Clifford Chance Sydney partner Lance Sacks and Hong Kong partner Crawford Brickley are advising Royal Dutch Shell Plc. on a $5.7 billion divestment of most of its interest in Australian oil and gas company Woodside Petroleum Ltd. Shell is reducing its stake in Woodside from 21.3 percent to 4.5 percent. The oil giant is planning to sell half the shares it is offloading to institutional investors. Woodside has agreed to buy back the other half, subject to shareholder approval. Herbert Smith Freehills Sydney partner Philippa Stone and Perth partner David Gray are representing Woodside. [Read full story]
Allens Sydney partners Thomas Story and Stuart McCulloch are advising Singapore-based real estate group Frasers Centrepoint Ltd. on a $2.4 billion bid for Australia’s Australand Property Group, which has a portfolio of 68 properties in Sydney, Melbourne, Perth, Adelaide and Southeast Queensland. Frasers’ offer is higher than the $2.35 billion bid previously by Sydney-based Stockland Corp. Ltd., which has said it is considering its options. WongPartnership partners Ng Wai King, Andrew Ang, Annabelle Yip and Audrey Chng are serving as Singapore counsel to Frasers. Corrs Chambers Westgarth Sydney partner Andrew Lumsden is acting for Stockland. King & Wood Mallesons Sydney partner Brian Murphy is representing Australand on the deal. [Read full story]
Gilbert + Tobin Melbourne partner Neil Pathak is advising a consortium led by U.S. private equity giant TPG Capital on a planned $1.14 billion acquisition of the property services division of Australian engineering company UGL Ltd. TPG, along with Hong Kong-based private equity fund PAG and Ontario Teachers’ Pension Plan, are buying UGL’s DTZ unit, which offers real estate investment and property management services in 52 countries. The Sydney-based company is shedding the unit in order to focus on its core engineering and construction businesses in Australia, New Zealand and Southeast Asia. The deal is expected to close in September. Herbert Smith Freehills Sydney partners Philippa Stone and Philip Hart are representing UGL on the deal. [Read full story]
Herbert Smith Freehills Melbourne partner Baden Furphy and Sydney partner Philippa Stone have advised Australian veterinary clinic network Greencross Ltd. on its $192 million acquisition of Western Australia-based animal care store operator City Farmers Group Holdings Pty. Ltd. After the deal completes, Greencross will operate a total of 177 stores and 108 clinics in Australia and New Zealand. Gilbert + Tobin advised City Farmers and its largest shareholder Quadrant Private Equity. Clayton Utz advised underwriters Goldman Sachs Australia Pty. Ltd., Macquarie Capital (Australia) Ltd. and Canaccord Genuity (Australia) Ltd.
Skadden, Arps, Slate, Meagher & Flom Beijing partner Peter Huang, Hong Kong partner Edward Lam and Los Angeles partner Michael Beinus have advised state-owned China Petrochemical Corp., also known as Sinopec, on a $1 billion senior notes offering. Through a subsidiary, China’s largest oil company sold three tranches of dollar-denominated bonds: $300 million in three-year notes, $400 million in 10-year bonds and $300 million in three-year floating-rate notes. Haiwen & Partners served as Sinopec’s Chinese counsel, with Conyers Dill & Pearman acting as British Virgin Islands counsel. Davis Polk & Wardwell Hong Kong partner Eugene Gregor acted for underwriters Citigroup Global Markets Inc., Goldman Sachs (Asia), BOCI Asia Ltd., DBS Bank Ltd. and Standard Chartered Bank. [Read full story]
Freshfields Bruckhaus Deringer Hong Kong partners Andrew Heathcote and Charles Ching have advised Hong Kong developer Shui On Land Ltd. on a $550 million five-year notes offering on the Singapore Stock Exchange. According to a regulatory filing, Shui On will use the proceeds to repay debt incurred while developing property projects in mainland China. Shanghai-based Jin Mao P.R.C. Lawyers served as Chinese counsel to Shui On with Walkers as Cayman Islands counsel. Davis Polk & Wardwell Hong Kong partner William Barron advised underwriters BNP Paribas Hong Kong Branch, Deutsche Bank A.G. Singapore Branch, JP Morgan Securities and Standard Chartered Bank.
