Tauil & Chequer represented Vale S.A. (Vale), the Brazilian giant mining company, on the sell to Statoil Brasil Óleo e Gás Ltda. of 25% participation in concession BM-ES-22A (Espírito Santo Basin) for US$40 million in cash. Contractual conditions also exempt Vale from expenditure commitments around US$80 million through the end of 2013. Petrobras is the operator with 75% participation in the concession. Transaction is subject to regulatory approvals and our firm is assisting Vale in relation to ANP. The team was led by Corporate & Securities partner Alexandre Chequer (Rio de Janeiro) and included: Corporate & Securities – associates Sam Webster, Bruno Belchior, Renata Rosa, Gustavo Coelho and Rayanne Marinheiro (all Rio de Janeiro); and Tax Transactions & Consulting – partner Roberta Caneca (São Paulo) and associate Marina Cyrino (Rio de Janeiro).
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