Herbert Smith has acted for Hong Kong-listed Huabao International Holdings on its HK$4 billion (US$515 million) acquisition of Chemactive Investments, a leading flavours and fragrances company. The acquisition was completed in August following shareholders’ approval. With this acquisition, Huabao International becomes one of the leading flavours and fragrances companies in the PRC.
Allen & Overy, Shook Lin & Bok Joint Law Venture advised the Asian Development Bank (ADB) and a group of international commercial banks (BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Fortis Bank, ING Bank, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank) on the financing of the Tangguh LNG project in Indonesia. The total development costs for the project are around US$5 billion, up to approximately US$1.4 billion of which will be funded in aggregate by ADB and the international commercial banks. Tangguh LNG will become the third major LNG facility in Indonesia when construction is completed in 2008.
Linklaters has advised Huneed Technologies, a Korean manufacturer of military communications systems, on a strategic alliance with The Boeing Company. Boeing has made a minority investment in Huneed which makes Boeing the second largest shareholder of Huneed and forms an alliance marrying Boeing’s 20 years of commercial aircraft and military equipment history with a company specialising in battlefield communications radios, Korean-language cryptographic equipment, software development and command and control systems. Huneed also provides microwave equipment to Korean telecommunications companies.
Herbert Smith has advised First Choice Holidays PLC, a London-listed international leisure travel company, on its acquisition of the Pacific World Group of companies. This acquisition represents the company’s entrance into the Asia Pacific market. Pacific World is the leading conference and events service provider to the Asia corporate market. The company also provides cruise line and travel services. The transaction involves multiple jurisdictions including Hong Kong and Singapore.
Simmons & Simmons together with its Japanese associate, Japanese law firm TMI Associates, has advised Tokyo-listed Uniden Corporation, a company specialising in the development and manufacture of radio communications equipment, on its HK$143.5 million subscription for new shares in SunCorp Technologies Limited, representing approximately 20 percent of the issued share capital of SunCorp. Under the terms of this new alliance, the two groups will combine their purchasing and manufacturing activities providing one of the largest forces in the industry.