Login
Orica and Dulux part ways
Australian Stock Exchange (ASX) listed global company Orica, advised by Freehills, has undergone a successful $1 billion demerger and ASX listing of the DuluxGroup business, advised by Minter…
Lawyers Weekly
Australian Stock Exchange (ASX) listed global company Orica, advised by Freehills, has undergone a successful $1 billion demerger and ASX listing of the DuluxGroup business, advised by Minter Ellison.
Orica shareholders evaluated the demerger at a shareholders meeting on 8 July and more than 99 per cent cast votes in favour of the transaction and it was subsequently approved before the Supreme Court of Victoria.
DuluxGroup shares commenced trading on the ASX yesterday (12 July) as high as $2.78 before closing at $2.54.
Freehills M&A partners Neil Pathak and Tim McEwen led the Freehills team, working closely with Orica General Counsel Chris Hansen and DuluxGroup General Counsel and Company Secretary Simon Black.
Pathak said of the deal: "Given the different nature of Orica's mining services and chemical businesses and DuluxGroup's premium branded coatings and home improvement and garden care businesses, the demerger made perfect commercial sense."
Key Freehills team members included partners Dan Brealey, Paul Burns and Paul Wenk, and senior associates Rob Feiner and Sheena Loi.
The Minter Ellison team was led by Russell Miller who said of the deal: "All demergers are complex transactions, but this one proceeded very smoothly. The key to a successful outcome is a shared commitment to a smooth demerger - one that separates the companies on a principled basis, recognising that separation arrangements must necessarily be negotiated at arm's length."
