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ANZ advised on billion-dollar stake sale
ANZ has been advised on the sale of its 20 per cent stake in Shanghai Rural Commercial Bank.
Emma Musgrave
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Firm: Clifford Chance (ANZ); Undisclosed (China COSCO Shipping Corporation Limited); Undisclosed (Shanghai Sino-Poland Enterprise Management Development Corporation Limited)
Deal: ANZ has sold its 20 per cent stake in Shanghai Rural Commercial Bank (SRCB) to China COSCO Shipping Corporation Limited and Shanghai Sino-Poland Enterprise Management Development Corporation Limited.
Value: $1.84 billion
Area: M&A
Key players: The legal team advising ANZ was led by Clifford Chance China co-managing partner Terence Foo and corporate partner Glen Ma, with assistance from associates Jay Liang and Kenny Yu.
Deal significance: The agreement will see COSCO and Sino-Poland Enterprise each acquire 10 per cent of SRCB.
The agreement was signed on 31 December 2016 and is subject to customary closing conditions and regulatory approvals.
ANZ's initial investment in SRCB was made in 2007 and has since invested a total of $568 million in SRCB.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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