13 May – LAWFUEL – The Law News Network – Allen & Overy is advising Shell Chemicals on its agreement to sell Netherlands-based polyolefins manufacturer Basell, the 50:50 joint venture with BASF, to a consortium led by New York-based Access Industries and Chatterjee Group. The transaction is subject to regulatory approval and closing is expected in the second half of 2005. Basell is one of the world’s largest producers of polyolefins, and has sales activities in more than 120 countries and operates production sites in 21 countries worldwide.
London corporate partners in Allen & Overy’s Energy and Utilities Group Ian Elder and Jeremy Parr are leading the Allen & Overy team, assisted by London associates Ben Higson, Georgina Hawkins, Rory Moriarty, Dominic Morris, William Ingram Hill and Elisabeth Moseley. London senior associate Brian Sher is providing antitrust advice, together with New York partner Michael Jahnke. Advice on restructuring and financing matters is being provided by London partner Andrew Trahair. London partner Patrick Mears and senior associate Anne Powell are providing tax advice. London senior associate Anita Donaldson is advising on pension issues. Amsterdam partner Sietze Hepkema is providing advice on Dutch law issues.
Commenting, Ian Elder said: “This is an important transaction for Shell and for us as one of Shell’s international relationship law firms. We are working in close partnership with Shell’s very experienced in-house lawyers led by Hans von der Linde, Wolf Schulz and Moira Shannon, together with Shell’s commercial and specialist in-house teams.”
Jeremy Parr added: “This is my first major transaction for Shell and I am very much enjoying working with the Shell team. I felt that we complemented each other well and were able to maintain a relatively tight timetable for a complex multi-jurisdictional transaction of this type.”
BASF is providing its own internal legal representation.