Cleary and Paul Hastings tuck in to Chinese meat producer IPO
Paul Hastings and Cleary Gottlieb Steen & Hamilton are understood to have been appointed as lead advisers on the IPO of Chinese meat processing company Shuanghui International, estimated to be worth up to $6bn (£3.75bn). The planned listing would be the biggest in Hong Kong in four years, providing a welcome boost to the local IPO market, which has seen a dearth of high-value flotations since the middle of 2012. It follows Shuanghui's takeover of the world's largest pork producer – Virginia-based Smithfield Foods – earlier this year. That deal, valued at $7.1bn (£4.7bn), marked the largest ever acquisition of a US company by a Chinese business.
November 13, 2013 at 07:03 PM
2 minute read
US pair take lead roles on Shuanghui's $6bn Hong Kong listing
Paul Hastings and Cleary Gottlieb Steen & Hamilton are understood to have been appointed as lead advisers on the IPO of Chinese meat processing company Shuanghui International, estimated to be worth up to $6bn (£3.75bn).
The planned listing would be the biggest in Hong Kong in four years, providing a welcome boost to the local IPO market, which has seen a dearth of high-value flotations since the middle of 2012.
It follows Shuanghui's takeover of the world's largest pork producer – Virginia-based Smithfield Foods – earlier this year. That deal, valued at $7.1bn (£4.7bn), marked the largest ever acquisition of a US company by a Chinese business.
Paul Hastings, which acted for Shuanghui on the Smithfield merger, is thought to be advising the issuer on the deal, with Hong Kong corporate partner Raymond Li leading its team.
Cleary is understood to be representing the underwriting banks, with Hong Kong capital markets partner Freeman Chan heading the team.
According to reports, the banks running the deal include BOC International, Citic Securities International, Goldman Sachs, Morgan Stanley, Standard Chartered and UBS. Paul Hastings, Cleary and Shuanghui all declined to comment on the pending IPO.
The deal between Shuanghui and Smithfield created one of the biggest global pork production, processing and packaged meat companies in the world, and called upon legal advice from Troutman Sanders, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom and McGuireWoods.
Recently, Shuanghui recruited Simpson Thacher senior associate Sandra Kister as general counsel – a newly created role in the company.
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