Clifford Chance
Clifford Chance advises Rockwood on US$1 billion lithium joint venture with Chengdu Tianqi to acquire Australia's Talison Lithium
5 December 2013
Clifford Chance advises Rockwood on US$1 billion lithium joint venture with Chengdu Tianqi to acquire Australia's Talison Lithium
Clifford Chance has advised multinational Rockwood Holdings Inc on its joint venture with China's Chengdu Tianqi Industry Group, that will give Rockwood a 49% ownership interest and Tianqi a 51% interest in Australia's Talison Lithium Ltd.
Talison is a global producer of lithium that mines and processes lithium-bearing minerals at its operations in Western Australia.
Rockwood Holdings, Inc., headquartered in New Jersey, USA, is a specialty chemicals and advanced materials company with approximately 10,200 employees in more than 20 countries worldwide.
At close, it is expected that Rockwood and Tianqi will provide equity of US$196 million and US$204 million, respectively. In addition, Rockwood will also provide the joint venture with a two-year secured loan of up to US$670 million.
Rockwood will grant Tianqi a three-year call option to invest from 20% to 30% in the equity of Rockwood Lithium GmbH, Frankfurt (Germany), the European arm of Rockwood’s global lithium business.
"We are delighted to have advised Rockwood on this complex and challenging deal," said partner Dr. Arndt Stengel who led the team advising Rockwood with Perth partner Michael Lishman. "We advised on two transactions spanning four continents, from instruction to announcement in just over one month; this would not have been possible without our global team working seamlessly round the clock for our client."
The Clifford Chance team was led by partners Dr. Arndt Stengel (Frankfurt/Munich) and Michael Lishman (Perth) and included counsel Dr. Leif U Schrader (Frankfurt), Gwendolyn Müller (Munich), Robyn Glindemann (Perth) and partner Emma Davies (Hong Kong); all are members of the firm's global corporate practice.
Perth counsel Philip Sealey advised on the financing aspects of the transaction, while antitrust advice was provided by partner Marc Besen (Düsseldorf/Brussels), senior associate Nadia Esken (Düsseldorf) and senior associate Richard Blewett (London).
Clifford Chance berät Rockwood Holdings beim Joint Venture bezüglich Talison (Australien)
Die internationale Anwaltssozietät Clifford Chance hat Rockwood Holdings Inc., Princeton NJ (USA), bei einem Joint Venture mit Chengdu Tianqi Industry Group, Chengdu (Volksrepublik China), beraten. An dem Joint Venture Talison Lithium Ltd., Greenbushes (Australien), hält Rockwood einen Anteil von 49 Prozent und Tianqi von 51 Prozent. Talison ist ein weltweit operierender Lithiumproduzent, der in seinen Betrieben in Westaustralien das lithiumhaltige Mineral Spodumen abbaut und weiterverarbeitet.
Rockwood bringt in die Transaktion Eigenkapital in Höhe von 196 Millionen US-Dollar, Tianqi in Höhe von 204 Millionen US-Dollar ein. Außerdem erhält das Joint Venture von Rockwood ein besichertes Darlehen über einen Betrag von bis zu 670 Millionen US-Dollar mit einer Laufzeit von zwei Jahren.
Zudem gewährt Rockwood eine Call-Option, die Tianqi berechtigt, während eines Zeitraums von drei Jahren 20 bis 30 Prozent in das Eigenkapital der Rockwood Lithium GmbH, Frankfurt am Main, dem europäischen Zweig des Lithiumgeschäfts von Rockwood, zu investieren.
Das Beratungsteam von Clifford Chance unter Federführung der Partner Dr. Arndt Stengel (Frankfurt/München) und Michael Lishman (Perth) bestand aus den Counseln Dr. Leif U. Schrader (Frankfurt), Gwendolyn Müller (München), Robyn Glindemann (Perth) und Partner Emma Davies (Hongkong) – alle Corporate – sowie Counsel Philip Sealey (Banking & Finance, Perth), Partner Marc Besen (Kartellrecht, Düsseldorf/Brüssel), Senior Associate Nadia Esken (Kartellrecht, Düsseldorf) und Senior Associate Richard Blewett (Kartellrecht, London).
