Allens Arthur Robinson (Allens) has advised Australian steel giant OneSteel on its biggest acquisition since listing on the ASX 10 years ago.
Under the new deal OneSteel will acquire global mining leader Anglo American plc’s Moly-Cop and AltaSteel businesses in the Americas for US$932 million.
The acquisition of Moly-Cop – which produces grinding media in North and South America – and its Canadian ballstock supplier, AltaSteel, is conditional on anti-trust clearance in Canada. The parties hope to complete the transaction by the end of 2010.
Led by Corporate Partner Andrew Finch, the Allens team coordinated a global due diligence group comprising lawyers in Canada, Mexico, Chile and Peru; negotiated and drafted a share purchase agreement; provided regular advice to the board of OneSteel; and facilitated the global coordination of anti-trust advice and filings.
Mr Finch said the acquisition of Moly-Cop and AltaSteel will position OneSteel as a global player in grinding media and provide a platform for further growth in mining consumables.
‘We worked with OneSteel a decade ago when they listed on the ASX and have been privileged to work with them on a number of projects since, including the transformational merger with Smorgon Steel in 2007,’ Mr Finch said.
‘We were delighted to have the opportunity to act for them on this important acquisition.’
Allens acted as lead legal adviser on all aspects of the transaction, including corporate, competition and banking.
Partner Diccon Loxton, who worked on the finance-related aspects of the deal, said it was rewarding to see that corporate borrowers of the strength of OneSteel can raise funds quickly in this market to make acquisitions.
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