Deal Watch - 11/03/09

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Posted on November 3, 2009 at 9:11 PM


Baker & McKenzie has represented major Chinese investment group Guangdong Rising Asset Management Co Ltd with its acquisition of a 19.9 percent interest in PanAust Limited, valued at A$215 million.  Lawyers from the Melbourne, Bangkok, Hong Kong, and Beijing offices helped to advise, with partners John Mollard, Lewis Apostolou and Richard Lustig heading the team.

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Orrick, Herrington & Sutcliffe LLP has acted for Digital Media Group in regards to its US$160 million sale to VisionChina Media, a major Chinese out-of-home digital television advertising network.  The deal will form the largest and most comprehensive mobile television advertising network in China.  The firm’s team was made up of lawyers from Chinese and US office and was led by Silicon Valley partner David Lee along with Shanghai Partner Elizabeth Cole.

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Sidley Austin had advised Chinese property developer Powerlong Real Estate Holdings Limited with its IPO listed on the Hong Kong Stock Exchange raising about HK$2.75 billion.  The main advisers were Hong Kong-based partners Timothy Li and Constance Choy.

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Skadden, Arps, Slate, Meagher & Flom has assisted Wynn Macau, the Macau branch of Wynn Resorts, as Hong Kong and US counsel in regards to its IPO and Hong Kong listing worth US$1.87 billion.  This is the first time that a US controlled company has been listed on the Main Board of the Hong Kong Stock Exchange.  The firm’s team was led by Hong Kong partners Alan Schiffman, Dominic Tsun and Alec Tracy and US partners Hal Hicks and Casey Fleck. -

Winston & Strawn advised Roth Capital Partners LLC as placement agent with the registered direct offering of common stock valued at US$12.9 million by China Ritar Power Corp.  Hong Kong partner and chairman of the firm’s Asia practice group Simon Luk and New York partner Eric Cohen were involved.

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Winston & Strawn also acted for Winner Medical Group Inc, a leading manufacturer and exporter in the medical dressing industry in China, in relation to its move of registration of securities from OTCBB to the NYSE Amex.  Partner Simon Luk was involved in this deal.

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Clifford Chance and Stamford Law Corporation have represented ING Groep NV with the sale of its private banking business in Asia to Oversea-Chinese Banking Corporation Limited, Singapore’s oldest and third largest local bank.  The purchase valued at US$1.463 billion has been said to be the largest private bank sale in the entire region in recent years.  Drew & Napier LLC led by Director Sandy Foo were the main advisers to OSBC, while Directors Lee Suet-Fern and Lean Min-tze headed the Stamford Law Corporation team and Hong Kong-based partner Simon Cooke led the Clifford Chance team.

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Latham & Watkins has acted for Chinese manufacturer of solar application products Canadian Solar Inc in regards to its follow-on offering of 6 million common shares, which raised over US$108.6 million.  Morgan Stanley, Deutsche Bank Securities Inc, and Piper Jaffray & Co were the joint bookrunners for the offering, and Wells Fargo Securities acted as the co-manager.  Hong Kong-based partners David Zhang and Allen Wang were involved.

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Shearman & Sterling LLP has assisted joint bookrunners Deutsche Bank Securities Inc and Morgan Stanley & Co Incorporated in regards to the US$500 million bond offering guaranteed by Sterlite Industries (India) Limited, India’s largest non-ferrous metals and mining company.  The bond offering had the highest conversion premium on an Asian convertible bond this year at 37.5 percent.  Hong Kong capital markets partner Matthew Bersani was the main adviser.

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Skadden, Arps, Slate, Meagher & Flom’s Indian corporate finance team was also international counsel on two equity markets’ transactions for Indian issuers.  The team was led by partners Jonathon Stone and Rajeev Duggal. •    The firm assisted UBS in relation to 3i Infotech’s US$66 million private placement of equity shares.  AZB & Partners was the domestic counsel to UBS. •    The firm also represented the joint lead bookrunners—Goldman Sachs, JP Morgan, UBS, Credit Suisse, ICICI Securities, and IDFC-SSKI Securities—with Indian infrastructure development company Lanco Infratech’s US$150 million private placement of equity shares.


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