Deal Watch 5/11/12

Posted on May 11, 2012 at 9:05 PM

       Felda Global IPO

Malaysian palm oil firm Felda Global Ventures Holding is executing what is expected to be the world’s second largest IPO this year next to Facebook. Albar & Partners is acting as their legal adviser on Malaysian law and for the IPO, and Cleary Gottleib is advising the company on U.S. and English law. Azmi & Associates are also advising Felda Global. Adnan Sundra & Low and Linklaters are advising the joint book runners CIMB, Maybank, Morgan Stanley, Deutsche Bank, and JP Morgan.

       GE – China XD Partnership

General Electric Company (GE) and China XD Electric Co (China XD) have entered into a joint venture where GE will invest $535 million to acquire a 15% equity stake in China XD. A Skadden team led by China partner Gregory Miao, NY partner Daniel Dusek, and Shanghai counsel Zhan Zhao is representing China XD. Haiwen & Partners are acting as PRC counsel to China XD led by partners Jiping Zhang and Liping Li. Weil Gotshal & Manges is advising GE with a team led by China practice head Steven Xiang, Shanghai based partner Suat Eng Seah, Beijing counsel Wenfeng Li, and NY partners Howard Catzinoff and Charan Sandhu. 

       Zhong Lun W&D Form an Association with DKLM

Zhong Lun W&D law firm and UK based firm DKLM have entered into a formal association expanding the reach of both firms with 11 offices in China, and offices in Hong Kong, London, Riyadh, Lyon, Paris, Berlin, Hamburg, and several cities in the US. There will be over 400 lawyers and support staff within this association.

       ARA Asset Management Acquisition

ARA Asset Management (Fortune) Ltd., manager of Fortune Real Estate Investment Trust, secured approval from stakeholders of Fortune REIT to acquired Hong Kong properties Belvedere Garden Property and Provident Centre Property for approximately HK$1.9 billion (US$244.8 million). Allen & Gledhill acted as Singapore law counsel to ARA Asset Management with a team led by Jerry Koh and Chua Bor Jern. Led by partner Nicholas Chong, Rodyk acted for HSBC Institutional Trust Services (Singapore) as the trustee of Fortune REIT and the purchaser.

        Baker & McKenzie Represents Bangkok Airways Litigation 

Baker McKenzie represented Bangkok Airways for their litigation before Thailand’s Central Tax Court regarding a THB117 million (US$3.76 million) house and land tax assessment imposed on its property fund by the Koh Samui Municipality. The tax assessment was fully dismissed by the Court and the Municipality was ordered to return the contested tax payments along with statutory interest to Bangkok Airways. Baker & McKenzie partners Peerapan Tungsuwan and Chinawat Assavapokee led the deal.

       TPG Rave Holdings Investment 

TPG Rave Holdings LP invested in HKSE-listed China Ruifeng Galaxy Renewable Energy Holdings Ltd. TPG Rave Holdings and Diamond Era Holdings Ltd., a substantial shareholder of China Ruifeng, agreed to subscribe for 8% convertible bonds due 2017 and warrants issued by China Ruifeng. TP Rave Holdings subscribed for US$60 million of bonds and US$15 million worth of warrants. The revenue from this transaction will help increase China Ruifeng’s indirect holding in Hongsong Wind Power Co Ltd to approximately 51%. Davis Polk advised TPG Rave Holdings with a team including partners Paul Chow and Mark J Lehmkuhler.

       Fried Frank Advises on H Share Placements

Fried Frank has advised Merrill Lynch Far East Ltd and Morgan Stanley & Co International PLC on their involvement as placing agents for the secondary placements of H shares in Bank of China Ltd and China Construction Bank Corporation by Temasek valued at US$2.48 billion. These H shares are listed on the HKSE. Fried Frank partners Joshua Wechsler, Joshua Coleman, and Carolyn Sng led this deal.

        Hogan Lovells Advises on QInvest Acquisition

Qatar’s largest investment bank, QInvest, acquired by way of a joint venture a 60% stake in the investment banking, asset management and brokerage business of EFG Hermes. This deal is one of the largest M&A deals this year in the Middle East. QInvest will enter this joint venture investment by way of a US$250 million capital injection. Hogan Lovells advised QInvest with a team led by partner Nick Parden.

        China Merchants Finance Ltd. Issuance

China Merchants Finance Ltd. issued US$500 million 5% notes due 2022 guaranteed by China Merchants Holdings (International) Company Ltd and listed on the HKSE. Maples and Calder acted as BVI counsel to China Merchants Finance Ltd in which Jenny Nip led the transaction. Merrill Lynch acted as the sole global coordinator while Deutsche Bank, Merrill Lynch, Standard Chartered, Bank of China (Hong Kong) ltd, ING, and Mitsubishi UFJ Securities acted as joint book-runners and joint lead managers. Linklaters partner William Liu acted as Hong Kong counsel to the issuer ad guarantor. Clifford Chance acted as Hong Kong counsel to the joint book-runners and joint lead managers with a team led by partner Matt Fairclough.

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