White & Case Hong Kong partner John Tivey and Dentons Beijing partner Sarah Zeng are advising a consortium led by MMG Ltd., a Melbourne-based, Hong Kong–listed subsidiary of state-owned China Minmetals Corp. on a proposed $5.85 billion acquisition of a Peru copper project from GlencoreXstrata. MMG owns a 62.5 percent share in the venture, which is expected to produce 400,000 metric tons of copper a year once mining begins in 2015. The White & Case team also includes Hong Kong partners Julian Chung and Anthony Vasey, Beijing partner Xiaoming Li, São Paulo partner Fernando de la Hoz and London partner Rebecca Campbell. MMG general counsel Nick Myers, deputy general counsel Allison Purdey and group counsel Leigh Mollison are also working on the deal. Baker & McKenzie Beijing partner Bee Chun Boo is representing CITIC Metal in the consortium. Linklaters London partners Charles Jacobs, David Avery-Gee and Christian Ahlborn, along with Hong Kong partner Robert Cleaver, are acting for GlencoreXstrata. [Read full story]
Skadden, Arps, Slate, Meagher & Flom Beijing partner Peter Huang and Hong Kong partner Edward Lam have advised Chinese state-owned oil giant Sinopec Group on a $5 billion bond issue. The company, through a subsidiary, is selling five tranches of dollar-denominated bonds: $1.25 billion in three-year notes, $750 million in five-year notes, $1 billion in ten-year notes, $1.5 billion in three-year notes and $500 million in five-year notes. Haiwen & Partners served as the issuer’s Chinese counsel, while Conyers Dill & Pearman advised on British Virgin Islands law. Davis Polk & Wardwell Hong Kong partner Eugene Gregor and London partner John Paton advised underwriters Citigroup Global Markets Inc., Hongkong and Shanghai Banking Corp. Ltd., Goldman Sachs (Asia), CCB International Capital Ltd. and J.P. Morgan Securities Plc. [Read full story]
Simpson Thacher & Bartlett London partner Derek Baird and Hong Kong partner Shaolin Luo are advising China’s Nanjing Xinjiekou Department Store Co. Ltd., or Nanjing Cenbest, on an $804 million deal to acquire 89 percent of British department store chain House of Fraser. Nanjing Cenbest, a subsidiary of conglomerate Sanpower Group, says it plans to open 50 House of Fraser stories in mainland China. The British company currently has 59 stores in the U.K., Ireland and Abu Dhabi. The transaction, subject to regulatory approvals in China, is expected to close within four months. Clyde & Co Beijing partner Lynia Lau is advising Cenbest on employment law and certain regulatory aspects of the transaction. Linklaters London partner Simon Branigan is acting for House of Fraser. King & Wood Mallesons SJ Berwin London partner Andrew Wingfield is representing Bank of Scotland, a major shareholder in House of Fraser. [Read full story]
Herbert Smith Freehills Hong Kong partner Jason Sung has advised Hong Kong–listed solar farm operator Shunfeng Photovoltaic International Ltd. on its $482 million acquisition of bankrupt Chinese solar panel maker Wuxi Suntech Power Co. Ltd. Previously listed on the New York Stock Exchange, Suntech was once the world’s biggest solar panel maker, but a global oversupply caused prices to drop and led the company to file for bankruptcy. With the acquisition Shunfeng aims to quadruple its capacity to 10 gigawatts in 2016. The Herbert Smith Freehills team also includes Singapore partner Veronica O’Shea, Tokyo partner Graeme Preston, Seoul partner Lewis McDonald and Sydney partner Tony Damian. King & Wood Mallesons advised Suntech’s bankruptcy administrator.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao is advising Chinese online cosmetic retailer Jumei International Holdings Ltd. on a $400 million U.S. initial public offering. The Beijing-based company said in a prospectus that proceeds from the listing will be used to open physical stores, expand its logistics network and strengthen its information technology systems. Fangda Partners is advising the issuer on Chinese law. Simpson Thacher & Bartlett Hong Kong partner Leiming Chen is representing underwriters Goldman Sachs, Credit Suisse Securities and J.P. Morgan Securities. King & Wood Mallesons is Chinese counsel to the banks.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao is advising Chinese online real estate agent Leju Holdings Ltd. on a $300 million initial public offering on the New York Stock Exchange. According to a prospectus, proceeds will be used to enhance technological infrastructure of the website and expand coverage to an additional 30 Chinese cities. Fangda Partners is advising the issuer on Chinese law. O’Melveny & Myers Hong Kong partner David Johnson and Beijing partners David Roberts and Geng Ke are advising underwriters Credit Suisse Securities, J. P. Morgan Securities and China Renaissance Securities (Hong Kong) Ltd., with Haiwen & Partners acting as Chinese counsel.
