|Allens Arthur Robinson acted for Fresenius Kabi (China) in their acquisition of State-owned enterprise, COSCO Pharm, the third largest manufacturer of blood bags in China. Fresenius Kabi (China), a subsidiary of the German listed healthcare group Fresenius SE, acquired 100 percent of the equity in COSCO Pharm from Cosco Guangzhou, Guanyuan Ocean Shipping Services, and Nanfang Blood Centre.
Allen & Overy LLP has advised Fortis in relation to its global asset management partnership with Ping An Insurance (Group) Company of China Ltd. Ping An intends to acquire a 50 percent equity stake in Fortis Investments, the global asset management arm of Fortis, for a consideration of EUR 2.15 billion.
AZB & Partners has advised the Tata Power Company Ltd in the acquisition of a 30 percent strategic stake from PT Bumi Resources Tbk and affiliated companies in various entities engaged in coal related businesses in Indonesia and the Cayman Islands. The firm was involved in advising on various aspects of Indian law (notably in connection with overseas acquisitions), review of documentation and negotiations. The firm also advised Tata Power Company Ltd with respect to the recourse and non- recourse raised by it in relation to the said acquisition and was also involved in advising on various aspects of Indian law, review of documentation and negotiations.
Clifford Chance, Singapore office has advised BOC HK on the acquisition financing of Huaneng’s acquisition of Tuas Power Station from Temasek. The BOC HK funding is US$600 million.
Gilbert + Tobin has represented betting exchange operator Betfair in a High Court challenge against legislation in Western Australia prohibiting punters from using betting exchanges, and prohibiting publication of Western Australian race fields without the permission of a WA racing body. The Full Bench of the High Court ruled unanimously that the legislation was unconstitutional because it imposed protectionist burdens on interstate trade and therefore contravened section 92 of the Constitution – the provision that guarantees free trade across State boundaries.
Rajah & Tann LLP acted as solicitors to the invitation in connection with the listing of Li Heng Chemical Fibre Technologies Ltd, (Li Heng) ,a PRC company incorporated in Bermuda in the business of high-end nylon yarn products sales and manufacturing on the SGX-ST. The net proceeds of the invitation amount to approximately S$305.3 million. The IPO was made by way of an Invitation in respect of 400,000,000 ordinary shares of Li Heng at S$0.10 each comprising 340,000,000 New Shares and 60,000,000 Vendor Shares by way of public offer and placement of 10,000,000 Offer Shares at S$0.80 and 390,000,000 Placement Shares at S$0.80 respectively.
Rodyk & Davidson LLP acted as Singapore counsel to Malayan Banking Berhad in its US$1.5 billion acquisition of the 55.7 percent indirect stake in PT Bank Internasional Indonesia Tbk, held by Singapore state investment company Temasek Holdings and Kookmin Bank.
Rodyk & Davidson LLP acted as Singapore counsel for Ford in the US$2.3 billion sale of its Jaguar and Land Rover divisions to Tata of India.
Shearman & Sterling LLP advised the mandated lead arrangers, including Calyon, SMBC and BNP Paribas, on the US$650 million refinancing of the Suez Gulf and Port Said East 682 MW gas-fired power projects in Egypt. Following construction in 2003, the Suez Gulf and Port Said East power projects represented the largest private power investment in Egypt providing 10 percent of the country’s installed capacity. Each project consists of a 682.5 megawatt steam generation plant and provides energy to the Egyptian Electricity Holding Company.
Simmons & Simmons has advised the Roads and Transport Authority, Dubai (RTA) on awarding the concession for the operation and maintenance of the Dubai Metro. The US$4.25 billion Dubai Metro project is a driverless, fully automated light rail project. With a total length of over 70km, including 47 stations, the Dubai Metro will be the longest fully automated rail project in the world when it opens in 2009.
Slaughter and May acted for the mandated coordinating arrangers Bank of China (HK) Ltd, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd. and Agricultural Bank of China, in the signing of a HK$1.8 billion (US$232 million) dual currency term loan facility.
Sullivan & Cromwell LLP has represented China Huaneng Group in its purchase, through its wholly owned subsidiary, SinoSing Power Pte. Ltd., from Temasek Holding (Private) Ltd of a 100 percent equity interest in Tuas Power Ltd for a cash consideration of S$4.235 billion (approximately US$3.04 billion). Tuas Power is one of the three major power generation companies in Singapore and supplies approximately 25 percent of Singapore’s total power consumption.
Watson, Farley & Williams LLP Singapore office has advised Monsanto Company on the divestment of its butachlor and alachlor businesses (two kinds of selective herbicide) and other assets located in the Philippines, Thailand, Vietnam, India, Pakistan, Bangladesh and Taiwan to Sinochem International Corporation and its subsidiaries. Monsanto Company is a global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Sinochem International Corporation is a Shanghai listed company engaged in logistics, industrial investment, trading and other operations in chemical logistics, rubber, chemicals, petrochemical, metallurgy and energy.
WongPartnership LLP acted for CBM International Pte Ltd, a subsidiary of City Developments Ltd, in an agreement with Gulf Industrial Services Co, general partnership, to establish a limited liability company in Abu Dhabi, UAE to provide facilities management services.
UAE Ministry of Finance issues guidance on Economic Substance Regulations
Thirteen topics covered in the guidance that may be of interest to businesses affected by the regulations.
David Miles remembered
We mourn the passing of a remarkable lawyer and dear friend.