mARCH 2012 96 Legal Transactions 

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INTER PIPELINE FUND CLOSES ITS ACQUISITION OF FOUR PETROLEUM STORAGE TERMINALS FROM DONG ENERGY A/S

Inter Pipeline Fund has announced the successful closing of its acquisition of four petroleum storage terminals in Denmark from a subsidiary of DONG Energy A/S. This accretive acquisition, valued at $459 million plus closing adjustments and the assumption of surplus cash, was first announced on June 20, 2011. The acquisition adds 10.7 million barrels of petroleum storage to Inter Pipeline's

European storage operations. Inter Pipeline is now the fourth largest provider of independent bulk liquid storage services in Europe with total capacity of approximately 19 million barrels. Funding for the DEOT acquisition was provided by Inter Pipeline's recently renewed

bank credit facility. The four Danish terminals will carry on business as Inter Terminals and will be operated by a wholly owned subsidiary of Inter Pipeline. LM

DEAL REPORT

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CHINA THREE GORGES CORPORATION ACQUIRES STAKE IN ENERGIAS DE PORTUGAL SA

China Three Gorges Corp. has won the bidding for its 21% stake in EDP-Energias de Portugal SA with an offer of €2.69 billion ($3.51 billion), in the first of a series of sales of state-owned assets under its austerity program. The deal marks the first time a mainland Chinese firm acquired a significant stake

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hydropower, clean energy project construction and power production," Chairman Cao Guangjing said in a statement. The Chinese firm, which outbid German heavyweight E.ON AG and Brazil's Centrais

in a southern European company and may portend other such moves as cash-strapped European governments from madrid to Athens have been clamoring for Chinese fund- ing to help them finance gaping budget deficits. The investment will help China Three Gorges "showcase its superiority in

Elétricas Brasileiras SA, has big ambitions but a small international profile for now. Portugal's government expects China Three Gorges to invest over €8 billion in EDP to support its expansion plan. The Chinese company also wants to tap EDP's experienced management team to develop its international businesses. LM

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