Shearman & Sterling and Thai law firm Weerawong, Chinnavat & Peangpanor are advising PTT Exploration & Production Pcl., on its $3 billion equity offering, the biggest such offering ever in the country.
 
PTTEP, a division of state-owned energy and petrochemicals company PTT Plc., will issue 650 million shares on the Stock Exchange of Thailand to existing stakeholders at $4.62 apiece in order to help fund its winning $1.9 billion bid for Cove Energy Plc., a British energy company that controls a piece of a key natural gas field off the coast of Mozambique.
 
Thailand has been searching for a variety of new energy assets in order to meet increasing demand at home. PTT in August made a $959 million offer to purchase the remaining 55 percent stake in Singapore-listed coal miner Sakari Resources, in which the Thai company already held a 45 percent share.
 
For PTTEP’s equity offering, Weerawong Chinnavat partners Peangpanor Boonklum and Chatri Trakulmanenate were lead advisers on Thai law. Shearman & Sterling Hong Kong partner Matthew Bersani acted for the company on matters of U.S. law.
 
Linklaters Bangkok partner Wilailuk Okanurak and Singapore partner Arun Balasubramanian represented joint bookrunners Bank of America Merrill Lynch, Deutsche Bank A.G., Finansa Securities Co. Ltd., Goldman Sachs Group Inc., J.P. Morgan, Phatra Securities Pcl., Tisco Securities Co. Ltd., and UBS A.G.
 
Email: tbrennan@alm.com .