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Technology Stocks : Commerce One Inc - (CMRC) -- Ignore unavailable to you. Want to Upgrade?

To: Dick W who wrote (556)	1/5/2000 8:30:00 PM
From: Mohan Marette	Respond to of 1938

News after the close - Banacci/CMRC to form JV for B2B in LatAm. Wednesday January 5, 5:42 pm Eastern Time Banacci and Commerce One Sign Agreement to Form Joint Venture for Business-to-Business e-Commerce MEXICO CITY and WALNUT CREEK, Calif.--(BUSINESS WIRE)--Jan. 5, 2000-- New Company Will Establish First B2B Electronic Marketplace in Latin America Grupo Financiero Banamex-Accival (``Banacci'), Mexico's main financial group, and Commerce One (Nasdaq:CMRC - news), the leading provider of global business-to-business (``B2B') e-commerce solutions, today announced that they have signed a definitive agreement to form a joint venture that will offer a B2B electronic marketplace for Latin America. Through direct efforts as well as partnerships, the new company will link buyers and sellers throughout Latin America including Mexico and the rest of the world. Banacci and Commerce One formally announced their plans on December 14, 1999. The new company will operate a commerce portal in Mexico based on the Commerce One MarketSite portal solution to provide B2B e-commerce capabilities to a broad customer base including the corporate customers of Banco Nacional de Mexico (``Banamex,' Banacci's commercial banking subsidiary). Additional portals in other Latin American countries, beginning with Argentina, Brazil, and Chile, will be created through strategic partnerships with regional market makers. The new company and its regional partners intend to actively market and sell the Commerce One Solution in their respective markets. The new company will also take a seat on the Commerce One Global Trading Web Advisory Council. Under the agreement, Banacci will license the Commerce One Solution for the development of a B2B e-commerce platform based in Mexico and Latin America, and Commerce One will provide technical, marketing and deployment expertise to accelerate the launch of the Banacci services. As part of the equity partnership between the companies, Commerce One will grant Banacci an option to purchase up to 4.5 million post-split Commerce One shares of Common Stock at $116.15 per share, in exchange for the right to receive shares in the new company. The exchange of these options is contingent upon certain events, including a U.S. Exchange or Nasdaq listed IPO by the new company. Banacci leads the Mexican financial sector in the Internet banking business. The Bank's portal (www.banamex.com) offers a wide array of financial products and services, that range from retail and investment banking to insurance and telecommunication services. In addition, through Avantel, the joint venture with MCI Worldcom, it also holds a leading position in the Mexican ISP and data transmission markets. As the first bank to tap the B2B e-commerce market, Banamex leverages its close ties with a wide collection of Mexican companies in order to develop an electronic marketplace. The interaction between Banamex's e-banking and e-commerce activities will give rise to important synergies. Commerce One is delivering a Global Trading Web for B2B e-commerce, allowing trading partners around the world to do business through vertical and regional portals running on the Commerce One MarketSite portal solution. Commerce One operates its flagship portal, Commerce One MarketSite, in North America. Current regional MarketSite operating partners include British Telecommunications (BT) in the United Kingdom, NTT Communications in Japan, Cable & Wireless Optus in Australia; SESAMi.com in Southeast Asia; and TD Bank in Canada. Recently, Commerce One entered into a non-binding memorandum of understanding with General Motors Corp. to launch GM TradeXchange, a MarketSite portal for the automotive industry.... biz.yahoo.com