Baker & McKenzie advised the joint sponsors – BOCI Asia Limited (“BOCI”) and J.P. Morgan Securities (Far East) Limited – and the joint global coordinators – BOCI and J.P. Morgan Securities (Asia Pacific) Limited, as Hong Kong and US law counsel, on the HK$2,016 million global offering of Nexteer Automotive Group Limited (“Nexteer”), a global leading automotive steering and driveline systems supplier. The shares commenced trading on The Stock Exchange of Hong Kong Limited on 7 October 2013.
AVIC Automobile Industry Holdings Ltd., a wholly-owned subsidiary of Aviation Industry Corporation of China, is Nexteer’s controlling shareholder. Headquartered in Michigan USA, Nexteer is ranked as the largest steering supplier in the United States, the fifth-largest steering supplier globally and the third-largest halfshafts supplier globally (based on its 2012 revenue). Nexteer’s global footprint includes 20 manufacturing plants, 10 customer service centers and five regional application engineering centers located in North and South America, Europe and Asia. Nexteer’s main products consist of steering systems and components including electric power steering, hydraulic power steering and steering columns; and driveline systems and components.
Net proceeds from the global offering will be used by Nexteer to fund new product programs; on machinery and equipment to increase production capacity; for expansion and construction of manufacturing plants in the PRC and India; strengthening its research and development capabilities; developing new technologies and products; enhancing key component manufacturing capabilities; and for general corporate purposes.
The Baker & McKenzie team was led by Beijing-based securities partner, Jackie Lo, and also involved Hong Kong-based US securities partner Brian Spires, special counsel Tracy Lam, and associates Christopher Shen, Isabelle Wu and Kathy Zhong. The team had lead responsibility for legal documentation, corporate and regulatory issues, communication with the regulators and general transaction management.
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