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Simpson Thacher represented Compañía de Petróleos de Chile Copec, S.A. (“Copec”) in the first step of its pending acquisition of a controlling stake in Organización Terpel S.A. (“Terpel”).  Terpel is Colombia’s largest fuel distributor with a market capitalization of approximately US$1.3 billion. Copec is Chile’s largest publicly traded company in terms of market value.

In the first step of this multi-step transaction, Copec acquired approximately 47% of Proenergía Internacional S.A. (“Proenergía”) which holds approximately 53% of Sociedad de Inversiones en Energía, S.A. (“SIE”) which in turn owns 89% of Terpel. Second, Copec will launch a tender offer for all of the outstanding shares of Proenergía. Third, after completion of the tender offer for Proenergía’s shares, Copec will launch another tender offer to acquire the shares of SIE held by shareholders other than Proenergía.

The Simpson Thacher team includes: David Williams, Edward Chung and Borja Marcos (M&A), Jenifer Marsh (Tax) and Greg Grogan (Executive Compensation and Employee Benefits).