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Freehills, Bakers act on China takeover

Freehills, Bakers act on China takeover

Freehills is acting for Indophil Resources on its newly announced A$545 million takeover bid by China's Zijin Mining.


LAW firm Freehills is acting for Indophil Resources on its newly announced A$545 million takeover bid by China's Zijin Mining. 


Zijin, China's third largest copper producer, has made a cash offer of $1.28 cash per share, and 18 per cent premium to Indophil's last closing share price. 


Indophil, of which its key asset is its minority stake in the Tampakan copper-gold project in the southern Philippines, recommended shareholders accept the off-market offer. 


Freehills was led by partner John Tivey on the deal, supported by solicitor Felicity Hammond. 


Freehills worked in conjunction with TransAsia Lawyers, Philippine law firm Fortun Narvasa Salazar as well as Baker & McKenzie.


Tivey said the deal meets Indophil’s objectives and delivers excellent value to the Indophil shareholders.


The Freehills team has assisted Indophil to weather the impact of the global financial crisis which interrupted Indophil’s sale process. 


Freehills provided strategic legal advice in a complex sale process which commenced in 2008 and involved two attempted takeover bids and a proposed asset sale across multiple jurisdictions.

 

As commodities prices have risen investors are again turning their attention to mining and exploration projects, the firm said. The Indophil deal reflects this trend and is also an indicator that China’s appetite for natural resources is still growing. 


Freehills capitalised on its strategic alliance with TransAsia Lawyers for this transaction. TransAsia Lawyers is a law firm licensed in the People’s Republic of China. Gresham Advisory Partners acted as Indophil’s corporate advisor.


Freehills has recently advised on a number of acquisitions by Chinese entities, including the sale of various OZ Minerals mining interests to China Minmetals in which Tivey was also the lead partner. 


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