Deal Watch - 2/24/2009

Posted on February 24, 2009 at 10:02 PM

•    Fried,Frank, Harris, Shriver & Jacobson LLP acted as US counsel to Rio Tinto plc in connection with the announced US $19.5 billion cash investment in the company made by Aluminum Corp of China.  Lead partners on the deal were Robert Cassanos, Stuart Gelfond and Lee Parks from the firm’s New York office and Richard Steinwurtzel out of Hong Kong.

•    Lovells advised Fast Retailing Co on the establishment of CPAT (Singapore) Private Ltd, a joint fabric and garment manufacturing venture in the People’s Republic of Bangladesh.  Asia corporate head Jamie Barr and Tokyo head of corporate Rika Beppu led counsel in the transaction.  The new venture will be composed of two Chinese and one Bangladeshi firm.

•    Slaughter & May advised China National Building Material Co Ltd in relation to the placing of an aggregate of 298,555,032 H shares, raising approximately US $302 million, pursuant to a special mandate that was granted by its shareholders last year.  Benita Yu acted as a lead partner on this transaction.

•    Asian hedge fund assets fell thirty-six percent in 2008.  Withdrawals forced funds to sell corporate bonds, sending prices for the debt plunging to record lows.

•    Gide Loyrette Nouel advised France on preparing the bidding procedure and drafting construction agreement according to Chinese law and French Procurement Code requirements.

•    Acorn International has acquired Yiyang Yukang Communication Equipment, giving Acorn access to new mobile products and strengthening its distribution capabilities.  A wholly-owned subsidiary of Acorn made the acquisition for US $6.7 million in cash and more than 2.5 million ordinary shares.  A Shanghai-based team from O’Melveny & Myers represented Acorn, while PRC firm Concord & Partners advised Yiyang Yukang on the deal.

•    Watson Farley and Williams has advised Standard Charter Bank, ING Bank and Rabobank in a US $125 million loan to UAE-based Lamnalco, a provider of towage and associated marine service to the oil and gas industry.  Chris Lowe, a Singapore-based partner, led the advisory team.

•    MIH China (Mauritius) has closed its 37% equity investment in a new joint venture established with Anhui-based ADPG Media Group, publisher of 13 newspapers and magazines.  Paul Weiss Rifkind Wharton & Garrison advised MIH on the deal, while counsel for ADPG came from Hefei-based Chengyi Law Firm.

•    Hogan & Hartson represented China M and Sharp point in the sale of 67 percent interest in both companies to Telstra for A$302 million (US$198 Million) in cash.  Advising on the transaction was business and finance partner Roger Peng.

•    Simmons & Simmons has advised CLSA Equity Capital Markets Ltd as sponsor on the listing of RCG Holdings Ltd, the first AIM-traded company to list on the Hong Kong Stock Exchange.  The firm advised on the related aspects of both Hong Kong and English law, and was represented by partners Charles Mayo and Henry Ong.

•    Mayer Brown JSM advised ProLogis in selling their operations in the People’s Republic of China and property fund interests in Japan for US $1.3 Billion to affiliates of GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corporation.  Andy Yeo and Phill Smith were the lead lawyers representing ProLogis, while Jean Wan was the lead for Allen & Gledhill representing GIC.

•    Atsumi & Partners advised ProLogis on the sale of its interests in its three Japan funds to affiliates of GIC Real Estate, the real estate investment arm of Government of Singapore Investment Corp. Atsumi partner, Daniel C Hounslow, led the advisory team.  The total value of the deal came out to US$1.3 billion.

•    Clifford Chance advised Columbia Capital, through its subsidiary EUN Partners V LLC, on the conditional acquisition, by way of private placement, of a 14.999 per cent stake in Global Voice Group Ltd, a Singapore listed company. Singapore corporate partner Lee Taylor led the advisory team on this transaction, valued at S$6,311,244.

•    White & Case LLP represented memory chip-maker SanDisk Corp in the restructuring of their two semiconductor production joint ventures and related manufacturing equipment lease financings with Toshiba Corp in Japan. The restructuring was valued at US$1.2 billion, and involved the transfer of portions of existing production capacity and related production equipment in the two joint ventures directly to Toshiba. Tokyo based partner Robert Grondine led the advisory team on this transaction.

•    Mitsubishi Estate Co, in a US$317 million deal, acquired an additional 27.79% stake in Towa Real Estate Development Company, raising its stake to 51. 95% from 24.16%.  The firm Mori Hamada & Matsumoto represented Towa in the deal.

•    Straits Law Practice advised Nava Bharat, who came to an agreement with unnamed coalmine owner in Indonesia to acquire a 75% stake in mines with reserves of 10 million tonnes of high-grade coal.   M Rajaram was the lead lawyer representing Nava Bharat.

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