Dentons announced today that it advised MMG Limited (MMG), a subsidiary of State Owned Enterprise (SOE) Minmetals, on its role leading a consortium to enter into a Share Purchase Agreement (SPA) with GlencoreXstrata to acquire the Las Bambas copper project in Peru for US$5.85 billion.
As co-counsel with White & Case, the MMG consortium engaged Dentons to jointly advise on the due diligence as well as the drafting and negotiation of the SPA. Dentons further advised on the PRC regulatory approval as well as the global regulatory approval in connection with the SPA, the mining-related issues and the completion of the global antitrust review. Dentons will continue to work with MMG on the PRC antitrust filing, shareholder loan matters and other deal completion matters over the coming months.
Commenting on the deal, Beijing Managing Partner and Head of China Outbound Investment Sarah Zeng said: “Dentons was ideally placed for this complex, international deal. We were able to blend market-leading mining sector expertise via our Canadian offices and, importantly, a deep understanding of the SOE decision-making process from Beijing to support the deal. Our project management skills enabled us to reduce MMG’s admin burden and keep the consortium members apprised of developments so that they could make informed decisions and keep the project on track.”
The multi-region Dentons team was led by Sarah Zeng (Beijing) and included Alan Hutchison (Vancouver), who led the mining stream as well as the due diligence and SPA teams for Dentons; Carter Simpson (Washington D.C.) who advised on the global antitrust review; and a strong team of lawyers from Dentons’ Beijing and Shanghai offices.
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