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Firms cook up Chinese share placement
Allens and Baker & McKenzie have acted on a strategic placement of shares to Chinese state-owned CITIC Group.
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Firms: Allens (Alumina Limited); Baker & McKenzie (CITIC)
Area: Corporate
Value: $452 million placement at an issue price of $1.235 a share
Key players: The lead Baker & McKenzie partner was Ashley Poke, with senior associates Michael O'Neill and Tuanh Nguyen assisting. Allens acted for Alumina. Partner Greg Bosmans led the Allens team on the transaction, assisted by special counsel Gadi Bloch
Deal significance: The number of shares placed is equal to 15 per cent of Alumina’s pre-placement capital base, and represents 13.04 per cent of Alumina’s capital base following completion. According to Bosmans, the placement is significant for Alumina, enabling the company to reduce its gearing level and introduce a strategically aligned and financially strong long-term investor who will bring valuable industry expertise and market insight.
