Asia Pacific firms set for divestment surge… Regional managing partner appointed at Clifford Chance… Herbert Smith Freehills celebrates new office launch…
A team from MinterEllison has advised multinational steelmaker POSCO on its interests in Jupiter Mines, which plans to re-list on the ASX.
Jupiter is a South African-focused producer of manganese and plans to return to the Australian Stock Exchange in a $240 million IPO having delisted in 2014. POSCO, headquartered in South Korea, owns 17% equity in Jupiter.
"This transaction is a rare relisting in the context of there being no controlling shareholder, but rather a group of eight 'big' minor shareholders," said MinterEllison partner Tom Shon. "Therefore, this structure required many months of complex negotiations between the parties to agree on terms of the relisting, all within the desired IPO window."
Shon was supported by Michael Scarf (Senior Associate), Sophia Bai (Associate) and Rosie Connolly (Graduate).
It found that 83% of Asia Pacific companies plan to divest in the next 24 months with advancing technology, changing customer needs, and tax policy changes among their key reasons.
“More than ever, corporate executives are asking themselves what they need to do to ensure their organization remains competitive in an environment of significant technological change and disruption,” commented Stephen Lomas, EY Asia-Pacific Divestiture Advisory Services (DAS) Leader. “There is a sense of urgency amongst those executives who see technology altering the competitive landscape and recognize that their organization needs to adapt quickly.”
Opportunistic, unsolicited bids are behind 71% of divestments.
He succeeds Yves Wehrli for a four-year term from 1st April 2018. Wehrli had completed the maximum number of terms but will remain as office managing partner in Paris.
Adams has many years of leadership roles at Clifford Chance and played a strategic role in the firm’s expansion in the Americas.
The Milan office opened for business earlier this year and partners Laura Orlando and Sebastian Moore, of Counsel Pietro Pouche and the rest of the firm’s Italy team welcomed guests including clients to an evening of entertainment last week.
Ms. Orlando was previously head of Disputes and IP practices, and life sciences group at Simmons & Simmons in Italy.