The Argentinians had an unblemished record in the final, winning their two previous appearances, over Palmeiras in 1968 and Nacional in 1969. Peñarol, meanwhile, won the first two titles in 1960 and 1961, then finished as runners-up in 1962 and 1965 before winning it a third time in 1966.
They met for the first leg at Estadio de la Plata, where only an 87th-minute goal from Estudiantes center back/defensive midfielder Néstor Togneri separated the two teams. But it was enough to give Estudiantes two points, which meant they just needed a draw in the second leg to lift the trophy. And a draw is what they got, as the teams played to a scoreless finish at Peñarol's Estadio Centenario.
It was the first time any team had won three straight tournaments. Estudiantes had an opportunity to get a fourth consecutive title when they returned to the final in 1971, but they lost to Nacional, then Independiente went on to surpass Estudiantes' record by winning four straight from 1972 to 1975.