Top 10 Finance and Banking Headlines from South America Before addressing any development occurred in Brazil in 2009 which may affect mergers and acquisitions in general – the so-called M&A transactions - it is important outline the legal framework and current scenario in which these negotiations are conducted. Brazilian Pension Plans are occupational pension plans, organized as closed entities, used to finance private pension benefits, structured in the form of pension funds and sponsored by corporations. The Exchange Traded Fund (ETF), also known as tracker, is an example of a rapid success story in the international market. "Labor Courts in Brazil are very reluctant to accept the universal jurisdiction of the Bankruptcy Court in the case of labor claims of companies undergoing a judicial recovery plan. The Brazilian Federal Supreme Court confirmed the application of the Brazilian Bankruptcy Law in a leading case related to the acquisition by Gol of Varig´assets, ruling that the Bankruptcy Court has the authority to judge such claims." On June 23, 2009, the Board of the Brazilian Securities and Exchange Commission (“Comissão de Valores Mobiliários” – CVM) approved Opinion (“Parecer de Orientação”) No. 36, of the same dated, about statutory provisions imposing encumbrance(s) on shareholders who vote favorably to the elimination of the share dispersion protection clause inserted in the company´s bylaws. Brazil is set to see a step change in the level of foreign investment into renewables projects. Brazil’s competition authority – Conselho Administrativo de Defesa Econômica (the Administrative Council for Economic Defense or “CADE”) – has ordered a divestiture after a two-year review of Coca Cola's acquisition of a Brazilian bottled tea company. Argentina’s GDP grew from 2003 to 2007 at annual rates higher than 8%, barely declining to around 7% in 2008. However, the global crisis accelerated the end of such impressive growth cycle, and the GDP’s evolution for 2009 is expected to be close to cero. Recent changes in Peruvian insolvency laws will now allow financial institutions and insurance company counterparties to close-out and net obligations under derivatives and repurchase agreements with Peruvian financial institutions or insurance companies which become subject to bankruptcy proceedings. Despite the higher instability outside Brazil and the recommendation that investment analyses be performed per stricter criteria, the Brazilian real estate segment offers interesting opportunities at this time, which may be explored by the private equity segment. | 
