Deal Watch - 4/6/2010


Posted on April 6, 2010 at 9:04 PM

White & Case LLP advised Pacific Century Group, a Hong Kong-based investment company, in the acquisition of AIG’s investment advisory and asset management business. AIG, a leading international insurance organization, manages approximately US$87 billion of investments for retail and institutional clients. PCG is currently focusing on infrastructure, property and satellite communications in the Asia-Pacific region. Steve Teichman and John Hartley led the firm’s advisory team.

Davis Polk & Wardwell LLP advised underwriters led by JPMorgan Securities (Far East) Limited and Credit Suisse Securities (Europe) Limited regarding the global IPO by Korea Life Insurance (KLI). The IPO included more than 217 million common shares priced at roughly KRW1.8 trillion, making it the largest Korean IPO since 2006. KLI is respected as the second-largest and longest-running Korean life insurance agency. Eugene Gregor, a Tokyo partner, led the firm’s advisory team.

Latham & Watkins represented Chinese solar-power manufacturer Trina Solar Limited (Trina Solar) with regard to its follow-on offering of roughly 9 million American depository shares on the NYSE. Trina Solar raised approximately US$184 million in the offering. Bookrunners in the offering were Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) LLC, and Barclays Capital Inc. David Zhang led the firm’s advisory team.

Clifford Chance advised Pioneer Corporation on its JPY30.5 billion international equity offering. Pioneer Corporation is a prominent manufacturer of both home electronics and automobiles. Reiko Sakimura led the firm’s advisory team and Deutsche bank functioned as lead manager.

Baker & McKenzie has advised EQT Greater China II (EQT) on the acquisition of a co-controlling stake of Japan Home Center (JHC). As the largest discount house-ware retail chain in Hong Kong, Japan Home Centre boasted sales of over US$100 million in 2009. Hong Kong-based M&A partners Tracy Wut and Cheung Yuk Tong were vital to EQT’s gain of 40 percent ownership, with the remaining 60 percent belonging Peter Lau and Lisa Ngai, who founded JHC in 1991.

Dorsey & Whitney served as Hong Kong and US advisor to SouthGobi Energy Resources Ltd’s (SouthGobi) through its global public offering in Hong Kong. Citigroup Global Markets and Macquarie Capital Securities sponsored the international offering. The shares are listed on the Hong Kong Stock Exchange and Toronto Stock Exchange. David Richardson was the leader of the firm’s advisory team. The Hong Kong office of Skadden, Arps, Slate, Meagher & Flom represented the underwriters.

Freshfields Bruckhaus Deringer counseled China Renaissance Capital Investment (CRCI) with regard to the IPO of Joyou AG (Joyou). Joyou, a Chinese manufacturer of kitchen and bathroom accessories, is being traded on the Frankfurt Stock Exchange since March 30. CRCI, an investment company based in Hong Kong, is Joyou’s largest independent shareholder. Dr. Heiner Braun and Dr. Martin Schiessl co-led the firm’s advisory team.

Freshfields Bruckhaus Deringer has also counseled Zhongsheng Group Holdings Limited (Zhongsheng) with the pre-IPO investment by General Atlantic, and with Zhongsheng’s US$370 million IPO. Zhongsheng is a prominent automobile dealership group in China and the first PRC owned and operated car distributor to be listed on the HKSE. Partners Chris Wong and Calvin Lai led the firm’s advisory team. The underwriters of the IPO were advised by partner Amy Lo of Clifford Chance.

Lastly, Freshfields Bruckhaus Deringer is assisting China Sci-Tech Holdings Limited with numerous transactions in the mining sector amounting to a combined US$1.4 billion. Among these transactions are: a US$235 million acquisition of Chariot Resources Limited (Chariot), a US$120 million acquisition of Cape Lambert Lady Annie Exploration (Cape Lambert) and the placing of US$800 and US$200 for other costs. Kay Ian Ng acted as the Hong Kong managing partner.

Orrick, Herrington & Sutcliffe LLP counseled Nippon Soda Co Ltd (Nisso) through the acquisition of Dow Agrosciences’ Tebufenozide insecticide business. It is expected that Dow Agrosciences will divert its focus to other priorities in the fields of agricultural chemical and biotechnology production. The acquisition is regarded as strengthening Nisso’s global market position. Mark Weeks led the firm’s advisory team.

Allen & Gledhill LLP advised CIMB Bank Berhad with regard to the issuance of S$50 million 3.565% Trust Certificates by Citydey Nahdah Pte Ltd. This is the second issue of sukuk in accordance with the Islamic Trust Certificate Programme, established in 2008. Partners Yeo Wico, Magdalene Chong, Serena Choo and Chew Mei Choo advised the transaction.

Additionally, Allen & Gledhill advised Singapore Post Limited (SingPost) with its pricing of S$200 million 3.5% notes due in 2002. The Singapore Exchange Securities Trading Limited will be listing the notes. Partner Margaret Chin led the advising of Singpost and partner Au Huey Ling led the advising of the joint lead managers, paying agent and trustees.

Allen & Gledhill LLP also advised The Media Development Authority of Singapore (MDA) with respect to its joint establishment with Salon Films Group of a S$100 million multi-tranche Integrated Media Fund. Salon Films Group is a Hong Kong-based company famous for work on the film ‘Crouching Tiger, Hidden Dragon.’ Partner Daren Shiau led the firm’s advisory team.

Moreover, Allen & Gledhill LLP counseled PT Bakrieland Development Tbk (Bakrieland) through its issuance of US$155 million guaranteed equity-linked bonds due 2015. The bonds are convertible into ordinary shares of Bakrieland. The placement agent was Credit Suisse (Singapore) Limited. Partner Glenn Foo advised.

Lastly, Allen & Gledhill LLP counseled Temasek Financial (I) Limited (TF) with regard to its completed offerings of S$1 billion 3.265% guaranteed notes due 2020, $S500 million 3.785% guaranteed notes due 2025 and S$500 million 4.0475% guaranteed notes due 2035. Allen & Gledhill also advised Temasek Holdings (Private) Limited (Temasek) with regard to the issued notes. Partners Yeo Wico, Andrew Chan, Sunit Chhabra and Glenn Foo advised on the deal.

Leave a Comment:

Blog Search

Get In Touch

Find out if we can help you.  Email us at or call us at +1-917-355-3119