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Mallesons on Xstrata’s takeover

Mallesons on Xstrata’s takeover

IN WHAT is one of the largest deals Mallesons Stephen Jaques has worked on with mining client Xstrata since its launch into the Australian resources market five years ago, the company has…

IN WHAT is one of the largest deals Mallesons Stephen Jaques has worked on with mining client Xstrata since its launch into the Australian resources market five years ago, the company has completed a $3.1 billion agreed takeover of resource company Jubilee Mines.

Mallesons partners Nick Pappas and Tim Bednall, with senior associate Georgina Goldsworthy and solicitor Rachael Bassil, were involved in all discussions, due diligence and final negotiations on the deal, in which the Australian mining company Jubilee unanimously recommended Xstrata’s $23 per share offer to shareholders and option holders.

The bed represents a 36 per cent premium to the 30-day volume-weighted average price of Jubilee, the firm said last week.

Pappas, the lead partner on the deal, said the firm advised Xstrata on all their asset purchases, including the purchase of MIM Holdings, “but this deal reinforces Xstrata’s position as a major resources player”.

The offer is conditional on Foreign Investment Review Board approval and other customary conditions. The deal is expected to be completed in December this year.

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