|Baker & McKenzie has advised Fletcher Building Limited on its acquisition of Formica Corporation from Cerberus Capital Management L.P. The sale closed on 2 July 2007 at a price of US$700 million, with additional contingent payments of up to US$50 million based on Formica achieving specific performance milestones.
Baker & McKenzie advised the Swiss Economic Cooperation Organization of the Swiss Ministry of Economic Affairs in respect to the establishment of a Green Credit Trust Fund for the promotion of environmental technologies in Vietnam.
Baker & McKenzie’s mergers and acquisitions team in Hong Kong recently advised US-based Brown Shoe Company Inc. (Brown Shoe) in relation to its joint venture with Singapore Exchange Mainboard-listed Hongguo International Holdings Limited to market Naturalizer and Via Spiga brands of lady shoes in the People’s Republic of China. The joint venture known as B&H Footwear Company Limited was incorporated in Hong Kong and will set up a wholly-owned subsidiary in Dongguan, Guangdong Province, where Brown Shoe currently maintains a sourcing operation with nearly 600 employees. Brown Shoe will take up a 51 percent equity stake in the joint venture while Hongguo will take up the remaining 49 percent.
Baker & McKenzie’s financial services team in Hong Kong and Singapore advised Standard Chartered Bank (Hong Kong) Limited and Standard Chartered Bank (collectively, SCB) in relation to the establishment of its private banking business in Hong Kong and Singapore. In addition to Hong Kong and Singapore, SCB has announced plans to open private banking centres in 10 other locations by the end of June, including Beijing, Shanghai, Seoul, New Delhi, Mumbai, Dubai, London and Jersey. SCB’s private banking business will target business entrepreneurs and senior executives with US$1 million to US$50 million in assets.
Clifford Chance advised Barclays Bank on the strategic partnership it is forming with China Development Bank and Temasek Holdings. China Development Bank will subscribe to an initial EUR 2.2 billion of Barclays new ordinary share (3.1 percent of the issued share capital) and a further EUR 7.6 billion of ordinary share on completion of the ABN AMRO deal. Temasek Holdings will subscribe to EUR 1.4 billion of Barclays new ordinary share (2.1 percent of the issued share capital) and a further EUR 2.2 billion of ordinary shares on completion of the ABN AMRO deal.
Clifford Chance has advised on the first-ever renminbi retail bond issue in Hong Kong. The firm acted for HSBC and Bank of China as joint lead managers and bookrunners on a 5 billion renminbi international bond issue by China Development Bank, comprising 2.5 billion renminbi institutional and 2.5 billion renminbi retail bond issues. This deal represented the inaugural renminbi bond issue by a mainland financial institution in the Hong Kong Special Administrative Region, an offer available to both retail and institutional investors.
Clifford Chance is advising Candover on the disposal of Bureau van Dijk Electronic Publishing, one of the world’s leading electronic publishers of business information, to funds advised by BC Partner. The deal is expected to complete in October 2007, subject to regulatory approval.
DLA Piper advised China International Marine Containers (Group) Co Ltd (CIMC), one of the largest container manufacturers in the world, on its acquisition of Netherlands-based Burg Industries BV, a fast-growing and leading supplier of road transport equipment and special static tanks. The €108 million acquisition provides CIMC with an 80 percent stake in Burg Industries (Burg).
Gide Loyrette Nouel (Gide) advised Gerflor Group, a world specialist in floor coverings, on its new Chinese production unit. Gide advised the company in its negotiations with Chinese authorities and the Changshu development zone for the purchase of land and application for state investment grants. Gide also assisted Gerflor Group in its factory construction program and arranged local financial solutions.
Johnson Stokes & Master represented the majority owners in the successful application in the Lands Tribunal for a compulsory order for sale of Nos. 9A-9H Seymour Road, Hong Kong. Pursuant to the sale order, the property will be put up for public auction at the reserve price of HK$464 million and the auction is scheduled to be held in August 2007.
Rouse Legal, Rouse & Co International’s associated English law firm, has been granted a license to establish a branch office in Vietnam, providing the full range of legal services, including intellectual property, which is the firm’s main focus. Rouse Legal is now in the process of applying for an IP agency licence with the National Office of Intellectual Property (NOIP) to enable it to handle all IP matters directly with the NOIP.
Slaughter and May in Hong Kong advised on the initial public offering and Hong Kong listing of KWG Property Holding Limited (KWG), which raised approximately HK$5.2 billion (US$671 million), after exercise of the over-allotment option.
Slaughter and May acted as Hong Kong counsel to Morgan Stanley, global coordinator and bookrunner, and ICEA Capital as joint lead manager. The retail and institutional tranches of the offering were 227 and 185 times oversubscribed, respectively. KWG is one of the leading property developers in Guangzhou, Guangdong province, PRC. KWG develops medium- to high-end residential properties as well as commercial properties, including office buildings, serviced apartments and hotels.
Sullivan & Cromwell LLP is advising Sterling Financial Corp. in its US$595 million sale to PNC Financial Services Inc. Sullivan & Cromwell LLP is also advising M&T Bank Corporation in its US$555 million acquisition of Partners Trust.
WongPartnership acted for Swiber Holdings Limited in the establishment of approximately US$198.78 million Multicurrency Medium Term Note Programme, arranged by Citicorp Investment Bank (Singapore) Limited.