Herbert Smith Freehills is advising Russia’s largest gold producer Polyus Gold International Limited on a US$9 billion unsolicited takeover offer by Sacturino Limited, a wholly owned subsidiary of Wandle Holdings Limited (an existing 40.2% shareholder) which is ultimately controlled by Said Kerimov.
London-based corporate partners Greg Mulley and Mike Flockhart are leading the Herbert Smith Freehills team, along with the firm’s global head of M&A Stephen Wilkinson. They are being assisted by associates Toby Usher, Laura Stuckey and Sarah Ries-Coward.
Greg commented:
“Polyus Gold is a new client of the firm. We have been very pleased to work with the independent committee of directors, and advisers Lazard, J.P. Morgan Cazenove and Credit Suisse, on this significant public M&A transaction which takes place against the backdrop of a challenging commodities market and geopolitical climate. It is another example of a public bid by a controlling shareholder.”
Mike added:
“The global M&A market remains very strong and we continue to see a high level of cross-border activity involving UK listed companies, across a range of sectors.”
The news follows the firm’s lead roles in a number of high-profile multi-billion pound cross-border deals, including Telefónica’s £10.25 billion sale of O2; ARRIS’ £1.4 billion offer for Pace; TSB’s £1.7 billion takeover by Banco Sabadell; Sky’s £6.8 billion acquisitions of Sky Italia and Sky Deutschland (the largest acquisition in Italy and the largest takeover offer in Germany); TUI’s £4.8 billion cross border merger with TUI AG; and Abbvie’s proposed £32 billion takeover of Shire.
Herbert Smith Freehills is very active in the mining sector and has recently advised BHP Billiton on its A$14 billion demerger of South32; Ferrexpo on various matters including the sale of its interest in Ferrous Resources and its recent bond exchange offers; and Lonmin on numerous corporate finance, equity raising and Black Economic Empowerment Transactions.
Lazard, J.P. Morgan Cazenove and Credit Suisse are acting as financial advisers to Polyus Gold International Limited on this transaction.
Source: www.herbertsmithfreehills.com
