of Anticompetitive Conducts and a Secretariat of Economic Concentrations. Each member will be appointed and/or removed by the Congress. Currently, the Antitrust Commission depends on the Executive Branch.
  • Concerted conducts among competitors (“hard core cartels”) shall be deemed as practices completely and absolutely restrictive of competition.
  • Interlocking directorates, under certain circumstances, shall be deemed as anticompetitive practices.
  • More powers to the ANC in order to conduct and investigate anticompetitive practices.
  • Creation of a Leniency Program that complies with international standards directed to deter concerted actions.
  • New provisions for the determination of fines, which now takes into account the turnover of the company involved in anticompetitive practices (i.e. up to 30% of the affected product´s turnover multiplied by the years of duration of the conduct–such amount may not exceed 30% of overall turnover-, or twice the profits obtained from such illegal practice).
  • Legal actions to seek damages’ compensation for violations of the Antitrust Law shall be specifically contemplated.
  • New pre-merger control. Notable increase of notification thresholds that now intend to discharge minor transactions. (Pre-merger control will become in force one year after the creation of the ANC).
  • Fast track procedure for transactions that clearly do not raise antitrust concerns.
  • Creation of a Court of Appeals in Antitrust Matters, as the Court authority in appeals to the ANC´s rulings.

May 5th, 2018.

Bernardo Cassagne

Francisco Rondoletti


Sociedades por acciones simplificadas (SAS)

Resolución General 6/2017 de la Inspección General de Justicia a cerca de la reglamentación de las Sociedades por Acciones Simplificadas

El 27 de julio de 2017 se publicó en el Boletín Oficial la Resolución General 6/2017 de la Inspección General de Justicia, la cual entrará en vigencia el 1ro de septiembre de 2017. Mediante dicha Resolución General se establece la reglamentación aplicable al nuevo tipo societario Sociedades por Acciones Simplificadas, creado por la Ley de Apoyo al Capital Emprendedor (Ley 27.349), la cual tiene por finalidad brindar un marco legal que favorezca la creación de nuevas empresas y que particularmente sirva de apoyo a los emprendedores.

La resolución dispone la posibilidad de un proceso de registración de Sociedades Anónimas de forma digital, simplificada y en un periodo de 24 horas. A continuación, presentamos los aspectos más sobresalientes y ventajosos del tipo societario que se introduce:

1. En el caso de que se adopte el instrumento constitutivo modelo previsto en el Anexo A2 de la Resolución 6/2017, y se publique el edicto modelo que consta en el Anexo A3 de la misma, la inscripción será automática, sin más trámites y se realizará en 24 horas, de acuerdo a lo dispuesto en el Art. 32 de la mencionada Resolución.

2. Tanto la inscripción de la sociedad como la registración de inscripción de los actos posteriores y las notificaciones a cerca de los trámites se realizarán de forma digital, lo cual acelera significativamente todos los plazos de registración y modificaciones estatutarias. Asimismo, las SAS se encontrarán habilitadas para llevar sus registros en formato digital.

3. No presentará sus estados contables ante la IGJ, aún en el supuesto de quedar comprendida en el artículo 299, inc. 2, de la Ley General de Sociedades Nº 19.550.

4. Presenta menores requisitos legales en cuanto a su órgano de administración, ya que sus directores no necesariamente deberán constituir una garantía, debiéndose presentar solo la Declaración Jurada de Persona Expuesta Políticamente. Además, solo es requisito que un miembro del directorio cuente con domicilio real en Argentina.

5. Posibilidad de aceptación tácita de la designación como administrador, considerándose como tal la presencia del administrador en cualquiera de los actos de que se trate.

6. El mínimo requerido para el capital social al momento de la constitución de la sociedad es el importe equivalente a dos veces el salario mínimo vital y móvil. En caso de que el capital sea fijado según el mínimo permitido, los gastos de inscripción podrán computarse como capital social.

7. Se establece la posibilidad de no inscribir el aumento de capital social que no supere el 50% del capital inscripto.

En caso de necesitar mayor información, no dude en tomar contacto con Manuel Tanoira y/o Leopoldo E. García-Mansilla.

Argentine energy company taps capital markets

Fredrik Karlsson

27 February 2018

Simpson Thacher & Bartlett LLP in New York and Tavarone, Rovelli, Salim & Miani in Buenos Aires have helped local company MSU Energy issue notes worth US$600 million.

The joint bookrunners relied on Skadden, Arps, Slate, Meagher & Flom LLP in New York and Bruchou, Fernández Madero & Lombardi in Buenos Aires. Bruchou also helped the local placement agents. The trustee, Citibank, hired Tanoira Cassagne Abogados in Buenos Aires and is thought to also have enlisted Alston & Bird LLP in New York.

The deal, which was made through MSU’s three subsidiaries, closed on 1 February.

The proceeds will be used to improve the operational capacity of three thermal plants located in the province of Buenos Aires and the central province of Córdoba. MSU obtained a US$230 million credit line in June last year to construct these plants. They currently have a combined installed capacity of 450 megawatts.


