Deal Watch 6/22/12

Posted on June 22, 2012 at 4:06 PM


       Hong Kong Exchange Clearing Market Offers $2.2 Billion for London Metal Exchange

The Hong Kong Exchange & Clearings Market (HKEx) have recently proposed a cash offer of $2.2 billion to buy the London Metal Exchange (LME). Allen & Overy London and Hong Kong based representatives assisted HKEx on this deal. Corporate partner Alistair Asher and counsel Ben Koehne from London, and corporate partners Bernadine Lam and Gary McLean from Hong Kong advised on this deal.  Partners Damian Carolan and Alan Ewins provided regulatory advice, while Ian Powell and David Oppenheimer dealt with financial matters.

Freshfields, led by a predominantly London-based team advised LME.  Advising on the deal were corporate partners Sundeep Kapila and Michael Raffan, pension and benefits partner Simon Evans, tax partner Colin Hargreaves, and finance partner Ian Frost.  Royce Miller, the head of Asian financial services at Freshfields, assisted LME on Hong Kong regulatory matters.

       Davis Polk Advises Novast on Pharmaceutical Partnership

Davis Polk, advised China pharmaceutical company Novast Holdings on a strategic partnership with U.S. based peer Eli Lilly and Company.  As part of the agreement, Eli Lilly plans to expand its pharmaceutical portfolio in China by creating a new line of generic medicines, while pushing $20 million in equity into Novast.  In return Novast will set up a platform to increase Eli Lilly’s manufacturing capacity at their Nantong site to support the growth and expansion of these new, generic medicines.  In addition, Novast has granted Eli Lilly the appropriate license to commercialize certain products in the China, Hong Kong, and Macau. Davis Polk partners James Lin and Kirtee Kapoor led the deal.

       Sidley Austin Acts as Financial Advisor in Petron Corp. Deal

Sidley Austin advised the Philippines’ largest oil refining and marketing company, Petron Corporation, with the financing of its $577.3 million acquisition of Exxon Mobil’s downstream oil business in Malaysia.  The agreement includes a two-year acquisition bridge loan with Petron Oil & Gas International Sdn. Bhd., a Petron subsidiary, as borrower, which was used primarily to finance the acquisition. It also included five-year working capital facilities.  Partner Alex Lloyd, with the support of counsel Robert Mason and associates Benjamin Carale and Olivia Ngan, led the Sidley team.

       Four Firms Advise on China Ex-Im Bank Dim Sum Bond

The China Ex-Im Bank in Hong Kong issued two billion Yuan-denominated bonds, roughly $318 million U.S. dollars. China Ex-Im Bank issued these notes to satisfy the respective demand for bonds.  The transaction involved four firms, including Herbert Smith, Jun He Law, Linklaters, and King & Wood Mallesons. Tom Chau and Kevin Roy led the Herbert Smith team, while Linklaters and King & Wood served as underwriters for the transaction.

       Paul Hastings Advises Mapletree

Paul Hastings advised real estate developer Mapletree Investments Pte. Ltd. on the creation of a program to generate $3 billion medium-term notes in Europe to be traded on the Singapore Exchange. Mapletree is a Singapore based real estate firm. Paul Hastings HK partner Vivian Lam advised Mapletree with Allen & Gledhill’s Glenn Foo acting as counsel.

        Paul Hastings Advises $600 million Loan

Paul Hastings has advised Sino-Ocean Land Holdings Ltd. on securing a three-year loan of approximately $600 million dollars. The Bank of China as well as 9 other smaller Asian-banks will facilitate the funds for the loan. Vivian Lam led the transaction for Sino-Ocean, while the banks were advised by a Baker & Mckenzie team led by Sally Hung.

       Sidley Austin Advises Snack Deal

Sidley Austin advised China’s largest snack and beverage-company, Tingyi Holding Corp. on its newest stock offering. Tingyi plans to issue $500 million five-year notes on the Singapore Exchange. Matthew Sheridan and Constance Choy from Sidley’s HK office oversaw the deal.

       Arla Foods Purchases Stake in China Mengniu Dairy

Clifford Chance advised Danish goods company Arla Foods on its purchase of China Mengniu Dairy. Arla acquired a 6% stake of China Mengniu worth $290 million. The Clifford Chance team advising on the deal was led by Stephen Harder and Kelly Gregory out of their Shanghai office, and Amy Ho in Hong Kong.

       Allen & Overy Advises Bank of Ceylon Issuance

Allen & Overy advise Sri Lanka’s Bank of Ceylon on its issuance of $500 million in five-year senior notes. Partners David Johnson and Jack Heinberg lead the transaction. Underwriters Citigroup Global, Hong Kong and Shanghai Banking Corp, and Merrill Lynch were advised by Davis Polk & Wardwell partners Eugene Gregor and John Paton.

 


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