After two 0-0 draws, it took spot kicks to separate the sides, with Newell’s eventually winning 10-9.
Olimpia are also into the last four after controversially beating Brazilian champions Fluminense.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.