JULY 2013
World Report - Europe
11
Allen & overy guides Russian banking giants on USd3.45bn UK P2P financing
Allen & Overy advised the Russian state-owned banks, Sberbank of Russia and VTB Capital plc (the investment banking division of JSC VTB Bank), as arrangers and lenders under a USD1.7 billion public-to-private acquisition financing facility and related refinancing facilities totalling USD1.75bn on the forthcoming public offer for the ordinary shares of Eurasian Natural Resources Company plc (LSE: ENRC) by Eurasian Resources Group B.V., which was announced to the London Stock Exchange on 24 June 2013.
The bidder, which is a newly established Dutch company formed at the direction of the founders of the target and the Kazakhstan government, currently holds 53.9 per cent. of the ordinary shares of the target. The facilities have been provided by the lenders to
the bidder on a "certain funds" basis in accordance with the requirements of the City Code on Takeovers and Mergers, which is a market-first for Russian banks. The offer will be subject to the terms of an offer document which is required to be published by the bidder in due course.
The Allen & Overy team was led by Banking partner and Moscow departmental head, Stephen Matthews (pictured), who was supported by senior associate Oleg Khomenko and associate Ivan Kozhev, amongst others. London Corporate partner, Richard Hough, advised on Takeover Code aspects, with support from Gareth Irving and Hugh Hobhouse. Allen & Overy Amsterdam and Luxembourg respectively advised the lenders on Dutch and Luxembourg law aspects. Société Générale,
Sberbank CIB and VTB Capital plc, who acted as financial advisers to the bidder in relation to the transaction, were advised separately by Milan-based Banking partner Nick Clark, who was supported by associate Temi Escho.
Commenting on the transaction and Allen & Overy's role, Stephen said: "This deal illustrates well the emergence of the major Russian banks as global players. It also demonstrates the strategic advantage to our clients of combining Allen & Overy's deep regional and global expertise and relationships, in this case, in the areas of UK public bids and the representation of Russian state banks on their most important English law financings.”
Croatia becomes the 28th Member State of the European Union
On Monday 1 July Croatia became the 28th Member State of the European Union. Croatia's accession marks another milestone in the construction of a united Europe. It also provides fresh evidence of the transformative power of the European Union: torn by conflict only two decades ago, Croatia is now a stable democracy, capable of taking on the obligations of EU membership and of adhering to EU standards.
On the eve of Croatia's accession,
President
Barroso said: "Croatia's accession to the European Union is a historic event, which returns the country to its rightful place at the heart of Europe. I look forward to Croatia's contribution to the EU, which will be a success story – to the benefit of the Union, of the people of
Croatia and of South East Europe as whole."
Croatia's accession shows that
the European
perspective is real for those countries firmly committed to the EU agenda. It is a clear signal for the region: the EU keeps its commitments
if
the
necessary reforms are delivered and conditions are met.
Croatia's accession was celebrated in Zagreb on Sunday 30 June and Monday 1 – July. The European Commission was represented by President Barroso, Vice-President Reding, Commissioner Füle and Commissioner Mimica. On 30 June the EU Delegation in Zagreb closed its doors and the following day the European Commission Representation opened.
dLA Piper advises Lloyds development Capital on MBo of Angus Fire
DLA Piper has advised Lloyds Development Capital (LDC), on the circa £62 million MBO of Angus Fire, which was acquired from United Technology Corporation (UTC), a Fortune 500 US listed business.
The deal sees LDC take a significant equity stake in the business which has been formed via the acquisition of international
four trading
divisions of Connecticut- based United Technology Corporation; Angus Fire Products, Angus Fire Engineering, National
Foam (US) and Eau et Feu (France).
Angus Fire, based in Bentham, near Lancaster, is the largest global manufacturer of firefighting products and technology. The group designs and manufactures fire hoses, industrial hoses, foam concentrates, powders and
Angus Fire's customers are in the oil & gas, aerospace,
firefighting,
military, marine and utilities sectors.
engineered
firefighting systems. The business also manufactures large diameter industrial hoses for a variety of industrial applications, including water transfer for the large and growing hydro-fracking market.
Servicing the North American market, the National Foam business, which manufacturers foam concentrates in Westchester, Pennsylvania, fire and industrial hoses in Angiers, North Carolina, and engineered large capacity fire fighting monitor systems in Exton, Pennsylvania. The Eau et Feu business’ operation based in Reims, France manufactures small bore
fire hoses and foam concentrates for the domestic fire services, while also exporting its products to markets within North Africa and Eastern Europe.
The DLA Piper team was led by partners Nick Roome and James Kerrigan who were supported by Paul Kelly, Louise Barber, Edmund Chan (UK Corporate), David Thompson (UK Tax), Howard Schwartz and Thomas Pilkerton III (US Corporate) and Anne-
Laure Bardou (France Corporate).
James Kerrigan commented: "It has been a pleasure to have advised LDC on this complex transaction. The investment they have made will be used to increase capacity and drive operational improvements to support the continued growth of this market leading global group. We are very pleased to have used our international expertise to ensure they reached the desired result."
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