Davis Polk & Wardwell is advising China National Offshore Oil Corp. on its $15.1 billion purchase of Canadian oil and gas company Nexen Inc. The Davis Polk team on the deal includes New York partners George Bason Jr. and Leonard Kreynin, Beijing partner Howard Zhang, and Hong Kong partner Kirtee Kapoor. British firm Herbert Smith and Canadian firm Stikeman Elliott are also representing CNOOC. Herbert Smith advised CNOOC on U.K. and European Union aspects of the deal with a team led by London partners James Quinney and Simon Tysoe. Stikeman Elliot partners William Braithwaite and John Ciardullo in Toronto are providing Canadian law advice. Blake Cassels & Graydon is advising Nexen with a team led by Pat Finnerty. Paul, Weiss, Rifkind, Wharton & Garrison Hong Kong partners Jeanette Chan, Andrew Foley, and Edwin Maynard are also advising Nexen. CNOOC will assume an additional $4.3 billion of Nexen’s debt; the deal is subject to regulatory and shareholder approvals. [Read full story]
In the first major acquisition by a Chinese brokerage of a foreign-owned competitor, CITIC Securities Co. Ltd., has agreed to buy CLSA Asia-Pacific Markets from Crédit Agricole for $1.25 billion. CITIC Securities is being advised by Kirkland & Ellis Hong Kong partner Nicholas Norris. Gide Loyrette Nouel is advising Crédit Agricole, and the firm’s team is being led by partner Guillaume Rougier-Brierre in Paris. [Read full story]
Skadden, Arps, Slate, Meagher & Flom is representing Stanley Black & Decker on its $850 million acquisition of Infastech from Asia Trading Holdings Ltd. Connecticut-based Stanley Black & Decker is an engineering tools and infrastructure solutions provider, and Infastech is a Hong Kong-based mechanical fasteners producer. John Adebiyi from Hong Kong led the Skadden team. He was assisted by New York partners Sean Doyle, Edward Gonzalez, Bruce Goldner, Stuart Alperin, and Ian John, and by Brussels partner Frederic Depoortere. Asia Trading Holdings, a joint venture controlled by London private equity firm CVC Capital Partners and Standard Chartered Private Equity Ltd., was advised by Clifford Chance Hong Kong partner Neeraj Budhwani and Andrew Whan in Tokyo. Walkers acted as Cayman Islands counsel to CVC Capital Partners with a team led by Hong Kong partners Arwel Lewis and Ashley Davies.
DLA Piper has advised Shenzhen-based, state-owned real estate company China Merchants Property Development Co. Ltd. on its purchase of a $25.5 million stake in Tonic Industries Holdings Ltd. The acquisition is done through China Merchant’s wholly-owned property investment subsidiary Success Well Investments Ltd. The target is a Hong Kong-based investment holding company with subsidiaries engaged in the manufacturing, processing, and trading of consumer electronic products. Hong Kong partner Jeffrey Mak led the team from DLA Piper. Hong Kong firm Hastings & Co. advised Tonic industries on the sale along with PC Woo & Co. on Chinese law.
Kuala Lumpur-based healthcare services provider IHH Healthcare Bhd. has raised $2 billion in an initial public offering and a secondary listing on the Kuala Lumpur Stock Exchange and the Singapore Exchange, respectively. IHH Healthcare, which is controlled by Malaysia’s state investment company Khazanah Nasional Bhd., operates hospitals and medical centers in Singapore, Malaysia, China, Hong Kong, and India. Malaysian firm Kadir Andri & Partners advised the issuer on local law while Allen & Gledhill advised on Singapore law. Linklaters counseled IHH on U.S. and English law while its Mumbai-based alliance firm Talwar Thakore & Associates provided Indian law advice. King & Wood Mallesons and Istanbul-based Akol Avukatlik Bürosu acted as the issuer’s Chinese and Turkish counsel, respectively. Magic Circle firm Freshfields Bruckhaus Deringer also worked on the transaction, representing Malaysian private equity firm Abraaj Capital and Turkey’s Aydinlar family on the sales of their shares in IHH. The Freshfields team was led by global cohead of capital markets Stephen Revell in Singapore and corporate partner Pervez Akhtar in Dubai. The underwriters were advised by Albar & Partners on Malaysian law, by WongPartnership on Singaporean law, by Allen & Overy on U.S. and English law, and by Jingtian & Gongcheng on Chinese law. [Read full story]
Singapore hospitality trust fund Far East Real Estate Investment Trust is preparing what will be the city’s largest initial public offering of 2012. Far East REIT, owned by Singapore’s biggest privately-owned property developer Far East Organization, is looking to raise $560 million. Singapore’s Allen & Gledhill has confirmed that it is advising the issuer but declined to comment further. According to a Thomson Reuters report, orders for the offering will be taken on August 6, the pricing is slated for August 15, and the fund is set to be listed on August 27.
