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OCTOBER 2013
On the day the publicly-listed company published its full year results, the firm also provided an update on its UK growth strategy.
The announcement of the acquisition of Fentons, follows the completion of Taylors Vinters (Personal Injury practice) last week and Goodmans which is due to be complete at the end of August.
Slater & Gordon Head of UK Neil Kinsella said the acquisition of Fentons, a na- tionally renowned personal injury firm, would see Slater & Gordon’s operations in the UK grow by approximately 280 staff.
Mr. Kinsella said: “The planned acquisition will help cement Slater & Gordon’s ambition to be one of the UK’s leading consumer law firms and it is a big part of a continued growth strategy.”
“We have substantially completed due diligence and executed formal business sale agreements and expect completion in October 2013.”
“We believe Fentons is an ideal partner to move forward with our plans for strategic growth and to boost our presence in the UK. Both firms are focused on delivering high quality, affordable legal services to everyday people.
“This is an exciting time for Slater & Gordon as we move towards being able to bring our legal services and expertise to more people. The expansion of our personal injury team will significantly increase the number of people that we are able to help secure compensation for their injuries and help them get back on their feet.” LM
FoRtEScUE MEtaLS GRoUP In
US$1.15Bn IRon oRE JoInt vEntURE WItH FoRMoSa PLaStIcS GRoUP
Fortescue Metals Group (aSX: FMG, “Fortescue”) and Formosa Plastics Group (“Formosa”) are pleased to announce a US$1.15 billion investment by Formosa to acquire a 31% interest in the FMG Iron Bridge Joint venture, established to develop the FMG Iron Bridge Project.
Formosa is Taiwan’s largest private company and is currently investing in the construction of a 22 million tonnes per annum (mtpa) integrated steel mill at Ha Tinh in Vietnam. The greenfield Ha Tinh project is the largest of its kind in the steel making industry globally and the first of the company’s six planned blast furnaces. It is expected to commence production in 2015.
FMG Iron Bridge Ltd is jointly owned by Fortescue (88%) and a subsidiary of China’s Shanghai Baosteel Group Corporation (“Baosteel”) (12%). FMG Iron Bridge Ltd owns the world class North Star and Glacier Valley iron ore deposits, located about 100 kilometres south of Port Hedland in Western Australia. Encompassing the two deposits, the FMG Iron Bridge Project is underpinned by a combined iron ore resource of 5.2 billion tonnes.
ClarkeKann Lawyers advised Formosa Plastics Group on this transaction. The team was led by Managing Partner, John Toigo and Senior Associates Wenny Lim and Brad Vinning.
DLA Piper advised Fortescue and the team included Partners, Jim Holding and Stephen Webb, Senior Associates, Lyndon Masters and Kate Papailiou and Solicitor, Emily Dux.
John Toigo commented: “This is the largest ever investment from Taiwan into Australia, and will hopefully provide further impetus into Australia from not only other investors from Taiwan, but also investors from other parts of Asia.” LM
FEntonS SoLIcItoRS SELLS ItS BUSInESS to SLatER & GoRdon
Slater & Gordon Lawyers recently announced plans to acquire the national law firm Fentons Solicitors, the largest specialist claimant law firm in the UK, with offices in London and Manchester.
Formosa Plastics Group
Fentons Solicitors