19 November 2004, Hong Kong – LAWFUEL – Law, law firm, legal news – Shearman & Sterling LLP’s Tokyo office represented the Japan National Oil Corporation, a Japanese government-owned entity, as the selling shareholder in connection with the privatization of INPEX Corporation, through the international offering of 94,524 shares pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended, and a concurrent public offering of 249,201 shares in Japan listed on the Tokyo Stock Exchange. The aggregate value of the transaction was JPY159.8 billion (approximately US$1.5 billion).
INPEX Corporation is a leading oil and gas company engaged in the exploration, development and supply of crude oil and natural gas. The company has energy projects throughout the world from Indonesia to
Australia and Kazakhstan. INPEX Corporation plays the key role in
maintaining a stable energy supply for Japan, a nation that is poor in natural energy resources.
Goldman Sachs International, Citigroup Global Markets Limited, Nomura International plc, and Daiwa Securities SMBC Europe Limited were joint lead managers.
The firm’s Tokyo capital markets partner Masahisa Ikeda led the deal, assisted by Japanese associates Satoko Kato and Wakako Takatori.