find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Orica and Exxon off load

Orica and Exxon off load

Blake Dawson Waldron advised Orica and Exxon Mobil on the sale of their 50/50 plastics joint venture Qenos. The companies sold Qenos to state-owned diversified chemicals company China National…

Blake Dawson Waldron advised Orica and Exxon Mobil on the sale of their 50/50 plastics joint venture Qenos. The companies sold Qenos to state-owned diversified chemicals company China National Chemical Corporation.

The decision to sell was made after Qenos posted a series of losses, partly as a result of rising input costs. BDW partner Peter Stirling said dealing with a “major Chinese multinational” added interesting and challenging aspects to the deal.

“There were aspects of the transaction that were of concern to them, on which they focus, that we wouldn’t normally focus on, and vice versa,” he said, but most of these issues were worked through with no difficulties.

The transaction itself was a “reasonably complex business”, with some environmental aspects to deal with. “From a legal perspective there were quite a few issues to get through, and it took a bit of time dealing with those,” Stirling said.

The fact that Qenos was a joint venture also added to the challenge. “We had two [sets of] shareholders’ interests to deal with, together with the concerns of China National Chemical Corporation, so the multi-party aspect was most challenging.” The transaction was conducted through a trade sale process, and “necessarily took a long time” because of significant interest from industry players and private equity funds.

The deal still requires approval from the foreign investment review board and the People’s Republic of China Government.

China National Chemical Corporation was advised by Corrs Chambers Westgarth in Sydney and Skaddens in Beijing.

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

Orica and Exxon off load
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
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 & ...