NEWS | deals >>
• Deal involved loan facilities for subsidiaries of North China Shipping Holdings in financing the acquisition of two VLCC new buildings • Syndicate of lenders led and arranged by DVB Group Merchant Bank (Asia) Ltd, Skandinaviska Enskilda Banken AB (Publ), Singapore Branch and Bayerische Hypo-Und Vereinsbank AG, Singapore Branch • Cross-border transaction involved PRC, British Virgin Islands, Singapore, Hong Kong, Cayman Islands and England
| CHINA/HONG KONG/ CAYMAN ISLANDS | ►► UTFE-GST takeover bid US$247m
Firm: O’Melveny & Myers Lead lawyers: Colin Law, Peter Chen Client: GST Holdings Firm: Herbert Smith Lead lawyer: Ashley Alder Client: United Technologies Far East Ltd • Citigroup brought O’Melveny & Myers to GST and acted as the financial adviser to GSTI on the bid
• GST’s outstanding shares and options have been taken over by UTFE • GST’s controlling shareholder, GSTI, which owns 53.43%, has executed an irrevocable undertaking to accept the bid
issues involving mainland Chinese law, Sidley Austin served as the counsel to the issuer Strong, while DLA Piper represented the sponsor and underwriter, China Everbright Capital Colin Law, O’Melveny & Myers
►► TPV – Philips cross-border acquisition
• The bid is conditional upon obtaining the applicable Peter Chen, regulatory O’Melveny & Myers approvals or consents, including under relevant PRC and Cayman Islands law • “The structure of this unique transaction had significant bearing on the success and outcome of the deal. We chose to enable the controlling shareholder of GST to cast his vote and have it count towards the majority for compulsory acquisition, which was key to making this a successful privatisation,” said Colin Law, partner of O’Melveny & Myers
| CHINA/HONG KONG | ►► Strong Petrochemical IPO US$32.2m
Firm: King & Wood Client: Strong Petrochemical Firm: Sidley Austin Lead lawyer: Constance Choy Client: Strong Petrochemical Firm: DLA Piper Lead lawyer: Esther Leung Client: China Everbright Capital
US$15.4m Firm: White & Case Lead lawyers: Seung Chong, Jeremy Leifer Client: TPV Jeremy Leifer,
Firm: Slaughter White & Case and May Client: Royal Philips Electronics
• TPV Technology Limited (TPV) has been in a cross-border acquisition of the IT display and public signage businesses of Royal Philips Electronics in more than 45 jurisdictions • White & Case represented TPV in the transaction, with lawyers from 14 offices globally • Hong Kong- and Singapore-listed TPV is the world’s leading manufacturer of monitors and flat screen televisions • This acquisition is a follow-on transaction from an earlier transaction valued US$357m in 2005
| CHINA/SINGAPORE | Constance Choy, Sidley Austin
►► China Animal – Inner Mongolia Biwei Antai Biological Technology acquisition US$42.05m Firm: Rajah & Tann Lead lawyer: Danny Lim Client: China Animal Healthcare Ltd Firm: Pacific Zhongzheng Client: Biwei Antai Biological Technology
Esther Leung, DLA Piper
• Strong Petrochemical’s IPO, Hong Kong’s first in 2009, has raised HK$250m
• The company’s major customers are state-owned oil companies including Unipec, Sinopec, Sinochem, Petrochina, CNOOC, and Zhuhai Zheng Rong Company • King & Wood represented Strong on www.legalbusinessonline.com
CHINA/HONG KONG/ SINGAPORE
• SGX-listed China Animal is seeking approval for the acquisition which is expected to be completed by Q4 2009, depending on when relevant PRC licences are obtained • China Animal proposed to acquire 60% stake of Biwei. The acquisition is structured as a conditional sale and purchase 40% stake, and option for later additional 20% stake
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