Deal Watch 4/27/12

Posted on April 27, 2012 at 8:04 PM

       Sinopec Kantons Holdings Acquisition

Sinopec Kantons Holding Ltd. acquired interests in five joint ventures in the PRC from its controlling shareholder, China Petroleum & Chemical Corporation for HK$2.22 billion (US$286.1m). Sinopec Kantons also acquired a rights issue valued at HK$ 3.49 billion (US$449.8m). Merrill Lynch (Asia Pacific) Ltd and Merrill Lynch Far East Ltd acted as the sole financial advisors and underwriters for this transaction and were advised by Latham & Watkins. Partners Cathy Yeung, Allen Wang, and Stanley Show led the transaction.

       L&T Infrastructure Finance Company’s Public Issuance

L&T Infrastructure Finance Company Ltd. made a public issue of long-term infrastructure bonds valued at INR 1,000 (US $19) each of Tranche 2 in the form of non-convertible debentures. AZB & Partners advised this deal led by partner Shammek Chaudhuri. The allotment of these Tranche 2 bonds was completely on March 24, 2012.       

       DBS Acquisition of PT Bank Danamon Indonesia

On April 2, 2012, DBS Group Holdings Ltd (DBS) entered a share purchase agreement with Temasek Holdings acquiring a 67.37% stake in PT Bank Danamon Indonesia Tbk, valued at approximately S$6.2 billion (US$ 5 billion). DBS will also make an offer upon completion of this acquisition to acquire the remaining shares of Danamon valued at approximately S$2.9 billion (US$2.3 billion). The total value of this proposed acquisition amounts to approximately S$9.1 billion (US$7.3 billion). Morgan Stanley and Credit Suisse acted as joint financial advisors to DBS, and Shook Lin & Bok Singapore advised them. Partners David Chong and Michelle Phang are leading this transaction. This deal is the biggest takeover of an Indonesian firm and the biggest takeover of a Southeast Asian lender.

       CIMB Group Sdn Bhd Acquisition

CIMB Group Sdn Bhd has acquired The Royal Bank of Scotland’s Asia pacific cash equities and associated investment banking businesses. Allen & Gledhill, acting as Singapore law counsel, advised CIMB Group Sdn Bhd. The transaction was valued at US$143 million.

       Ascendas Pte Ltd. S$300 million Issuance Advised by Allen & Gledhill, DBS Bank Ltd. (DBS), Citigroup Global Markets Singapore Pte Ltd (Citi), and Credit Suisse Ltd. Singapore acted as the joint lead managers for Ascendas Pte Ltd.’s issue of S$300 million (US$ 241.5 million). Partners Margaret Chin and Glenn David Foo led this transaction. DBS and Citi also acted as joint structuring advisers for this transaction and DBA was the sole global coordinator.

       Zumrut Investments Ltd Mauritius Acquisition Zumrut Investments Ltd Mauritius, an affiliate of Kolberg Kravis Roberts & Co LP (KKR), proposed in acquisition by KKR of INR 2.24 billion (US$ 47m) worth of equity shares of TVS Logistics Services Ltd Chennai. AZB & Partners advised Zumrut Investments Ltd Mauritius on this deal, led by partner Ashwin Ramanathan. The deal was announced on April 19, 2012 and has not been completed yet.

        Brilliant Circle Holdings’ Stake Purchase Brilliant Circle Holdings International Ltd. purchased a 60% stake in Giant Sino Investments Ltd, part of Emperor Great Investments Ltd., for HK$720 million (US$92.8m). Clifford Chance advised Brilliant Circle Holdings International on this purchase led by partners Neeraj Budhwani and Terence Foo.

       Temasek Holdings Acquisition Temasek Holdings (Private) Ltd. acquired US$2.3 billion worth of H shares of the Industrial and Commercial Bank of China Ltd. held by the Goldman Sachs Group Inc. Temasek Holdings was advised by Clifford Chance with partners Amy Lo and Simon Cooke leading the transaction.

       HKSE Listing of Central China Real Estate Ltd. Morgan Stanley & Co international & Co PLC, Deutsche Bank AG Singapore Branch, and Oversea-Chinese Banking Corporation Ltd. were all advised by Davis Polk, and Jingtian & Gongcheng on PRC law, on their initial purchase of the S$175 million Regulation S only offering by Central China Real Estate Ltd of its 10.75 percent senior notes due 2016. Davis Polk Partners William F Barron and John Paton led this transaction. Central China Real Estate was advised by Sidley Austin on US law, Commerce & Finance Law Offices on PRC law, Conyers, Dill & Pearman on Cayman Islands law and BVI law, and Li & Partners on Hong Kong Law.

        Eversheds Advises on Bond Issuance New World China Land Ltd. (NWCL), advised by Eversheds, issued the biggest corporate dim sum bond issue ever valued at RMB 4.3 billion (US$682.5m). The lead managers for the transaction were BOC International and HSBC. Eversheds partners Kingsley Ong and Stephen Mok led this transaction. Maples and Calder acted as Cayman Island’s counsel led by partners Christine Chang. Clifford Chance partners Connie Heng and Matt Fairclough advised HSBC and BOCI Asia LTD.

       Fried Frank Advises on Shares Placement Merrill Lynch Far East Ltd., advised by Fried Frank, acted as the placing agent for the secondary placement of shares in Daphne International Holdings Ltd by Top Glory Assts Ltd as the selling shareholder valued at approximately US $42 million. Fried Frank partners Joshua Coleman and Carolyn Sng led this transaction.

       India Power Corporation Merger This week Khaitan & Co filed a pre-merger notification with the Competition Commission of India (CCI) obtaining approval of a merger between India Power Corporation Ltd. (IPCL) and DPSC Ltd. (DPSC). Khaitian & Co partner Manas Kumar Chaudhuri advised IPCL and DPSC on this deal.

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