Sullivan & Cromwell Tokyo partner Izumi Akai is advising smartphone and tablet screen maker Japan Display Inc. on an upcoming $3.8 billion initial public offering on the Tokyo Stock Exchange. Japan Display plans to sell 140 million new shares at a range of between $8.84 and $10.80 apiece. Investors will also sell another 213.9 million existing shares within the same price range. The money raised will be used for capital investment. A final price for the IPO will be announced on March 10, with the offering to take place on March 19. Mori Hamada & Matsumoto partners Toru Ishiguro and Katsumasa Suzuki are advising the issuer on Japanese law. Simpson Thacher & Bartlett is representing underwriters Nomura Holdings Inc., Morgan Stanley and Goldman Sachs Group Inc., with Anderson Mori & Tomotsune acting as Japanese counsel. [Read full story]
Clifford Chance Beijing partner Terence Foo and Amsterdam partner David Griston have advised Chinese state-owned food giant COFCO Corp. on its acquisition of a controlling stake in Dutch grain trader Nidera. Under the agreement, COFCO will acquire 51 percent of Rotterdam-based Nidera. The financial details of the transaction were not disclosed, but media reports citing sources familiar with the deal have said it values Nidera at $4 billion. The deal is widely seen as part of an effort by the Chinese government to secure new supplies of food for the world’s largest population. Nidera trades grains, oilseeds, vegetable oils and bioenergy products from the Americas, Eastern and Central Europe and Australia. Dutch firm NautaDutilh Amsterdam partners Lieke van der Velden and Hein Hooghoudt advised Nidera. [Read full story]
Linklaters Hong Kong partner William Liu has advised Horsepower Finance Ltd. on a $650 million three-year notes offer on the Hong Kong Stock Exchange, part of a $1.2 billion medium-term program. Lebanon, Ohio–based Horsepower Finance provides financing solutions to buyers of Harley-Davidson motorcycle. Maples and Calder Hong Kong partner Jenny Nip and Karen Zhang acted as British Virgin Islands counsel to the issuer. Clifford Chance advised joint managers ICBC International Capital Ltd., ICBC International Securities Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Industrial and Commercial Bank of China Ltd. Singapore Branch, UBS A.G. Hong Kong Branch, Goldman Sachs (Asia), Citigroup Global Markets Ltd., Hongkong and Shanghai Banking Corp Ltd. and Société Générale S.A.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao is advising Sina Weibo, China’s largest microblogging service, on a planned $500 million U.S. initial public offering. The company reported 61.4 million daily active users at the end of December, accounting for over half of all microblog users in China. Last April, Hangzhou-based e-commerce giant Alibaba Group invested $586 million in Sina Weibo, taking an 18 percent stake with an option to buy up to 30 percent in the future. Shearman & Sterling Shanghai and Palo Alto partner Alan Seem is representing underwriters Credit Suisse Group A.G. and Goldman Sachs Group Inc. [Read full story]
Baker Botts Beijing partner Jeff Layman has advised Houston-based chemical company Kraton Performance Polymers Inc. on a $700 million acquisition of Taipei-based LCY Chemical Corp.’s operations producing styrenic block copolymers, which can be used as motor oils additives, construction materials and in personal hygiene products. Kraton will issue 32 million new shares to LCY as payment. The transaction is expected to close in the fourth quarter of this year. Zhong Lun Law Firm Beijing partner Xu Changrong acted for Kraton as Chinese counsel. Skadden, Arps, Slate, Meagher & Flom advised LCY.
Linklaters Hong Kong partner Jeremy Webb has advised a subsidiary of developer Sun Hung Kai Properties Ltd. on a $400 million 10-year notes offering. The offering is part of a $7 billion debt program Sun Hung Kai launched last November. The builder of the International Commerce Centre, Hong Kong’s tallest building, Sun Hung Kai is involved in residential and commercial projects in both Hong Kong and mainland Shanghai and Beijing, amongst others. Maples and Calder Hong Kong partner Stacey Overholt acted for Sun Hung Kai as Cayman Islands counsel. Allen & Overy advised underwriter Hongkong and Shanghai Banking Corp.
