Clifford Chance is advising Kunlun Energy Co. Ltd., a Hong Kong natural resources company controlled by Chinese state-owned energy company PetroChina Co. Ltd., on a $1.35 billion share placement to fund expansion of its LNG activities. Hong Kong partners Amy Lo and Virginia Lee are acting for Kunlun on the deal, which is part of the Chinese government’s plan to reduce the country’s dependency on oil. The underwriters of the placement are being advised by Sullivan & Cromwell Hong Kong partners Kay Ian Ng, Gwen Wong and Will Chua. [Read full story]
Jincheng, Tongda & Neal and Clifford Chance are acting for Aluminum Corp. of China Ltd. (also known as Chalco) on a $925 million bid for a 60-percent stake in SouthGobi Resources Ltd., a Vancouver-based mining company focused on Mongolia. Canadian miner Ivanhoe Mines Ltd. will sell SouthGobi stock worth between $533 million and $889 million to Chalco, depending on how many shares are offered for sale by SouthGobi’s other shareholders. The deal also includes an offtake and cooperation agreement between Chalco and SouthGobi. Beijing partner Annie Wu of Jincheng Tongda is Chalco’s lead counsel. Clifford Chance Beijing partner Tim Wang is leading a team advising Chalco on Hong Kong and U.S. law, while Fasken Martineau Calgary partner Gregory Powers is providing Canadian counsel. Toronto-based law firm Goodmans is representing Ivanhoe with a team led by Vancouver partners Paul Goldman and Steven Robertson. SouthGobi is being advised on Hong Kong law by a Freshfields Bruckhaus Deringer team led by Hong Kong partner Simon Weller and Shanghai partner Jack Wang. The company’s independent committee of directors has turned to Ashurst. [Read full story]
