BLAKE Dawson is advising Australian miner Resourcehouse as it plans to raise US$3.6 billion in a Hong Kong initial public offering.
The company, controlled by billionaire Clive Palmer, has previously tried twice to list in the Asian financial hub, reported Dow Jones Newswires, quoting an unnamed source.
Resourcehouse had originally planned to list in November 2009, but postponed an investor roadshow as it prepared for an investment by Metallurgical Corp of China. Metallurgical bought a five year stake in Resourcehouse for $200 million, and said last February that the Australian miner would start an investor roadshow for its Hong Kong IPO. The firm pulled back again as stock markets were impacted by news of Greece's debt woes.
Blake Dawson has worked with Resourcehouse, Palmer and his private company Mineralogy for five years in relation to various investments in the energy and resources sector.
Clifford Chance advising Resourcehouse on HK law and Shearman & Sterling advising on US law. Linklaters and Mallesons Stephen Jaques are advising the underwriters Bank of China International, HSBC, UBS and RBS.
Partner Murray Wheater is leading the Blake Dawson team, with Adam Conway and Matthew Rumpus.
Wheater said the deal incorporated "many novel issues", as an Australian company listing in Hong Kong using a global offer.
"We think the selection of the Hong Kong Stock Exchange for the IPO will prove a clever move and it will be interesting to see if other Australian companies follow suit as it provides Chinese investors with a familiar and accessible route to investing in commodities that China clearly needs."
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