CLAYTON Utz is advising SGX-listed Noble Group Limited subsidiary Jonesville Limited in connection with its $133 million takeover bid for iron ore miner Territory Resources Limited.
The Noble Group, which owns 30 per cent of Territory, this month made an unconditional offer of A$132.6m, which was 9 per cent better than an offer made by South Africa's Exxaro Resources.
The market had been expecting Noble to make a move on Territory after it increased its stake in the miner to 32.01 per cent from 29.01 per cent since Exxaro launched its 46 cents-a-share bid.
Noble offered to acquire up to 100 per cent of the fully paid ordinary shares in Territory for $0.50 cash per share by way of an unconditional on-market takeover offer.
Hong Kong-based Noble manages a supply chain of agricultural and energy products, metals and minerals, and said the move would cement its growth prospects.
"Throughout the financial turmoil, Noble has demonstrated unwavering support to Territory, support exhibited most notably through funding facilities and marketing capabilities along with customer and suppliers having the knowledge that Territory is backed by a leading global supply chain management company,'' the company said in a release to the Australian Securities Exchange.
Clayton Utz Perth corporate and M&A partner Matt Johnson is the lead partner advising on the transaction.