ECUADOR Law and Practice Contributed by: María Celeste Alvarado, Jorge Sicouret Zea, Ángel Gaibor and Octavio Rosselli, Coronel & Pérez
11. Activism 11.1 Shareholder Activism
tion in connection with its denial of M&A transactions based on competition concerns. 10.2 Stage of Deal Most disputes related to M&A and share purchase transactions are handled through confidential arbitra - tion. Therefore, it is not possible to define the stage in which litigation is most commonly brought. 10.3 “Broken-Deal” Disputes Since most disputes related to M&A and share pur - chase transactions are handled through confidential arbitration, it is not possible to identify any lessons learned from disputes between parties with pending transactions.
Shareholder activism is not common, as the great majority of companies are not listed and, in most cases, are owned by close-knit economic groups. In Ecuador, activism is primarily focused on environmen - tal and social matters in strategic sectors, rather than in M&A transactions. 11.2 Aims of Activists There have been no cases of activists seeking to encourage companies to enter M&A transactions, spin-offs or major divestitures in Ecuador. 11.3 Interference With Completion There have been no cases of activists seeking to inter - fere with the completion of announced transactions in Ecuador.
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