Minter Ellison acted as HK counsel to Tencent Holdings Ltd on its HK$1.55 billion ($292.09 million) IPO and listing on the main board of the Hong Kong Stock Exchange. The firm said this was the first time that the unique structure adopted by Tencent had been approved for listing on the main board. It was also the first time the Exchange has granted a specific, perpetual waiver from the “continuing connected transactions” provisions of Chapter 14A of the Listing Rules. This allows Tencent to carry out essential ongoing commercial arrangements with companies connected with some of its shareholders, without the need to obtain periodic approval from independent shareholders (subject to certain conditions).

Skadden represented Gucci Group N.V. in the approximately US$3 ($4.3) billion acquisition by Pinault-Printemps-Redoute S.A. (PPR) of all of the outstanding common shares of Gucci not already owned by PPR. Under the terms of the transaction, PPR, Gucci’s majority shareholder, purchased the Gucci shares held by the public at a price of US$85.52 per share. PPR committed to make the offer in September 2001 in connection with the litigation settlement between Gucci, PPR and LVMH. Based in the Netherlands, Gucci Group is one of the world’s leading multi-brand luxury goods companies.