Baker & McKenzie Hong Kong partner Dorothea Koo, Jason Ng and Michael Horman have advised the Canada Pension Plan Investment Board on a $250 million investment in Chinese property developer China Vanke Co. Ltd. The two will form a joint venture developing residential projects in Chinese cities. The first project will be located in Qingdao in east China. Reed Smith Richards Butler Hong Kong partner Ivy Lai advised China Vanke.
Kirkland & Ellis Hong Kong partners Dominic Tsun, David Zhang, Li-Chien Wong, Benjamin Su and Henry Cheng have advised Guangzhou-based online children’s game developer Baioo Family Interactive Ltd. on a $196 million initial public offering in Hong Kong. Baioo develops interactive Web games for children aged between 6 and 14. According to a regulatory filing, proceeds will be used to finance the launch of two new games and the company’s expansion into education and e-learning market. Jun He Law Offices is acting as Chinese counsel to Baioo, with Conyers Dill & Pearman as Cayman Islands counsel. Davis Polk & Wardwell Hong Kong partners Bonnie Chan and James Lin advised underwriters Deutsche Bank A.G. Hong Kong Branch, Citigroup Global Markets Asia Ltd., J.P. Morgan Securities (Asia Pacific) Ltd., China International Capital Corp. Hong Kong Securities Ltd. and CIMB Securities Ltd. Jingtian & Gongcheng advised the banks on Chinese law.
Simpson Thacher & Bartlett Hong Kong partners Leiming Chen and Roxane Reardon have advised Chinese online recruiter 51job Inc. on a $175 million offering of five-year notes. Proceeds will be used for general corporate purposes. Jun He Law Offices advised the issuer on Chinese law with Maples and Calder Hong Kong partner Greg Knowles acting as Cayman Islands counsel. Davis Polk & Wardwell Hong Kong partner James Lin advised joint managers Credit Suisse and J. P. Morgan. Mayer Brown JSM advised trustee Bank of New York Mellon.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao is advising Chinese online travel site operator Tuniu Corp. on a $120 million initial public offering in the U.S. Tuniu.com sells third-party tour packages that include airfare, hotel, dining and site admissions to Chinese and overseas destinations. According to a prospectus, proceeds will be used to enhance marketing capability and strengthen product development. Jun He Law Offices is acting as Chinese counsel to the issuer. Shearman & Sterling Hong Kong partners Matthew Bersani and Shuang Zhao are advising underwriters Morgan Stanley & Co. International plc, Credit Suisse Securities, and China Renaissance Securities (Hong Kong) Ltd. with Fangda Partners as Chinese counsel.
Proskauer Rose Hong Kong partner Jay Tai has advised private equity firm RRJ Capital and Oversea-Chinese Banking Corp. Ltd. on a joint $65 million investment in Chinese paper packaging company Nature Packaging Group. Hong Kong–based RRJ will invest $50 million with OCBC contributing the remainder. Fujian-based Nature Packaging provides service to well-known Chinese brands including Hangzhou Wahaha Group Co., Tsingtao Brewery and sportswear maker 361 Degrees International Ltd. King & Wood Mallesons advised Nature Packaging.
S&R Associates New Delhi partner Rajat Sethi has advised U.K.–based telecom giant Vodafone Group plc on a $1.48 billion deal to buy the remaining 11 percent stake in Vodafone India Ltd. it didn’t already own. The seller was Mumbai-based pharmaceutical group Piramal Enterprises Ltd. The deal marks the first time an Indian telecom carrier has been permitted to be 100 percent owned by a foreign entity. Amarchand & Mangaldas & Suresh A. Shroff & Co. Mumbai partners Cyril Shroff and Leena Chacko represented Piramal Enterprises. [Read full story]
Milbank, Tweed, Hadley & McCloy Hong Kong partner Joshua Zimmerman has advised the government of Sri Lanka on a $500 million issue of five-year sovereign bonds. Since 2009, Zimmerman has represented Sri Lanka on two other sovereign bond offerings, including a $1 billion issue in January. Palitha Fernando, Sri Lanka’s attorney general, advised the government on Sri Lankan law. Davis Polk & Wardwell Hong Kong partner William Barron advised underwriters Citigroup Global Markets Inc., Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank, with Colombo-based FJ&G de Saram acting as Sri Lankan counsel.
