The deal comes some six weeks after Comex launched an arbitration proceeding before the International Chamber of Commerce against The Sherwin-Williams Company over the Cleveland-based paint manufacturer’s alleged failure to push hard enough for its own $2.34 billion buy of Comex.
The Am Law Daily reported in November 2012 on Jones Day’s role advising Sherwin-Williams on its ultimately unsuccessful bid to buy Comex, which turned to White & Case for outside counsel on the proposed transaction. Sherwin-Williams saw the offer run into antitrust hurdles in Mexico, where regulators twice rejected the deal, and the acquirer ended its pursuit of Comex in April.
Iker Arriola, an M&A partner with White & Case in Mexico City who led the firm’s team advising Comex on its ill-fated sale to Sherwin-Williams, is once again counseling the company on its current deal with PPG, along with local partner Francisco Garcia-Naranjo and associate Jose Luis Lavin. Pittsburgh-based PPG hopes to close on the transaction within six months.
Elizabeth Donley, a Hogan Lovells M&A partner in Washington, D.C., is serving as lead U.S. deal counsel to PPG on its proposed purchase of Comex. The firm declined to comment about its role on the deal, although Hogan Lovells has previously advised PPG on several major transactions, such as the company’s $1.73 billion sale of a controlling stake in Transitions Optical last year and its $1 billion acquisition of Akzo Nobel’s North American coatings unit in 2012.
PPG’s general counsel, Glenn Bost II, who has served as the paint maker’s in-house legal chief since 2010, was out of the office Tuesday and unavailable for immediate comment on the identities of any other firms currently advising PPG on its bid for Comex. PPG’s proposed purchase of the family-owned Comex wasn’t the only notable transaction to emerge out of Mexico this week.
AT&T announced Monday that it would sell its nearly $5.6 billion stake in Mexico City-based America Movil—Latin America’s largest telecommunications company—back to majority shareholder Carlos Slim Helu. The Mexican billionaire, one of the world’s richest people, has long turned to Cleary Gottlieb Steen & Hamilton for deal work.
The firm, which has made headlines in recent weeks for its roles advising the Argentine government and embattled French financial services giant BNP Paribas, did not respond to a request for comment on whether it is advising America Movil on the matter.
AT&T, of course, is selling its America Movil stake in a bid to push forward with its $48.5 billion acquisition of DirecTV. The Am Law Daily reported in May that roughly a dozen large firms had tuned in for the proposed tie-up between DirecTV and AT&T, with Sullivan & Cromwell, Sidley Austin, Crowell & Moring, Arnold & Porter and Kellogg, Huber, Hansen, Todd, Evans & Figel advising the latter on its takeover bid for the nation’s largest satellite television operator.