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Dear Colleagues,

Our Region is now awaking from the summer holidays, and finding that the nightmare is real. The crisis is arriving, slowly, but step by step. Every day, we receive news that are showing that the region is going to a recession.

There are differences country to country, but it appears clear that the export amounts are becoming lower and lower every day.

It's impossible to have a real idea of how each Country is affected by the crisis.

In the Region, we are trying to continue with the professional activities in order to prepare material for our Regional Meeting next June/July, so we could discuss other issues beyond the crisis.

In the case of the uruguayan exports, the 12 months period ended on January 2009 incomparison with the 12 months period ended on January 2007, have fallen to Argentina (18.9%), Brazil (1.9%), Russia (69.6%), Spain (9.9%), Germany (40.2%), Mexico (2.7%).

On the other hand, in the same period, the exports to USA (44.1%) and Venezuela (36.4%), have increased. The next Regional meeting will be held in Santo Domingo, Dominican Republic, as said in June/July. We hope not to encounter any hurricanes in that occasion.

Julio Pilon
Chair, Central and South Amercan Region
ACPA
Montevideo, uruguay
rjpilon@acpa.com.uy

BUYING AND SELLING COMPANIES is the title of the second edition of the book launched in February 2009 and co-authored by Érico Canarim, managing partner of CANARIM Auditores & Consultores, the Member Firm of AGN International in Rio de Janeiro – Brazil.

The work was conceived based on a seminar successfully presented at the Brazilian Institute of Financial Executives – IBEF by Canarim and three other professionals from different fields who specialize in providing advice and support for transactions for acquisition or sale of equity stakes in small-, medium- and large-sized companies.

The subject matter of the book has been divided into four sections that were prepared by Canarim and his three fellow co-authors as follows:

1	Why buy and sell companies José Carlos Pereira (Broker)
2	Economic appraisal of companies Paulo Gurgel Valente (Economic Consultant)
3	Due diligence procedures Érico Luiz Canarim (Independent Auditor)
4	Legal aspects of the transaction João Luiz Coelho da Rocha (Attorney)

The book aims to satisfy the needs of a vast public of investors interested in such matters, including entrepreneurs with little background in accounting, economic and legal matters. For this reason, the sections have been drawn up in simple, non-academic language and with a view to teaching a course on this subject and providing a basic handbook.

The preface and introduction to the work are written by Brazil’s former Economic Minister, Marcílio Marques Moreira, and the former President of the Brazilian Central Bank (BACEN), Francisco Gros. The statements made by these internationally renowned economists at the recent book launch can be summarized as follows:

“This book responds to the urgent interest on the part of business executives preparing to face the advisability or need to reposition themselves in the market through acquisition, merger or sale in a professional, effective and advantageous manner. The four authors combine forces to decipher promising paths to overcome the multi-faceted challenges looming and take advantage of the real opportunities arising in these new times.”

Marcílio Marques Moreira
Brazil’s former Economic Minister

“Just like any activity involving greater complexity in today’s world, buying or selling a company requires specialized know-how regarding how to carry out the process. The work prepared by the four authors is precise and helpful, making it clear what should and should not be done, so as to avoid needless risks.”

Francisco Gros
Former President of the Brazilian Central Bank