Linklaters and Freshfields lead on £41bn mining mega-merger
Linklaters and Freshfields Bruckhaus Deringer have won lead roles as mining giants Anglo American and Xstrata discuss a potential merger worth £41bn. Anglo-Swiss group Xstrata confirmed yesterday (21 June) that it had approached the board of Anglo American about a possible union, describing a merger between the two as "highly compelling".
June 22, 2009 at 06:48 AM
2 minute read
Linklaters and Freshfields Bruckhaus Deringer have won lead roles as mining giants Anglo American and Xstrata discuss a potential merger worth £41bn.
Anglo-Swiss group Xstrata confirmed yesterday (21 June) that it had approached the board of Anglo American about a possible union, describing a merger between the two as "highly compelling".
Freshfields is understood to be advising Xstrata on the early-stage talks, while Linklaters is acting for Anglo American, fielding a team believed to include senior partner David Cheyne and corporate partner Clodagh Hayes.
Both are longstanding advisers to the mining companies. Linklaters has been Anglo American's principal legal adviser in the UK since it first listed on the London Stock Exchange in 1999 following a merger between Anglo American Corporation of South Africa and Minorco, while the firm has advised Minorco as far back as the 1980s.
Xstrata, meanwhile, has been very active in the last few years, gifting Freshfields a number of roles. Corporate partner Julian Makin manages the firm's relationship and earlier this year advised when Xstrata raised £4.1bn though a rights issue. He also advised the company last August on its $10bn (£6.08bn) hostile bid for Lonmin, the world's third-largest platinum producer.
The last 12 months have seen a flurry of activity in the mining and natural resources sector. In addition to the deals above, Xstrata was last year subject to an aborted bid by Brazilian mining company Vale for around $90bn (£54.8bn).
Earlier this month rival mining group Rio Tinto launched a $15.2bn (£9.24bn) rights issue and joint venture with one-time merger partner BHP Billiton. The deal generated roles for Linklaters, Slaughter and May and Herbert Smith.
The roles came in the wake of the collapse of a $19.5bn (£12.1bn) agreement between Rio and Chinese resource giant Chinalco. That deal saw Linklaters advise longstanding client Rio, with Clifford Chance acting for Chinalco.
Rio's $66bn (£41.1bn) mega-deal with BHP collapsed in November last year, after a process which saw BHP racking up $450m (£280.3bn) in costs in the 18 months leading up to the aborted deal.
Linklaters and Freshfields declined to comment.
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