Corporate

Head of division | Michael Walter

Main areas covered | mergers and acquisitions | capital markets | energy and natural resources | infrastructure | environment | financial institutions | funds | corporate restructuring | private equity | regulatory | tax | US securities

Key clients include | British American Tobacco | Électricité de France | Tata Group | Transport for London | UBS

Sector expertise includes | defence | insurance and reinsurance | oil and gas | power | TMT | transport

  • Bradford & Bingley throughout its recent fundraising: including its original rights issue, restructured rights issue with investment by TPG, Resolution’s alternative fundraising proposal and TPG’s withdrawal and enlarged rights issue; and then on its nationalisation and the related transfer of its savings business and branches to Abbey National
  • British American Tobacco (BAT) on the restructuring by Richemont and Remgro of their £13 billion holding in BAT and the related secondary listing of BAT’s shares on the Johannesburg Stock Exchange
  • China International Capital Corporation and Macquarie Bank on the HK$4.16 billion Hong Kong IPO of China South Locomotive & Rolling Stock Corporation Limited
  • Électricité de France (EDF), one of Europe’s largest energy groups, on its agreed £12 billion takeover bid for British Energy and its associated plans for nuclear new build in the UK. The deal represents the largest ever inward investment into the UK
  • Onexim Group (a holding company of Mikhail Prokhorov) on the split of assets worth US$15 billion jointly held with Interros Group
  • Resolution on its proposed £8.6 billion merger with Friends Provident, £4.9 billion recommended takeover by Standard Life and £5 billion recommended takeover by Pearl Group

Client case study

We recently advised Huaneng Power International, the listed unit of mainland China’s largest power producer, on the acquisition of SinoSing Power from Huaneng Group for approximately US$3.3 billion including cash and debt.

SinoSing Power is the holding company of Tuas Power in Singapore. Tuas Power is the first of three power assets to be sold by state investment firm Temasek Holdings.

Huaneng Power International develops, constructs, operates and manages power plants in China. It owns 16 operating power plants, and has controlling interests in a further 13 power companies. It is currently the largest listed power producer in China.

Corporate partner Tom Chau led the transaction. He was supported by Hong Kong based senior associate Sherry Lai, and Beijing based associate Isaac Chen. We worked closely on the transaction with Chinese law firm Haiwen, which advised on matters of Chinese law.

Tom Chau commented: “We are pleased to have been involved in this highly complex acquisition.  The successful close within such a short period is a further demonstration of our strong competence in dealing with detailed regulatory and compliance issues in complicated M&A transactions. In particular, this transaction involves a blend of cash and debt, as well as lengthy negotiations between parent companies and their subsidiaries.”