Elite firms take lead roles on Rio's $15bn rights issue and BHP JV
Linklaters, Slaughter and May and Herbert Smith have all advised on Rio Tinto's $15.2bn (£9.5bn) rights issue and joint venture with one-time merger partner BHP Billiton. The roles come in the wake of this week's collapse of Rio's $19.5bn (£12.1bn) deal with Chinese resource giant Chinalco, with Rio opting against a tie-up after shareholder concerns that the deal was not in the best interests of the mining company.
June 05, 2009 at 07:39 AM
2 minute read
Linklaters, Slaughter and May and Herbert Smith have all advised on Rio Tinto's $15.2bn (£9.5bn) rights issue and joint venture with one-time merger partner BHP Billiton.
The roles come in the wake of this week's collapse of Rio's $19.5bn (£12.1bn) deal with Chinese resource giant Chinalco, with Rio opting against a tie-up after shareholder concerns that the deal was not in the best interests of the mining company.
The fully underwritten rights issue will see 21 new shares offered for every 40 existing shares, with the company expecting to reduce its debt by $23.2bn (£14.4bn).
Meanwhile. the joint venture will see Rio and BHP join forces in Western Australia to pool their iron ore operations.
Linklaters advised longstanding client Rio on both the rights issue and the joint venture, fielding a team led by corporate partner James Inglis alongside fellow corporate partners Jessamy Gallagher and Tom Shropshire - who acted on US matters - and competition partner Gavin Robert.
Slaughters is advising BHP, after the magic firm advised on the mining company's failed hostile takeover of Rio last year.
Herbert Smith advised underwriting banks Credit Suisse, JP Morgan Cazenove and Macquarie, with a team led by corporate partners James Palmer and Will Pearce.
US firm Davis Polk & Wardwell advised on US matters with London-based corporate partner Nigel Wilson leading the team, while Australian firm Freehills was lead counsel to the banks in Australia.
Last November saw the collapse of the $66bn (£41.1bn) mega-deal between Rio and BHP in which the latter racked up $450m (£280.3bn) in costs in the 18 months leading up to the aborted deal. Total legal fees for both Rio and BHP are likely to have stood at $20-$25m (£12-£15m).
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