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Allens leads multi-national OneSteel deal

Allens leads multi-national OneSteel deal

Allens Arthur Robinson has advised Australian steel giant OneSteel on its biggest acquisition since listing on the ASX 10 years ago.Under the new deal, OneSteel will acquire global mining leader…

Allens Arthur Robinson has advised Australian steel giant OneSteel on its biggest acquisition since listing on the ASX 10 years ago.

Under the new deal, OneSteel will acquire global mining leader Anglo American plc's Moly-Cop and AltaSteel businesses in the Americas for $US932 million.

The acquisition of Moly-Cop - which produces grinding media in North and South America - and its Canadian ballstock supplier AltaSteel is conditional on anti-trust clearance in Canada. The parties hope to complete the transaction by the end of 2010.

Led by corporate partner Andrew Finch, the Allens team coordinated a global due diligence group comprising lawyers in Canada, Mexico, Chile and Peru; negotiated and drafted a share purchase agreement; provided regular advice to the board of OneSteel; and facilitated the global coordination of anti-trust advice and filings.

Finch said the acquisition of Moly-Cop and AltaSteel will position OneSteel as a global player in grinding media and provide a platform for further growth in mining consumables.

Allens acted as lead legal adviser on all aspects of the transaction, including corporate, competition and banking. Partner Diccon Loxton, who worked on the finance-related aspects of the deal, said it was rewarding to see that corporate borrowers off the strength of OneSteel can raise funds quickly in this market to make acquisitions.

Other firms involved in the transaction were Machado Meyer Sendacz Opice (Brazil), Osler, Hoskin & Harcourt LLP (Canada), Davies Ward Phillips & Vineberg LLP (Canada), Cariola Diez-Perez Cotapos (Chile), Creel, García-Cuéllar, Aiza Y Enríquez (Mexico), Estudio Ferrero Abogados (Peru) and O'Melveny & Myers LLP (United States).

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