Allens Arthur Robinson (AAR) acted for the ANZ Banking Group in a joint venture with the Royal Group of Companies (Cambodia) to establish a bank in that country.To be known as the ANZ Royal Bank Cambodia, the joint venture represents a significant investment in Cambodia’s fledgling banking industry and is an important step in the country’s continuing economic development.ANZ will own 55 per cent of the new bank. The Shareholders Agreement between ANZ and the Royal Group of Companies (Cambodia) was signed on 1 November but the joint venture still requires regulatory approval from Cambodia’s central bank. The group plans to open the new bank later in 2005. AAR provided both legal and strategic advice to ANZ, with a team of lawyers from AAR’s offices in Singapore, Cambodia and Australia working together on the deal. Singapore-based partner Gavin MacLaren led the team that advised ANZ on this transaction. “This is an important transaction for banking in Cambodia, and we are pleased that we were able to help one of the firm’s clients in Australia as they expand further in Asia. “
Ryan Lawyers is acting for Travelodge Hotel Development, LP in the $189 million sale of the Travelodge hotel group. The Travelodge Group is to be purchased by a joint venture between JF Meridian Trust and motoring group NRMA. The sale of the Travelodge Group comprises a portfolio of eight hotels totalling 1,355 rooms. There are six hotels in Sydney, one in Melbourne and one in Brisbane. The sale also includes the Travelodge trademark in over 30 countries, including New Zealand and Asia. The Travelodge group is owned by interests associated with the Chicago-based Pritzker family, which also controls the Hyatt Hotel chain. The transaction is being led by Tony Ryan, principal and Kiersten Mulligan, senior associate.
Corrs Chambers Westgarth advised gold and nickel mining company MPI Mines Limited on the recommended $250 million-plus takeover bid made by LionOre Mining International Limited. “The takeover was conducted simultaneously with a de-merger and subsequent ASX listing of MPI Mines’ gold business, making it both complex and innovative, “ said Corrs M&A partner Justin Fox. The de-merger was achieved via a capital reduction and an in specie distribution of all shares in Leviathan Resources to MPI Mines shareholders. MPI Mines’ gold business has been renamed Leviathan Resources. Fox led the Corrs team, which included fellow partners John Slattery and Robert Mott and senior associates Vanessa Smith (de-merger), Sandeep Mann (Leviathan Resources IPO) and Naomi Porter (takeover). The takeover was declared unconditional on 13 December 2004 and a compulsory acquisition notice served on 24 December 2004. Leviathan Resources listed on the ASX on 21 December 2004.