Herbert Smith Freehills Hong Kong partner Kevin Roy has advised China Merchants Bank Co. Ltd. Hong Kong Branch on a $500 million notes offering on the Hong Kong Stock Exchange under a $5 billion medium-term note program. Shenzhen-based China Merchants Bank will use the proceeds as working capital. DeHeng Law Offices advised the issuer on Chinese law. Linklaters acted for Bank of America Merrill Lynch, Hongkong Shanghai Banking Corp. Ltd. and Standard Chartered Bank as underwriters as well as program arrangers. Haiwen & Partners served as Chinese counsel to the banks.
Paul Hastings Hong Kong partners Raymond Li and Sammy Li have advised Shanghai-based securities broker Haitong International Securities Group on a $340 million rights issue on the Hong Kong Stock Exchange. In a regulatory filing, the company said the majority of the proceeds will be used to finance future business development. Clifford Chance advised underwriters Haitong International Securities Co. Ltd. and Qilu International Securities Ltd.
Clifford Chance Beijing partners Tim Wang and Jean Yu, Shanghai partner Jean Thio and Hong Kong partner Liu Fang have advised Chongqing-based Hanhua Financial Holding Co. Ltd. on a $240 million initial public offering on the Hong Kong Stock Exchange. Hanhua provides financing to small and medium sized enterprises mostly in Chongqing and Sichuan province. According to a prospectus, the company will use most of the proceeds to increase the capital base for its loan business. DeHeng Law Offices advised Hanhua on Chinese law. Jones Day acted for underwriters China International Capital Corp. Hong Kong Securities Ltd., China Galaxy International Securities (Hong Kong) Co. Ltd., Credit Suisse (Hong Kong) Ltd., ICBC International Securities Ltd. and Haitong International Securities Co. Ltd. Fangda Partners advised the banks on Chinese law.
Simmons & Simmons has advised Chinese carmaker Beijing Automotive Group Co. Ltd. on a $240 million three-year renminbi-denominated bond issue on the Hong Kong Stock Exchange. The notes were sold through Maikun Investment Co. Ltd., a wholly owned subsidiary. Maples and Calder Hong Kong partner Jenny Nip advised the issuer on British Virgin Islands law. King & Wood Mallesons acted for underwriters DBS Bank Ltd., UBS A.G. Hong Kong Branch, CLSA Ltd. and Industrial and Commercial Bank of China Singapore Branch.
Reed Smith Richards Butler has advised Chinese state-owned logistics company Sinotrans Ltd. on a $160 million three-year renminbi-denominated bond issue on the Hong Kong Stock Exchange. Sinotrans will lend the proceeds to Hong Kong-based subsidiary Sinotrans (HK) Logistics Ltd. as an intercompany loan. Maples and Calder Hong Kong partner Jenny Nip advised Sinotrans on British Virgin Islands law. Linklaters advised underwriters ABCI Capital Ltd., Bank of China Ltd., Morgan Stanley & Co. International plc. and Hongkong and Shanghai Banking Corp. Ltd.
Simpson Thacher & Bartlett Hong Kong partners Chris Lin and Christopher Wong have advised Shanghai-based water purifier manufacturer Ozner Water International Holding Ltd. on a $147 million initial public offering on the Hong Kong Stock Exchange. According to a prospectus, proceeds will be used to fund the production of water purifiers and finance the construction of a factory in China. Shenzhen-based Shu Jin Law Firm advised the issuer on Chinese law, with Walkers as Cayman Islands counsel. Sullivan & Cromwell acted for underwriters Goldman Sachs (Asia) and Standard Chartered Securities (Hong Kong) Ltd. Zhong Lun Law Firm served as the banks’ Chinese counsel.
Norton Rose Fulbright Hong Kong partner Jon Perry has advised Canadian manufacturer Dorel Industries Inc. on a $120 million acquisition of Lerado Group, a Hong Kong-based maker of baby strollers, beds and car seats. The deal is part of Dorel’s expansion in Asia. In a release, Dorel said Lerado is one of the largest juvenile product manufacturers in China. The Montreal-based company will acquire three of Lerado’s factories in China as well as a research and development center in Taiwan. In addition to infant products, Dorel also makes bicycles and office furniture. Sidley Austin Hong Kong partner Constance Choy advised Lerado.
