International News > Sullivan's London Arm Takes Lead Role on $2 Billion Rio Tinto Sell-Off
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Australia / Global Lawyer / United Kingdom
Sullivan's London Arm Takes Lead Role on $2 Billion Rio Tinto Sell-Off
August 19, 2009
Sullivan & Cromwell's London office has sealed its second deal for Rio Tinto in little more than a month, advising on the $2 billion disposal of four packaging business units of its subsidiary Alcan.
The mining giant is offloading Alcan's tobacco and drugs packaging units as well as its European and Asian food packaging arms to Australian group Amcor.
The deal comes after Sullivan advised on last month's $1.2 billion sale of Alcan's Food Americas division to packaging company Bemis.
Sullivan fielded the same team on both deals, with London M&A partners Tim Emmerson and Nikolaos Andronikos leading, with assistance from U.S. partner Steve Holley, who advised on antitrust issues.
Sullivan enlisted about 10 other firms for specialist advice across Europe. Freshfields Bruckhaus Deringer advised Rio on antitrust issues, with London partner Andrew Renshaw leading, while Italian firm Gianni Origoni Grippo & Partners, Salans' Russian arm and France's Flichy Grangé were also involved.
SJ Berwin took the lead for Amcor with corporate finance partner Richard Lever leading the team. He worked alongside Canadian firm Davis Ward Phillips & Vineberg and New York corporate partner Steve Levin.
The four business units are understood to hold 15,000 employees, 200 properties, 50 factories and 90 companies across the U.K., Europe, Russia and Asia.
Rio bought aluminum group Alcan in 2007 for $34 billion but agreed to sell off some of its assets to pay off debt. The Bemis deal saw Baker & McKenzie act for the acquirer.
For more news, commentary and analysis on the international legal market, visit LegalWeek.com.
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