find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Qld firm plays in historic acquisition

Qld firm plays in historic acquisition

MCCULLOUGH ROBERTSON has made history, representing Queensland Gas Company in the largest takeover bid ever in Queensland after a $5.6 billion acquisition by BG Group. The deal was the first…

MCCULLOUGH ROBERTSON has made history, representing Queensland Gas Company in the largest takeover bid ever in Queensland after a $5.6 billion acquisition by BG Group. The deal was the first on-market bid in many years, with BG Group offering an unconditional all-cash offer of $5.75 per share.

Chairman of partners at McCullough Robertson Brett Heading said that co-ordinating the deal was also a first for the firm, in that it presented a situation where Qld Gas was an acquisition target while a bidder in its move to take over Roma Petroleum and Sunshine Gas.

“There were two current bids going where Qld Gas was the bidder and now it’s the target,” said Heading. “I’ve never been involved in a situation where a company is bidding on two parties and is also the target in another altogether.”

Heading also noted the significance of the deal being the largest on-market bid nationally in many years. “Most bids, particularly the large ones, have been done off-market and subject to a whole bunch of conditions,” he said. “For an on-market bid you have to be unconditional, with the approvals and finance in place — everything ready to go.

“There are very few companies who are prepared to be robust enough to do an on-market bid.”

Heading co-ordinated the deal with partner Derek Pocock out of the corporate advisory group, with a tax partner and a number of corporate lawyers.

With Mallesons representing BG Group, much of the deal was done out of the Mallesons office. The Qld Gas and BG Group team each flew from their respective bases to meet halfway in Dubai.

The friendly takeover comes a couple of years after McCullough Robertson defended Qld Gas against a hostile takeover from oil and gas company Santos. Heading cites it as a significant win for shareholders, with the friendly takeover extending the proposed Santos offer price of $1.26 per share to BG Group offering $5.75.

Heading said that despite the current economic climate, he believes this latest deal is an example of why their M&A practice will still run strong over the next 12 months. “This is an example of a big gorilla with a strong balance sheet taking an opportunity that has presented itself,” he said. “I expect there will be more of this, particularly if the Australian dollar stays down.”

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

Qld firm plays in historic acquisition
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Dec 11 2017
Warm welcome for new district court judges
Three practitioners who were appointed as district court judges in WA have been congratulated by ...
Lawyers welcome same-sex marriage reform
Dec 11 2017
Lawyers welcome same-sex marriage reform
Australian lawyers have welcomed the recent legalisation of same-sex marriage, after a prolonged nat...
Senate disallows double standards for temporary visa holders
Dec 8 2017
Senate disallows double standards for temporary visa holders
Lawyers have welcomed the Senate’s rejection of regulations imposing strict penalties on temporary...
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 & ...