Linklaters, Baker & McKenzie and MoFo scoop lead roles on $26bn China rail merger
Linklaters, Baker & McKenzie and Morrison & Foerster have scored lead roles as China's two biggest train manufacturers prepare to merge in a deal valued at $26bn (£17bn).
January 06, 2015 at 05:36 PM
2 minute read
Linklaters, Baker & McKenzie and Morrison & Foerster have scored the lead roles as China's two biggest train manufacturers prepare to merge in a deal valued at $26bn (£17bn).
State-owned CSR Corp and China CNR agreed terms on 31 December for the first-ever merger of two companies with dual listings in Shanghai and Hong Kong.
CSR is set to acquire all of China CNR's shares, exchanging 1.1 new CSR shares for each CNR share.
Linklaters advised China International Capital Corporation, the financial adviser on the transaction. The firm also took a role advising on the structure of the merger, held discussions with Hong Kong regulators and prepared regulatory documentation while also advising on competition matters outside China.
Linklaters' lead partner on the transaction, Teresa Ma described the deal as "highly efficient" with kick-off to signing taking less than 10 weeks.
The Linklaters team also featured corporate partner Pui Hong Chik and competition partner Fay Zhou.
Kirkland & Ellis grabbed a role acting for Bank of America Merrill Lynch, which also acted as a financial advisor to CSR, fielding a team led by Hong Kong corporate partner Nicholas Norris.
Meanwhile Baker & McKenzie has been instructed by CSR, while Morrison & Foerster is representing China CNR.
The merger of CSR and China CNR, the first Chinese company to win a rolling stock contract in the US at the end of last year, is intended to strengthen the presence of the manufacturers abroad. The manufacturers hope that an increase in scale will enable them to better compete against counterparts in Canada, Europe and Japan.
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