Allens Arthur Robinson (Allens) has advised OneSteel Limited on its acquisition of WPG Resources Limited’s iron ore assets for about $350 million.
The transaction was completed on 6 October, following approval of the acquisition by WPG shareholders on 4 October.
Corporate Partner Andrew Finch, who led an Allens team that included Banking & Finance Partner Nicolas Adkins and Mergers & Acquisitions Senior Associate Michael Scarf, said that the acquisition represents an important growth opportunity for OneSteel’s existing iron ore operations in South Australia.
‘The acquisition allows OneSteel to leverage and expand its existing infrastructure in the Port of Whyalla by increasing throughput of iron ore in conjunction with OneSteel’s existing Middleback Range operations,’ Mr Finch said.
‘We were pleased and privileged to be able to assist our longstanding client, OneSteel, on such an important strategic acquisition.’
Allens has worked with OneSteel on a number of major transactions, including the steel giant’s November 2010 acquisition of global mining leader Anglo American plc’s Moly-Cop and AltaSteel businesses in the Americas for US$932 million.
Related Posts:
- None Found