Asia Deal Digest: September 5, 2013
Paul Hastings has advised Shuanghui International Holdings Ltd. on securing $4 billion in financing for its proposed $7.1 billion acquisition of U.S. meat producer Smithfield Foods. Shuanghui, China’s largest meat processor, is entering into debt facilities with eight banks: Bank of China Ltd., Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., Credit Agricole Corporate and Investment Bank, DBS Bank Ltd., Natixis, The Royal Bank of Scotland Plc., Standard Chartered Bank (Hong Kong) Ltd., and Industrial & Commercial Bank of China (Asia) Ltd. For the debt financing, Paul Hastings Hong Kong partners Raymond Li and Vivian Lam, New York partners Michael Chernick and Mario Ippolito, and London partner Garrett Hayes advised Shuanghui on Hong Kong and U.S. law. Troutman Sanders acted on Virginia law matters. Allen & Overy Beijing partner Cindy Lo represented the lenders, along with Chinese firm Jingtian & Gongcheng and offshore firm Walkers. [Read full story]
Kirkland & Ellis has advised L Capital Asia, the Asian private equity arm of French luxury goods maker LVMH Moët Hennessy Louis Vuitton S.A., on the establishment of a new $950 million fund. This is L Capital Asia’s second private equity fund, according to a release from the Chicago-based Kirkland. The fund will invest in the lifestyle and branded-goods sectors in Asia. Kirkland Hong Kong funds partners Christopher Braunack and Justin Dolling and London partner Mark Mifsud led the team advising L Capital Asia. [Read full story]
Cleary Gottlieb Steen & Hamilton and Shearman & Sterling have the lead roles on the $539 million proposed take-private of Nanjing-based Simcere Pharmaceutical Group. Cleary Beijing partners Ling Huang and Clay Johnson are representing the buyer consortium led by Simcere founder Jinsheng Ren and also including chief executive officer Hongquan Liu, Chinese private equities groups Hony Capital and Trustbridge Partners, and Shanghai-based conglomerate Fosun Holdings. Acting for Simcere’s board of directors are Shearman Hong Kong partners Paul Strecker and Shuang Zhao, Palo Alto partners Laurence Crouch and Richard Hsu, New York partner Doreen Lilienfeld, and Singapore partner Sanja Udovicic. Maples and Calder Hong Kong partner Greg Knowles is also advising the board on Cayman Islands law. Davis Polk & Wardwell is advising financial adviser UBS AG.
Ashurst has advised a consortium on its $159 million sale of a 29.98 percent stake in Singapore-listed Forterra Trust, which holds commercial real estate assets in mainland China, to Hong Kong property developer Nan Fung for $159 million. The seller consortium, which includes former Forterra directors Richard Barrett, Rory Williams, and John Ronan, was advised by Ashurst Hong Kong partners Robert Ogilvy Watson and Dominic Gregory, as well as London partner Richard Palmer. WongPartnership acted for Forterra Trust. Nan Fung was advised by Deacons, TSMP Law Corp., and Arthur Cox. Appleby Hong Kong partner John Melia also advised the buyer on British Virgin Islands, Isle of Man, and Jersey law.
WongPartnership partners Andrew Ang, Audrey Chng and Christy Lim have advised former Dukang Distillers Holdings Ltd. chairman Gao Feng on the sale of a 43.86 percent stake in the company for $130 million. Singapore-listed Dukang mainly produces baijiu liquor in China’s Henan provinge. Two other Henan companies—flour producer Kaifeng Tianfeng Flour Mill Co. Ltd. and Treasure Winner Holdings Ltd.—purchased the shares.
Clifford Chance is advising Malaysia’s Westports Holdings Bhd on its planned $800 million initial public offering on the Bursa Malaysia. Malaysian firm Kadir Andri & Partners is advising the port operator on local law matters, with a team led by partners Chin Weesing and Dato-ne Sreesanthan. Baker & McKenzie.Wong & Leow Singapore partner Ashok Lalwani is representing underwriters Maybank Investment Bank Bhd., Credit Suisse (Singapore) Ltd., and Goldman Sachs (Singapore) Pte., The Hongkong and Shanghai Banking Corp. Ltd., and Merrill Lynch (Singapore) Pte. Ltd., with Natalie Peh of Albar & Partners acting as Malaysian counsel. [Read full story]
WongPartnership is advising Indonesia’s PT Indofood Sukses Makmur TBK on its proposed $383 million takeover of Chinese vegetable producer China Minzhong Food Corp. Ltd. Indofood, a conglomerate of food businesses controlled by the billionaire Salim family, already owns 33.5 percent of China Minzhong and is offering $0.88 a share for the rest of the company. Partners Mark Choy and Audrey Chng of WongPartnership are acting for Indofood. Stamford Law Corp. is representing the China Minzhong independent directors in charge of evaluating Indofood’s offer. [Read full story]
Cleary Gottlieb Steen & Hamilton and Kim & Chang were the lead advisers on a $500 million notes offering by Korea Finance Corp. KoFC, a government-backed investment fund which holds 90.3 percent of The Korea Development Bank, provides financing to small businesses and local infrastructure projects. Cleary Hong Kong partner Jinduk Han acted as U.S. counsel for KoFC. Davis Polk & Wardwell Hong Kong partner Eugene Gregor and London partner John Paton acted for underwriters Citigroup Global Markets Inc; Deutsche Bank AG, Singapore Branch; The Korea Development Bank; and BofA Merrill Lynch, Pierce, Fenner & Smith Inc.
The same lawyers also worked on a separate $250 million notes offering by Korea Development Bank, with Cleary Gottlieb Steen & Hamilton’s Jinduk Han and Kim & Chang advising the issuer. Davis Polk & Wardwell partners Eugene Gregor and John Paton represented The Hongkong and Shanghai Banking Corp. as sole underwriter.
Allens advised DBP Development Group, a wholly owned subsidiary of Australian energy investment firm DUET Group, on a $82 deal to build a gas pipeline for Chevron Australia. The project was financed by a share placement raising $91 million. Sydney partner Marc Kemp acted for DUET Group, while Perth partners Michael Hollingdale and Tracey Greenaway, and Sydney partner Mark Kidston represented DBP.