Paul Hastings Hong Kong partner Vivian Lam has advised Gemdale (Asia) Investment Ltd., a subsidiary of Shanghai-based real estate developer Gemdale Corp. on a $171.4 million three-year renminbi-denominated bonds issue. In a statement, the company said the purpose of the issue was to optimize its debt structure. Commerce & Finance Law Offices acted for the issuer as Chinese counsel. Linklaters represented underwriters Standard Chartered Bank (Hong Kong) Ltd., CICC HK Securities, Credit Suisse, DBS Bank Ltd., Deutsche Bank, Hongkong and Shanghai Banking Corp. and Industrial and Commercial Bank of China (Asia) Ltd.
Locke Lord Hong Kong partner Michael Fung has advised Chinese pork processor Huisheng International Holdings Ltd. on a $31.7 million initial public offering in Hong Kong. In a prospectus, the company said the proceeds will be used to buy freezer storage facilities as well as to develop two breeding farms. Jingtian & Gongcheng advised the issuer on Chinese law. Deacons Hong Kong partner Sabrina Fung advised sponsor Cinda International Capital Ltd. and bookrunner Cinda International Securities Ltd. Zhong Lun Law Firm Beijing partner Meng Conghui acted for the banks as Chinese counsel.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partners Christopher Betts and Edward Lam and Tokyo partner Nobuhisa Ishizuka have advised Japanese clothing retailer Fast Retailing Co. Ltd. on a secondary listing of Hong Kong depositary receipts on the Hong Kong Stock Exchange. The operator of clothing retail chain Uniqlo, previously listed only in Tokyo, did not issue any new shares in Hong Kong. Investors can now trade the company’s depository receipts in Hong Kong dollars rather than the yen-denominated stock. The Hong Kong listing is seen as a demonstration of Fast Retailing’s commitment to the Greater China region as the Uniqlo brand gains popularity. Freshfields Bruckhaus Deringer Hong Kong partners Teresa Ko, Grace Huang and Ken Martin and Tokyo partners Junzaburo Kiuchi and Edward Cole advised sponsor Morgan Stanley Asia Ltd. Paul Hastings Hong Kong partner Catherine Tsang and New York partner Scott Saks advised depositary JPMorgan Chase Bank N.A.
Clifford Chance Hong Kong partner Simon Cooke and Seoul partner Hyun Suk Kim are advising Carlyle Group on a $1.93 billion buyout of security company ADT Korea from Tyco International Ltd. ADT Korea provides security services such as video surveillance and access control to roughly 475,000 commercial and residential customers in South Korea. The deal is expected to close in the second quarter, pending regulatory approval. Lee & Ko Seoul partners Sang Gon Kim, Ho Joon Moon and Jang Hyuk Yeo are acting for Carlyle as Korean counsel. Simpson Thacher & Bartlett New York partner Alan Klein and Hong Kong partner Jin Park are advising Tyco with Kim & Chang as Korean counsel. [Read full story]
Indian law firm Trilegal is advising a consortium of investors led by Abu Dhabi National Energy Co. and also including the Canadian Public Sector Pension Investment Board and a fund managed by India’s Infrastructure Development Finance Co. Ltd. (IFDC) on its proposed $1.6 billion purchase of two hydropower plants in India from Jaiprakash Power Ventures Ltd., a Jaypee Group subsidiary. The consortium will invest $616 million into the plants, as well as acquire about $1 billion in project debt. The deal, subject to regulatory approval, is expected to close this year. Trilegal Delhi partners Yogesh Singh and Saurabh Bhasin are acting for the consortium. Vaish & Associates Mumbai partner Bomi Daruwala is representing Jaiprakash Power Ventures. Allen & Overy Abu Dhabi partner Khalid Garousha advised Abu Dhabi National Energy on the consortium shareholder agreement. Slaughter and May advised Canadian Public Sector Pension Investment, with AZB & Partners Mumbai partner Ashwin Ramanathan acting as Indian counsel. Amarchand & Mangaldas & Suresh A. Shroff & Co. partners Ashwath Rau and Jaya Singhania advised the IFDC fund. [Read full story]
Allens Sydney partner Jeremy Low has advised Beijing Capital Group on an $800 million acquisition of Australian waste management company Transpacific Industries Group Ltd.’s New Zealand business. State-owned Beijing Capital operates infrastructure facilities including water treatment and waste management. The deal, subject to regulatory approval in both China and New Zealand, is expected to close by the end of June this year. Russell McVeagh Wellington partner Mei Fern Johnson advised Beijing Capital on New Zealand law with Jun He Law Offices acting as Chinese counsel. Ashurst Sydney partner Phil Breden advised Transpacific Industries. Chapman Tripp Auckland partner John Strowger and Guantao Law Firm acted as New Zealand and Chinese counsel to the vendor, respectively.