Counsel to MSU Energy

In-house counsel – Ezequiel Abal

Simpson Thacher & Bartlett LLP

Partners Juan Francisco Mendez and Rob Holo, counsel Janet Nadile and associates Juan Naveira, Kirsten Harmon, Mariano Peró and William Smolinski in New York

Tavarone, Rovelli, Salim & Miani

Partners Juan Pablo Bove and Federico Salim, and associates Natalia Ríos, Julieta González and Emilio Agustín Beccar Varela in Buenos Aires

Counsel to JP Morgan, Citigroup Global Markets and Itau BBA

Skadden, Arps, Slate, Meagher & Flom LLP

Partner Alejandro Gonzalez Lazzeri and associates Alejandro Ascencio and María Paula Lusich in New York

Bruchou, Fernández Madero & Lombardi

Partners Jose María Bazán and associates Andrés Chester and Sofía Gallo and Facundo Sainato in Buenos Aires

Counsel to Industrial and Commercial Bank of China (Argentina), Banco de Galicia y Buenos Aires, Banco Hipotecario, BACS Banco de Crédito y Securitización, Banco Macro, Macro Securities, BAF Securities and Banco Itaú Argentina 

Bruchou, Fernández Madero & Lombardi

Partners Jose María Bazán and associates Andrés Chester and Sofía Gallo and Facundo Sainato in Buenos Aires

Counsel to Citibank

In-house counsel – Cecilia Díaz Llamosas and Carlos Vasallo

Tanoira Cassagne Abogados

Partner Alexia Rosenthal and associate Ignacio Criado Díaz in Buenos Aires

Argentina’s Tanoira Cassagne advises Dietrich S.A.

Tanoira Cassagne Abogados assisted Dietrich S.A. in the authorization of the Global Medium Term Note Program for an amount up to $500,000,000 (or its equivalent in other currencies) and the issuance in the domestic market Class I Notes (obligaciones negociables) for the amount up to $100,000,000, which were successfully placed on October 5th, 2016 and issued on October 7th, 2016.

In addition, Tanoira Cassagne Abogados assisted Raymond James Argentina S.A. as arranger and placement agent, Banco Supervielle S.A. as placement agent and Banco Patagonia S.A. as co-placement agent.

The Notes are due on April 7, 2018, and with a floating interest rate equal to the BADLAR rate plus a 4.79% margin.

The funds raised in the Notes issuance will serve for one or more of the following destination: (i) working capital; (ii) investments in tangible assets located in Argentina; (iii) refinancing of outstanding debt and/or; (iv) contributions to capital of a controlled or related corporation; provided that such corporation uses the proceeds of such contribution for the purposes specified above.

The notes are listed at the Mercado de Valores de Buenos Aires S.A. (Buenos Aires Stock Exchange) and in Mercado Abierto Electrónico S.A.

Dietrich S.A. is one of the main groups of retail of the automobile industry in Argentina. It has 51 years of trajectory in the market. Since its foundation in 1964, has diversified to reach the position of leadership in solutions of mobility.

Counsel to Dietrich S.A.

Counsel to Raymond James Argentina S.A. as arranger and placement agent, to Banco Supervielle S.A. as placement agent and to Banco Patagonia S.A. as co-placement agent:

Tanoira Cassagne Abogados. Senior Partner: Alexia Rosenthal, Junior Partner: Jaime Uranga and Associates: Ignacio Nantes and Tomas Lipka.

Mercedes-Benz successfully completed the offering of its Series 29 Notes under its AR$1,200,000,000 Note Program in the Argentine debt market

Errecondo, González & Funes Abogados advised Mercedes-Benz Compañía Financiera Argentina S.A., the Argentine financing arm of Germany’s Mercedes Benz, in the offering of its Series 29 Notes worth AR$200.000.000.

Tanoira Cassagne Abogados counselled the placement agents in this transaction, Banco de Galicia y Buenos Aires S.A. and BBVA Banco Francés S.A.

The Series 29 Notes are peso denominated variable rate notes, maturing in 18 months and bearing an interest at Badlar Rate (a floating interest rate published by the Argentine Central Bank) plus an annual margin of 2.75%. The notes were issued on November 4, 2016.

Mercedes Benz will apply the net cash proceeds of this offering for (i) making debt service payments of bilateral loans granted by local financial institutions and (ii) the granting of new loans for the acquisition, within Argentina, of new commercial vehicles of the brand Mercedes Benz, mainly including buses (urban and interurban), trucks and utility vehicles (medium and large).

Counsel to Mercedes-Benz Compañía Financiera Argentina S.A.:
Errecondo, González & Funes Abogados. Partner Carolina Curzi and associates Delfina Lynch and Agustín Hyland.

Counsel to the Placement Agents:
Tanoira Cassagne Abogados. Partner Alexia Rosenthal, junior partner Jaime Uranga and associate Ignacio Criado Díaz.

YPF debt issue calls on Chadbourne, Estudio O’Farrell and Tanoira Cassagne – News – Latin Lawyer

Law Business Research Ltd,

Tanoira Cassagne Abogados advised the local placement agents for the offering. No international placement agents or initial purchasers took part.

The notes are listed on Mercado de Valores de Buenos Aires and on the Luxembourg Stock Exchange. The offering closed on 18 October.

Counsel to YPF

In-house counsel – Fernando Gómez Zanou, Lorena Sánchez and Valeria Moglia

Chadbourne & Parke LLP

Partners Talbert Navia and Claude Serfilippi and associate Jacqueline Hu in New York

Estudio O’Farrell Abogados

Partners Uriel O’Farrell and Sebastián Luegmayer and associate Marina Laura Quinteiro in Buenos Aires

Counsel to Banco de Galicia y Buenos Aires, Industrial and Commercial Bank of China (Argentina) and Nación Bursátil

Tanoira Cassagne Abogados

Partner Alexia Rosenthal junior partner Jaime Uranga and associate Ignacio Criado Diaz in Buenos Aires