Allens Sydney partner Guy Alexander is advising Bank of Queensland Ltd. on a $376 million acquisition of South African–owned Investec Bank (Australia) Ltd.’s specialist finance and leasing business. King & Wood Mallesons Melbourne partner Ian Solomon and Sydney partner Philip Harvey are acting for Investec. Bank of Queensland will finance the transaction via an equity offering, on which Clayton Utz Brisbane partner Tim Reid is advising. Gilbert + Tobin Melbourne partner Craig Semple is acting as counsel to underwriter Goldman Sachs.
King & Wood Mallesons has advised Perth Airport Pty. Ltd. on a $376 million offering of seven-year bonds. The issuer is subsidiary of Perth Airport Development Group which operates and maintains the Perth Airport. Allens Melbourne partner James Darcy acted for underwriters National Australia Bank and Westpac Banking Corp.
Allens Sydney partner Stuart McCulloch is advising Challenger Life Co. Ltd., a wholly owned subsidiary of Australian investment manager Challenger Ltd., on a $243 million offer to take private its real estate investment unit Challenger Diversified Property Group, which is currently listed on the Australian Stock Exchange. Challenger currently owns 58.7 percent of Challenger Diversified Property. Ashurst Sydney partner Sarah Dulhunty is advising an independent committee at Challenger Diversified Property.
Allen & Overy has advised mining company Aquarius Platinum Ltd. on a $225 million share offer. Bermuda-based Aquarius, which operates platinum mines in South Africa and is listed on both the Australian Stock Exchange and the London Stock Exchange, will use proceeds from the float to repay Aquarius’ existing convertible bonds. Linklaters advised Aquarius on English law, while Johannesburg-based firm Malan Scholes served as South African counsel. Ashurst Perth partner Roger Davies advised underwriter Euroz Securities Ltd., with Davis Polk & Wardwell acting as U.K. counsel.
Minter Ellison Brisbane partners Franki Ganter and Justin Oliver and Perth partner John Prevost have advised the Australian unit of Italian dairy and food group Parmalat S.p.A. on its $109 million acquisition of Harvey Food and Beverage Ltd., Western Australia’s second-largest dairy product and fruit juice maker. Parmalat was represented by Clare Barrett-Lenard, a principal at Perth-based C L Barrett-Lennard, and David Williams, a Perth-based counsel at boutique firm Williams + Hughes.
Sheppard Mullin Richter & Hampton Los Angeles partner Jeryl Bowers is advising Tucson-based social services provider Providence Service Corp. on its $58 million acquisition of Australian rehabilitation and welfare service operator Ingeus Ltd. According to its website, Brisbane-headquartered Ingeus has over 150 offices in 10 countries, mostly in the U.K., Australia and New Zealand. Herbert Smith Freehills Sydney partners Mark Crean and Adam Strauss are acting for Ingeus.
Clifford Chance Singapore partner Lee Taylor is advising Telekom Malaysia Bhd. on a $108 million investment in Packet One Networks (Malaysia) Sdn. Bhd., a provider of fourth-generation wireless service that is currently a subsidiary of wireless modem maker Green Packet Bhd. As part of the agreement, Telekom Malaysia, one of the country’s largest telecom carriers, will own 57 percent of Packet One, with Green Packet and South Korea’s SK Telecom Co. Ltd. holding the remainder. The transaction is subject to regulatory and shareholder approvals. Wong & Partners Kuala Lumpur partners Munir Abdul Aziz, Mark Lim and Esther Chik are acting as Malaysian counsel to Telekom Malaysia. Green Packet is being represented by partner Samuel Hong of Kuala Lumpur’s Kadir, Andri & Partners, while SK Telecom is being advised by Zain & Co. partner Salwah Abdul Shukor.
Wong & Partners Kuala Lumpur partner Munir Abdul Aziz is advising Malaysian power company Malakoff Corp. Bhd. on its $91.5 million proposal to acquire Port Dickson Power Bhd., a subsidiary of local conglomerate Sime Darby Bhd. that operates a 440-megawatt gas-fired power plant in western Malaysia. Malakoff generates and sells power to Malaysia’s largest utility company, Tenaga Nasional Bhd., and currently has a total capacity of 4,393 megawatts. Kuala Lumpur partner Christopher Lee of Christopher & Lee Ong is advising Sime Darby.