Magic Circle Duo Advise On £405M Anglo American Mining Takeover
The deal offers a lifeline to Sirius Minerals, which has faced financial difficulties over the funding of its North Yorkshire mining project.
January 20, 2020 at 05:37 AM
2 minute read
Image: Pixabay
Magic Circle firms Linklaters and Allen & Overy are advising on a proposed takeover by mining giant Anglo American of troubled listed U.K. mining company, Sirius Minerals.
The proposed deal values Sirius at £405 million, and will potentially safeguard jobs at Sirius' Yorkshire mining project, where the firm had been looking to mine polyhalite, a naturally occurring fertiliser used in agriculture.
In September last year, Sirius announced that it was undertaking a strategic review in order to assess the development plan for the project following financial difficulties.
Sirius chairman Russell Scrimshaw said in a statement that if the acquisition is not approved by shareholders and does not complete, "there is a high probability that the business could be placed into administration or liquidation within weeks thereafter."
Allen & Overy partner and co-head of global M&A, Richard Browne, acted as the lead adviser for Sirius Minerals, according to a person with knowledge of the deal.
Linklaters corporate partners Nick Rees and Aisling Zarraga advised Anglo American on the acquisition offer, according to the firm.
The mining giant is a long-standing client for the Magic Circle firm, which has advised it on numerous deals and financial transactions, including its £2.5 billion demerger from packaging and paper giant Mondi in 2007.
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