Linklaters leads for Rio Tinto on asset disposal deal double
Linklaters has taken the lead role for regular client Rio Tinto on the latest of a string of asset disposals aimed at cutting the mining company's debt burden. Rio has sold Alcan Composites, part of Alcan's Engineered Products group, to Swiss company Schweiter Technologies for $349m (£218m). In a separate deal, Rio has sold a 56% stake in its Alcan Cable business to Platinum Equity for an undisclosed sum, putting the company on track to meet its stated target of paying off $15bn (£9.3bn) of debt in two years.
September 25, 2009 at 08:04 AM
2 minute read
Linklaters has taken lead roles for regular client Rio Tinto on the latest of a string of asset disposals aimed at cutting the mining company's debt burden.
Rio has sold Alcan Composites, part of Alcan's Engineered Products group, to Swiss company Schweiter Technologies for $349m (£218m).
In a separate deal, Rio has sold a 56% stake in its Alcan Cable business to Platinum Equity for an undisclosed sum, putting the company on track to meet its stated target of paying off $15bn (£9.3bn) of debt in two years.
Linklaters was the lead counsel to Rio on both deals, having lost out to Sullivan & Cromwell on two earlier disposals. The Composites sale was led out of the magic circle firm's London office, with corporate partner Matthew Bland at the helm. Schweiter was advised by Swiss firm Isler Klaus & Waldis.
New York corporate partner Joshua Berick took the lead role on the Cable deal, supported by corporate associate Meredith Fried in the US.
Bingham McCutchen advised Platinum Equity, with the firm's private equity co-head Jim Loss leading the team.
Alcan Composites is a leading manufacturer of niche aluminium products, employing around 3,000 people based in Switzerland.
The last few months have seen Rio sell off four Alcan packaging business units for $2bn (£1.2bn) to Amcor and the $1.2bn (£731.1m) sale of Alcan's Food Americas division to packaging company Bemis.
Sullivan took the key roles on both deals with a team including London M&A partners Tim Emmerson and Nikolaos Andronikos and US partner Steve Holley.
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