Trio of firms hit rich seam on $488m bid for goldmining company
A raft of firms including Norton Rose, Shearman & Sterling and Ashurst have lined up to advise on AngloGold Ashanti and Randgold Resources' joint $488m (£295m) bid for Moto Goldmines. The counterbid, which sees the two mining companies trying to beat Canada's Red Back Mining $466.8m ($282m) bid for Moto, would give AngloGold a 50% indirect interest in the company if Randgold's bid goes ahead.
July 30, 2009 at 05:27 AM
2 minute read
A raft of firms including Norton Rose, Shearman & Sterling and Ashurst have lined up to advise on AngloGold Ashanti and Randgold Resources' joint $488m (£295m) bid for Moto Goldmines.
The counterbid, which sees the two mining companies trying to beat Canada's Red Back Mining $466.8m ($282m) bid for Moto, would give AngloGold a 50% indirect interest in the company if Randgold's bid goes ahead.
AngloGold has turned to Shearman for advice with the firm fielding a team headed by London corporate partners Richard Price and Laurence Levy.
Fasken Martineau's Toronto-based global mining head, John Turner, gave Canadian advice.
Ashurst has taken the lead role for Randgold, with London corporate partners Nick Williamson and Michael Robbins leading. Blake Cassels & Graydon advised on Canadian matters, with London managing partner David Glennie at the helm alongside New York corporate partner Steven Suzzan. Fulbright & Jaworski took care of the US side for Rangold.
Norton Rose is acting as lead adviser to Moto, with London corporate finance consultant Mark Bankes leading.
If the deal goes ahead it will give Randgold and AngloGold access to Moto's gold deposits in the Democratic Republic of Congo, with both companies jointly responsible for developing and funding the project.
AngloGold is one of the biggest gold producers in the world, producing 4.98 million ounces of gold in 2008, – an estimated 7% of global production. Randgold, which has primary listings in New York and London, has exploration programmes in Mali, Senegal, Burkina Faso, Cote d'Ivoire, Ghana and Tanzania.
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