1 February 2019
Clifford Chance advises Tata Steel on US$327 million divestment of SEA business
Leading international law firm Clifford Chance has assembled a cross-border, cross-practice team to advise T S Global Holdings Pte. Ltd. (TSGH), a subsidiary of Tata Steel, one of the top ten steel makers in the world, on the sale of NatSteel Holdings Pte. Ltd. and Tata Steel (Thailand) Public Company Limited (together, the SEA Business) by TSGH to Hebsteel Global Holding Pte. Ltd., an entity controlled by China's HBIS Group Co., Ltd. HBIS Group is also among the largest steel makers in the world. TSGH will retain a 30% stake in the SEA Business after completion of the transaction.
The divestment was led by corporate partners Melissa Ng (Singapore) and Hong Zhang (Beijing), with support from senior associate Vipavee Kaosala (Singapore) and associate Eric Zhang (Beijing). Partner Richard Blewett (Hong Kong) and Bai Yong (Beijing) offered antitrust advice.
Commenting on the transaction Melissa offers, "Tata is one of the most geographically diverse steel manufacturers in the world. We were pleased to bring together a team from across the region to help them bring this transaction to fruition."
Hong says, "We are pleased to have provided seamless service to Tata in bringing this important transaction to signing; a deal which enables HBIS Group to expand its steel making footprint into South East Asia."