Minter Ellison Sydney partner Nathan Cahill has advised Australian buyout firm Quadrant Private Equity on the closure of a $767 million fund slightly more than a month after launching the capital raising. The fund will aim to invest between $63 million and $135 million in companies with an enterprise value ranging from $90 million to $450 million.
Ashurst Perth partners Antonella Pacitti, Roger Davies and Gaelan Cooney have advised offshore oil and gas marine services provider Mermaid Marine Australia Ltd. on the $496 million acquisition of all of the subsidiaries of Jaya Holdings Ltd., a Singapore-based offshore energy services provider. The deal was funded by a combination of a $123.6 million stock offering and a $227 million loan facility. Mermaid Marine said the deal will allow it to expand its operations in Southeast Asia and the Middle East. Allen & Gledhill Singapore partners Lim Mei and Sharon Wee acted for Mermaid Marine as Singapore counsel. Drew & Napier Singapore directors Farhana Siddiqui and Lam Shiao Ning advised Jaya Holdings. Gilbert + Tobin Sydney partners Peter Cook and Rachael Bassil advised Morgan Stanley Australia Securities Ltd. as underwriter of the equity raising. Sidley Austin Sydney partner Robert Meyers advised Mermaid Marine on the loan facility as U.S. counsel. Allens Perth partner Ben Farnsworth advised Australia and New Zealand Banking Group and National Australia Bank as lenders on the deal.
Perth-based firm Steinepreis Paganin partner Peter Wall has advised Australian gold producer Saracen Mineral Holdings Ltd. on a $55 million equity offering. According to regulatory filings, the proceeds will be mainly used to buy and develop Thunderbox gold mine in Western Australia. Clayton Utz Perth partner Mark Paganin advised bookrunners Macquarie Capital (Australia) Ltd. and Evans and Partners Pty. Ltd.
Allen & Gledhill is advising Glencore Xstrata plc.’s Singaporean subsidiary Singfuel Investment Pte. Ltd. on a delisting proposal of Chemoil Energy Ltd., one of the world’s largest marine fuel products suppliers, from the Singapore Stock Exchange. Singfuel offered to pay $517 million for the remaining 10.96 percent stakes in Chemoil it doesn’t already own. Media reports cite low trading liquidity of the shares as reason for delisting. The offer is subject to shareholder approval and regulatory review by the Singapore Stock Exchange. WongPartnership Singapore partners Andrew Ang and Dawn Law are advising Chemoil.
Latham & Watkins Hong Kong partners Bryant Edwards and Eugene Lee have advised Melco Crown Entertainment Ltd’s Philippine subsidiary on a $330 million senior notes issue. MCE Leisure (Philippines) Corp., a casino operator, will use the proceeds to refinance debt and for general corporate purposes. Milbank, Tweed, Hadley & McCloy Hong Kong partner James Grandolfo advised underwriters Australia and New Zealand Banking Group Ltd. and Deutsche Bank A.G. Manila Branch.