Allen & Gledhill is also advising on the listing of a trust fund–Ascendas Hospitality Trust–that is owned by Singaporean property developer Ascendas Pte. Ltd. A prospectus filed with the Singapore Exchange on July 9 stated that the company would spin off its 11 hotels in Australia, China, Japan, and South Korea via the listing of its trust, raising $350 million. However, the size of the offering was cut by about 13 percent after the company dropped its South Korean hotel from the portfolio. [Read full story]
Norton Rose has represented PT Wampu Electric Power, a hydroelectric power project in North Sumatra, Indonesia, on securing a $130 million financing loan provided by Export Import Bank of Korea and Sumitomo Mitsui Banking Corp. PT Wampu, Indonesia’s first independent hydro-electric power generator project, is owned by electricity provider Korea Midland Power Co. Ltd., Korean construction company POSCO Engineering Co. Ltd., and Indonesia’s PT Mega Power Mandiri. Norton Rose’s Singapore-based Laurie Pearson led the team advising PT Wampu. The firm’s Indonesian alliance firm Susandarini & Partners advised on local law. The lenders were advised by Milbank, Tweed, Hadley & McCloy, Singapore-based James Murray, and Jakarta-based Ali Budiardjo, Nugroho, Reksodiputro.
King & Wood Mallesons and Sydney-based Freehills have advised on a $1.55 billion notes issue by Westpac Banking Corp on the Australian Securities Exchange. The offer originally sought to raise $513 million but was upsized to more than $1.5 billion after strong demand from investors. Proceeds will be used for general funding purposes. King & Wood Mallesons Sydney partners Greg Hammond, Philip Harvey, David Friedlander, and Richard Snowden advised Westpac. The underwriters–ANZ Securities Ltd., Deutsche Bank AG., JPMorgan Australia Ltd., UBS AG. and Westpac Institutional Bank–were advised by a Freehills team led by partner Philippa Stone in Sydney.
Clayton Utz has advised Nido Petroleum Ltd. on a $30 million loan facility provided by Johannesburg-based Standard Bank Group Ltd. Perth-based Nido Petroleum is an oil and gas exploration and production company whose business activities are focused in the Philippines. The loan facility will help fund Nido Petroleum’s development of the Galoc oil field in the Philippines. Rohan Mishra of Clayton Utz Perth led the team. Adrian Cheng from Herbert Smith’s Singapore office advised Standard Bank.
Davis Polk & Wardwell has advised Sumitomo Mitsui Banking Corp. on a $3 billion bond issue on the Singapore Exchange. The U.S. dollar-denominated bonds were offered in three tranches: $1 billion worth of 1.35 percent notes due in three years, $1.25 billion worth of 1.8 percent notes due in five years, and $750 million worth of 3.2 percent notes due in ten years. Davis Polk Tokyo partner Theodore Paradise led the firm’s team in advising the issuer. Simpson Thacher & Bartlett Tokyo partner Alan Cannon advised the underwriters–Goldman Sachs & Co., Citigroup Global Markets Inc., Barclays Bank Plc., Merrill Lynch, Pierce, Fenner & Smith Inc. and SMBC Nikko Capital Markets Ltd. [Read full story]
Milbank, Tweed, Hadley & McCloy has acted for Tokyo-based telecommunications company Nippon Telegraph and Telephone Corp. on a $750 million notes issue due 2017. The Milbank team was led by New York-based securities partner Robert Mullen, Jr. The underwriters–Merrill Lynch, Pierce, Fenner & Smith Inc., Barclays Capital Inc. and Morgan Stanley & Co.–were advised by a Simpson Thacher & Bartlett team including Tokyo partner Alan Cannon and New York partner Robert Holo.