find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (1-3 PAE)
Category: Insurance and Superannuation Law | Location: Sydney NSW 2000
· Join a dynamic Firm · Excellent career growth opportunity
View details
In-house lawyer 1-4 PAE
Category: Generalists - In House | Location: Adelaide SA 5000
· Leading Brand · Report to a Dynamic Legal Counsel
View details
Mallesons advise James Hardie Industries NV on latest move (1)

Mallesons advise James Hardie Industries NV on latest move (1)

Mallesons Stephen Jaques has been working with James Hardie Industries NV on its controversial move to Ireland.

Mallesons Stephen Jaques has been working with James Hardie Industries NV on its controversial move to Ireland. 

Mallesons has acted for the building supplies producer on all Australian legal aspects of the proposal and has worked with the company for several years, starting with the asbestos compensation case in late 2004. 

Mallesons was advising the company on its options prior to the move to Ireland, such as a move to the United States or back to Australia, and is now overseeing all Australian legal matters regarding the move. 

Work undertaken by the firm includes development of the transaction structure, evaluating the suitability of the Societas Europaea (SE) as an ASX and NYSE listed entity and obtaining ASX and other necessary Australian regulatory approvals. 

Mallesons partner, Tim Blue, said James Hardie will be the first SE to be listed on the ASX. 

“Mallesons assisted James Hardie to navigate largely unchartered waters through the SE transformation and the move to Ireland, while at the same time preserving the status quo for all parties under the Amended and Restated Final Funding Agreement. The transaction demonstrates that legal innovation can provide a solution to even the most complex of problems.

He added: “James Hardie’s transformation to an SE and relocation from the Netherlands to Ireland will provide a model for many other major European companies wishing to take up the SE corporate form and realise the benefits of the SE regulation.”

Development of the transaction structure required a complex assessment of the current limitations on James Hardie as a Dutch public company and the suitability of an Irish SE as the holding company of a major global building products group with operations primarily in North America and Asia Pacific and securities traded on both ASX and NYSE. 

James Hardie claims the move should improve its chances of qualifying for tax benefits in the US, which it had failed to achieve through its move to the Netherlands in 2001. 

Blue said that regardless of the move James Hardie would honour all existing agreements relating to compensation for asbestos victims. “The company has been very responsible in that regard,” he said. “One of the main objectives was to leave those existing arrangements as undisturbed as possible. 

However, Unions NSW and the Asbestos Diseases Foundation of Australia claim the company’s almost $90 million budget for the move to Ireland would have been better spent on the victims of asbestos-related diseases associated with their products in the past. 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017


Mallesons advise James Hardie Industries NV on latest move (1)
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Warning
07:03
NT Law Society sounds alarm on mandatory sentencing
The Law Society Northern Territory has issued a warning over mandatory sentencing, saying it hasn’...
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...