Linklaters Singapore partner Kevin Wong has advised Oversea-Chinese Banking Corp. Ltd. on a $1 billion 10-year notes offering under a $10 billion medium-term note program. The notes will qualify as part of OCBC’s capital reserves. Proceeds will be used for general corporate purposes. Allen & Gledhill Singapore partners Glenn Foo and Sunit Chhabra advised OCBC as Singapore counsel. Sidley Austin advised Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan (S.E.A.) Ltd., Merrill Lynch (Singapore) Pte. Ltd. and OCBC.
WongPartnership Singapore partners Alvin Chia, Felix Lee, Tan Teck Howe, Hui Choon Yuen and Trevor Chuan have advised Australian construction contractor Lend Lease Group on a $722 million syndicated loan in Singapore from DBS Bank Ltd. and Oversea-Chinese Banking Corp. Ltd. Proceeds will be used to refinance existing debt of Lend Lease. Allen & Gledhill Singapore partners Mark Hudspeth, Margaret Chin, Daselin Ang, Margaret Soh and Lyn Wee advised the lenders.
Drew & Napier Singapore director Benedict Teo has advised Singaporean property developer SingHaiyi Group Ltd. on establishing a $400 million multicurrency debt program. Proceeds will be used to repay debt and finance new property developments. Allen & Gledhill Singapore partners Margaret Chin and Sunit Chhabra advised program arrangers DBS Bank Ltd. and United Overseas Bank Ltd. and trustee DBS Trustee Ltd.
Allen & Gledhill partners Lim Mei and Christopher Ong are advising Chinese e-commerce giant Alibaba Group Holding Ltd. on its proposed $250 million investment in Singapore Post Ltd., the city-state’s national postal service provider. Alibaba is acquiring a 10.35 percent stake in SingPost through the purchase of 30 million existing shares and 190.1 million new shares. The deal gives Alibaba access to SingPost’s international logistics infrastructure and networks, while SingPost will leverage Alibaba’s industry expertise to bolster its own e-commerce logistics services. The two companies are also expected to form a joint venture to operate internationally. Fangda Partners advised Alibaba on Chinese law. WongPartnership partners Rachel Eng, Andrew Ang, Tan Sue-Lynn and James Choo are acting for SingPost.
Clifford Chance Beijing partner Terence Foo and Bangkok partner Andrew Matthews are advising China Mobile Ltd. on an $880.5 million investment in Thai telecommunications carrier True Corp. Pcl. Through a subsidiary, the Chinese state-owned company is buying an 18 percent stake in True, which provides cellular, Internet and cable television services to 29 million subscribers in Thailand and is majority-controlled by local conglomerate Charoen Pokphand Group. True’s deal with China Mobile is part of a larger $2 billion share sale the company is conducting in order to repay debt, increase working capital and fund expansion. The transaction, subject to shareholder and regulatory approval, is expected to close at the end of August. Linklaters Bangkok partners Wilailuk Okanurak and Pornpan Chayasuntorn and Beijing partner Judie Ng Shortell are advising True. [Read full story]
Mayer Brown JSM Singapore partner Nathan Dodd has advised Japan’s Marubeni Corp. on its acquisition of a 20 percent stake in Cambodia-based power generators and transmission lines owned and operated by Malaysian cable maker Leader Universal Holdings Bhd. Terms of the deal were not disclosed. Leader operates two 50-megawatt coal-fired power stations in southern Cambodia as well as transmission lines near capital Phnom Penh. Kuala Lumpur-based Adnan Sundra & Low advised Leader.
Jones Day Silicon Valley partners Micheal Reagan and Khoa Do are advising U.S. touchscreen chipmaker Synaptics Inc. on its $598 million acquisition of Japanese competitor Renesas SP Drivers Inc. Tokyo-based Renesas SP was a joint venture formed by Japan’s Renesas Electronics Corp., Sharp Corp. and Taiwan’s Powerchip Technology Corp. According to media reports, Apple Inc. recently sought to buy Renesas SP, which makes touchscreen chips for the iPhone. The parties failed to come to terms, opening the door to the deal with Synaptics, a former supplier to Apple. Japanese firm Nagashima, Ohno & Tsunematsu is advising Renesas SP and the sellers. To finance the deal, Synaptics will borrow $300 million from Wells Fargo, which is being represented by Orrick, Herrington & Sutcliffe.