find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Futures exchanged in merger agreement

Futures exchanged in merger agreement

Blake Dawson Waldron and Mallesons Stephen Jaques are advising on the proposed merger between Sydney Futures Exchange (SFE) and the Australian Stock Exchange (ASX). Blakes is acting for SFE an

Blake Dawson Waldron and Mallesons Stephen Jaques are advising on the proposed merger between Sydney Futures Exchange (SFE) and the Australian Stock Exchange (ASX). Blakes is acting for SFE and Mallesons for the ASX. The merger would create the leading integrated financial markets exchange in the Asia-Pacific region.

The proposed merger values SFE at approximately $2.4 billion and places a value on the merged entity of up to $6 billion, making it one of the 50 or so largest companies listed on the ASX. An announcement from the SFE and ASX said the merged entity would be the ninth largest listed exchange group globally.

Bill Koeck led Blakes’ team, which included partner Donald Hacker, senior associate David Ryan and lawyer James Mayne from the corporate team, and partner Rod Cox advising on tax issues. Tim Bednall led Mallesons’ team with Jason Watts and senior associate Sarah Turner. Don Robertson of Freehills advised the ASX on ACCC issues.

Koeck said the team worked to an exceptionally short time frame in order to prepare the Merger Implementation Agreements and manage negotiations in the lead up to the merger announcement on 27 March. Although there had been discussions for some time, once the decision was made to go ahead with the merger, the transaction had to mover very quickly “for various reasons”.

“These types of organisations have to behave in a way that’s an example to other companies,” Koeck said. “Both organisations were conscious of their obligations to act in a manner that was an example of proper conduct to the market. So we signed at 9am on Monday and the announcements were made immediately before trading.

“There was no room for innuendo.”

Bednall said it was an interesting transaction in that it involved two companies in an industry undergoing global consolidation and was a reflection of that trend. “It’s fascinating to see what’s been happening on mergers of exchanges elsewhere in the world, and particularly the bidding war for the London Stock Exchange.”

Koeck said the proposed merger represented a landmark transaction and would be “an important milestone in the development of Australia’s capital markets”.

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

Futures exchanged in merger agreement
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Sep 20 2017
Silk picked to monitor national security laws
Dr James Renwick SC has been appointed as Independent National Security Legislation Monitor after se...
Two businessman, growth
Sep 19 2017
Aus catching up on international arbitration front
Australia is starting to see a spike in international arbitration with this set to continue over the...
Sep 19 2017
Manson family killer suffered ‘miscarriage of justice’: former lawyer
A retired Australian barrister has published a book on the Manson Family murders of 1969 and called ...
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'...
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...
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 & ...