HSF helps HKEX lister with $733m takeover bid for Tietto

The deal "illustrates the continuing interest of Chinese miners in offshore acquisitions", partner says

HSF helps HKEX lister with $733m takeover bid for Tietto

Herbert Smith Freehills (HSF) has guided Zhaojin Capital (Hong Kong) Limited on its all-cash takeover bid for Tietto Minerals Limited (Tietto).

Under the offer, Tietto is valued at $733m, which Tietto’s board considered an undervaluation. Initially, the board rejected the offer, but later recommended acceptance or sale on market after an increasein price.

Zhaojin obtained 90.72% voting power in Tietto at the close of the offer on 14 May. HSF co-lead partner Philippa Stone (Sydney) described the deal as “significant for the gold mining industry in Australia”.

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“This transaction illustrates the continuing interest of Chinese miners in offshore acquisitions”, added co-lead partner Hilary Lau (Hong Kong).

The HSF team included of counsel Yida Xu; senior associates Simon Walker and Charles Wong; solicitor Selena Tang; associates Christie Wu and Cara Chan; and trainee solicitors Csilla Cao, Michelle Wu, and Emyth Cun. The team received support from Hong Kong corporate partner Jeremy Shen, senior associate Ian Tam, and associate Samuel Au, who advised on the aspects of the deal involving HKEX listing rules compliance; and partners Rebecca Major and Bertrand Montembault, and avocat François Adao, who provided advice on the aspects of the transaction related to Côte d'Ivoire.

Zhaojin Capital (Hong Kong) Limited is a subsidiary of Zhaojin Mining Industry Limited, an integrated gold corporation listed on the Hong Kong Stock Exchange. Tietto's mining operations are situated in Africa’s Côte d'Ivoire.

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