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Deals 2 April 2004

Deals 2 April 2004

Minter Ellison assisted Duke Energy Australia and Duke Capital Corporation in the $1.69 billion sale of Duke Energy’s Australian and New Zealand assets, announced on 15 March. The firm said…

Minter Ellison assisted Duke Energy Australia and Duke Capital Corporation in the $1.69 billion sale of Duke Energy’s Australian and New Zealand assets, announced on 15 March. The firm said this transaction was one of the few sales in the Australian market where concurrent tender and IPO processes were run right to the bid date with the IPO acting as a

viable alternative.

In mid-2003, Minters and JP Morgan were asked to advise Duke on potential options for an exit from the local market. The Minter Ellison teams advised on the migration to Australia of the parent company for the Australian and NZ assets, the prospectus, due diligence, separation issues and proposed refinancing. The firm said it also had significant input in the trade sale process. The teams collected and supplied the legal content for the trade sale data room and assisted in responding to bidder questions and in negotiation of the sale documents. The deal was led and coordinated by James Philips from the Sydney office, with significant teams in Melbourne, led by Andrew Venables (finance) and Mitzi Gilligan (due diligence), and in Brisbane, led by Denis Gately. Local expertise was also called in from Minter Ellison’s Perth and Auckland offices.

Pillsbury Winthrop represented the underwriters, Jefferies & Company Inc., Needham & Company Inc. and Stifel, Nicolaus & Company Inc, in connection with a US$63.48 ($85.3) million registered offering of common stock shares by Source Interlink Companies Inc. and certain selling shareholders. A total of 5,520,000 shares of common stock were offered in the transaction, inclusive of the shares covered by the over-allotment option granted to the underwriters by the selling shareholders. Source Interlink Companies is the largest direct-to-retail magazine distributor in the US and a leading provider in the US of design, manufacture and management services to the front end of supermarkets, discount stores, drug stores, convenience stores, terminals and newsstands. The transaction closed on 8 March.

The firm also represented Incyte Corporation in a Rule 144A offering of US$250 ($336) million of its 3.5 per cent Convertible Subordinated Notes due 2011. Incyte Corporation is focused on the discovery and development of novel, small molecule drugs to treat major medical conditions, including HIV, inflammatory disorders, cancer and diabetes. The initial closing on US$200 million of the notes occurred on 19 February, with a subsequent closing on a further US$50 million of the notes occurring on 5 March.

Linklaters has advised Hyundai Mobis and its subsidiary, KIA Motors Corporation, on legal issues relating to the choice between Poland and Slovakia for the development of new auto manufacturing and assembly plants. Hyundai Mobis and KIA Motors announced their decision to construct the car plants in Slovakia on 2 March. The law firm said Hyundai Mobis’ 183 ($300.03) million euro auto parts and modules manufacturing plant will create almost 1,000 jobs and will be the key supplier to KIA Motors’ 725 million euro auto assembly plant, which will create around 2,400 jobs. With a capacity of 200,000 vehicles per year, KIA Motors’ new plant will be the third major automotive assembly plant in Slovakia, after Volkswagen and PSA Peugeot-Citroen. Linklaters’ team was led by Daniel Torsher (finance & projects, Bratislava), Patrik Bolf (corporate, Bratislava), and Christopher Bremme (corporate, Warsaw).

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