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Corrs, A&O on Straits energy demerger, acquisition
Thailand's top energy firm last week announced it would start realising revenue from the acquisition of Australia's Straits Resources after February 2011. Corrs worked on the deal.
The New Lawyer
THAILAND'S top energy firm last week announced itwould start realising revenue from the acquisition of Australia’s Strait’sResources after February 2011.
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Corrs Chambers Westgarth is advising Straits on thedemerger of its metals business from their coal business and the subsequentacquisition of its coal business by PTT International Company Limited.
Allen & Overy is advising PTT International, whichplanned to complete the takeover in February, chief financial officer TevinVongvanich told reporters.
Both transactions are being undertaken by schemes of arrangementsand will see Straits metals and associated businesses transferred to StraitsMetals Limited, to be renamed Straits Resources Limited after the demerger.
The transaction has required input from a range oflegal disciplines including corporate advisory, litigation, energy andresources and banking and finance. Corrs has advised Straits on all aspects ofthe transaction.
Straits chairman, Alan Good, said the transaction wasa “significant event for shareholders”. He said it cements the value of theircoal business “which has been built over a long period of time”.
Good said the demerger would create for shareholdersan “exciting new copper focussed metals business” that would provide them withthe opportunity to participate in further value creation.
The transaction is being led by partner StephanieDaveson with senior associates Juanita Rayson and Simon Rear.
Upon completion of the demerger, Straits Metals willbe listed separately on ASX with existing Straits shareholders receiving oneStraits Metals share for every one of their Straits shares. The coalbusiness is to remain with Straits.
