Paul Hastings and Slaughter and May have the lead roles on the $6.3 billion acquisition of Hong Kong-based shipping company Orient Overseas International Ltd. by a Chinese state-owned consortium led by China COSCO Shipping.
Shanghai-based COSCO has teamed up with Shanghai International Port Group on its bid to acquire all shares of Hong Kong-listed Orient Overseas at $10.07 apiece.
Paul Hastings Hong Kong partner and China practice chair Raymond Li is leading a team advising COSCO, which represents 90 percent of the consortium. Li is supported by partners Pei Fang, Vivian Lam, James Ma, Steven Winegar and Zhaoyu Ren in Hong Kong, Scott Flicker, Tara Giunta, Charles Patrizia and MJ Moltenbrey in Washington, D.C., Pierre Kirch and Josephine Fourquet in Paris, Tiffany Lee in Palo Alto, and Ronan O’Sullivan in London.
Slaughter and May Hong Kong partners Peter Brien, Benita Yu, John Moore and Natalie Yeung are representing Orient Overseas.*
Kirkland & Ellis Hong Kong partners Nicholas Norris, Derek Poon and Daniel Lindsey are advising UBS A.G. as financial adviser to the bidders.
Orient Overseas was founded in 1969 by Chinese businessman Tung Chao Yung, whose elder son Tung Chee-hwa inherited the business before becoming the first chief executive of the Hong Kong Special Administrative Region in 1997, following the handover of the city’s sovereignty from the UK to China. The former chief executive’s brother, Tung Chee-chen, now runs the company with two more members of the Tung family on its board.
The deal will make COSCO – currently the world’s fourth largest container-shipping company – the third largest globally. The company is the result of a previous $20 billion merger and restructuring of two state-owned shipping giants – China Shipping Group and China Ocean Shipping Group, or COSCO Group.
Paul Hastings also acted for COSCO on the $20 billion restructuring deal last year.
*Updated 7/11: This story has been updated with the names of partners on this deal from Slaughter and May.