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Baker Botts Advises Rosneft on $15 Billion Chinese Loan-for-Oil Deal
The American Lawyer
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It hasn't exactly been a state secret the past few years that China is hungry for oil. Last week, Vinson & Elkins and three Canadian firms advised state-owned Chinese oil company Sinopec Group on its $7.2 billion oil field acquisition. It's the largest cross-border M&A deal ever by a Chinese company. Earlier this year Russian oil giant Rosneft secured $15 billion in loans under an agreement with the Chinese government. The deal was approved by Rosneft's shareholders on Monday.
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Canada / China
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Vinson, Three Canadian Firms Advise on $7.2 Billion Oil Deal
The American Lawyer
- Vinson & Elkins and the Canadian firm Stikeman Elliott advised the state-owned Chinese oil company Sinopec Group in its $7.2 billion acquisition of Addax Petroleum Corp., a Switzerland-based oil and gas exploration company that is listed on exchanges in London and Toronto. It's a landmark deal -- and one fraught with complexities -- according to Bloomberg and The Wall Street Journal. It is the largest-ever overseas acquisition by a Chinese company.
Cambodia / International Courts
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Canadian Khmer Rouge Prosecutor Submits Resignation
The Associated Press
- The international prosecutor for the genocide tribunal trying Cambodia's Khmer Rouge announced Tuesday that he is resigning, citing family reasons. Robert Petit of Canada said in a statement that his resignation will become effective September 1, three years after he joined the U.N.-backed tribunal, which is currently holding its first trial. It is not clear how Petit's resignation will affect the tribunal's work, but the process of finding his replacement has already begun.
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Australia / China / Singapore / United Kingdom
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Norton Rose Acquiring Australia's Deacons
The American Lawyer
- U.K. law firm Norton Rose has agreed to acquire Australia's Deacons, expanding its presence in the Asia-Pacific region by more than 500 lawyers. Approved by votes at both partnerships on Monday, the tie-up will be the largest to date in the region. "We are making a deliberate play to become one of the leaders in the Asia-Pacific region," Norton Rose chief executive Peter Martyr says. "We think there's a limited window for that."
Global Lawyer / India
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Still No Passage to India for Foreign Law Firms
The American Lawyer
- After India's voters gave a strong mandate to Prime Minister Manmohan Singh and his moderate Congress party last month, the country's stock market bounced on the expectation that Singh would liberalize the nation's economy. Somewhere on the list of things to loosen, some lawyers hoped, might be India's long-standing ban on foreign law firms -- a ban backed by key trade groups of Indian lawyers. But according to experts quoted in a recent Bloomberg article, that might not be the case.
China / Finland
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Hannes Snellman Becomes First to Quit 'Fiercely Competitive' China
Legal Week
- Leading Finnish law firm Hannes Snellman is in the process of closing its Beijing and Shanghai offices, making it the first foreign firm to pull out of China in the wake of the global economic slowdown. Tomas Holmberg, a Helsinki partner heavily involved with Hannes Snellman's China practice, said the weakening economy had led the 250-lawyer law firm to narrow its international strategy and focus more on the Scandinavia and Russia markets.
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