Argentina Hiking | 2024 #6

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Public Markets

Need to Know

? On September 25th, the Decree 847 was published on the Official Gazette, introducing significant labor reforms. Key provisions include: (i) regularization of employee obligations for the private sector up to July 2024, including tax incentives for participating employers; (ii) criteria clarification for determining a contractor worker classification, with the number of invoices no longer being a sole determinant; (iii) extended probationary period up to 6 months; (iv) definition of a revised framework for independent workers, and (v) definition of key aspects of the labor union fund system. Official Decree

? On October 1st, the Argentine government has announced the sale of its 100% stake in IMPSA , a leading metallurgical and energy company renowned for its expertise in hydroelectric, wind, nuclear, and oil & gas projects. Offers submissions are due on October 31st. ámbito

? The Argentine President is expected to issue a decree in early October initiating the process to sell Aerolineas Argentinas . The proposed sale will require Congressional approval. ámbito

? The Argentine Government is exploring the potential privatization of two state-owned entities: TANDANOR S.A.C.I. y N. , a company specializing in ship repair and maintenance, and Corredores Viales S.A. , which manages a 6,000-kilometer road network across 13 provinces. La Política Online

? Vista , a prominent player in the development of Vaca Muerta shale oil resources, and Tecpetrol , a leading energy company with a strong presence across LatAm, are reportedly interested in acquiring 埃克森美孚 assets in Vaca Muerta. This divestment comes as Exxon pursues a strategic divestiture of its Latin American operations, including assets in Colombia and Mexico. Gaap Oil

? CGC , a subsidiary of Corporación América and an Argentine oil company engaged in hydrocarbon exploration and exploitation throughout Latin America, is reportedly interested in selling its 50% stake in Gasinvest, the holding company of regional natural gas pipeline operator TGN . This strategic move allows CGC to prioritize upstream opportunities, particularly in Vaca Muerta, and invest in gas integration projects with Chile. EconoJournal

? Petrobras , the Brazilian state-controlled oil company, and YPF SA have signed a Memorandum of Understanding to explore joint development opportunities in hydrocarbon exploration and production, with a focus on the Vaca Muerta shale formation. Cronista

Deals & Investments Activity

? YPF SA , Argentina's state-owned energy company, has entered into an agreement with Bentia Energy , a newly established Argentine oil and gas operator formed by directors of TB Cargo , for the sale of the Neuquén Sur cluster of mature conventional fields. The transaction is subject to approval by the provincial authorities. YPF Announcement

? Molinos Rio de la Plata , a leading Argentine food and beverage company with a diverse portfolio of brands including Matarazzo, Granja del Sol, Bodega Nieto Senetiner, and La Salte?a, has acquired Sibarita brand and its frozen production facility located in Pilar from McCain Foods , the world's largest producer of frozen potato products. La Nación

? The Central Bank of Argentina has granted regulatory approval for the acquisition of 汇丰 by Grupo Financiero Galicia S.A. . This transaction, initially announced in April was valued at U$ 550M. ámbito

? LOMA NEGRA , the Argentine leading company in cement production, has granted CSN - Companhia Siderúrgica Nacional , the 2nd cement group in Brazil holding a 21% of the market, an extension to the exclusivity period to acquire a 100% stake in the company. This extension follows 2 previous extensions which expired on August 12th. ámbito

? Mercado Libre , the leading e-commerce and FinTech company in LatAm, has secured a U$ 250M financing agreement with J.P. 摩根 to further expand Mercado Pago's operations in Mexico. Reuters

? Aceitera General Deheza SA , an agro-industrial complex specializing in the production of vegetable proteins, vegetable oils, and biodiesel; along with dry corn milling company Promaiz S.A. ; and Golden Peanut , a global supplier of peanut products, have announced a U$ 100M joint investment in Córdoba. This investment, planned for 2025-2027, will expand a biofuel production facility, doubling its current capacity. Cronista

? Insud , the Argentine business group dedicated to research and development in projects oriented to products for human and animal health, through its renewable energy company Fresa, has announced a U$ 100M investment to construct a new biomass power plant in Corrientes province. This investment will double Fresa's renewable electricity generation capacity. Cronista

Earnings Calendar & Events

?? The 1st edition of Renewables Day organized by by EconoJournal will take place on October 2nd at @Club Hípico Alemán. Event details

?? LAVCA week 2024 will take place on October 8th to 11th at Conrad New York Downtown in New York City. Events details and registration

?? Pampa Energía Investor Day 2024 will take place on October 16th. Event details and registration

?? The 2024 Argentine Investment Forum will take place on October 29th at Palacio Libertad. Events details and registration

?? The Industrial Development Bank - IDB Lab Forum 2024 will take place on October 31st to November 1st at Hilton Buenos Aires. Event details and registration

?? Labitconf will take place on November 1st and 2nd at Costa Salguero. Event details and registration

?? Pampa Energía will announce Q3.2024 results on November 6th. Events calendar

?? Tenaris will announce Q3.2024 results on November 6th. Events calendar

?? Mercado Libre will announce Q3.2024 results on November 6th (subject to confirmation). Events calendar

?? The 3rd edition of Argentina & LatAm Lithium Summit will take place on November 20th and 21st at Golden Center Buenos Aires. Event details & registration

?? Grupo Supervielle will announce Q3.2024 results on November 25th. Events calendar

?? AI in LatAm event will take place on November 28th at Centro de Convenciones Buenos Aires. Event details & registration

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