On 8 July 2014, Glencore acquired Caracal Energy Inc, a Canadian company listed on the London Stock Exchange for an all cash consideration of £5.50 per common share, valuing Caracal’s shares at approximately US $1.35 billion. Clifford Chance also advised Glencore in relation to the impact of the acquisition on Caracal’s US $173,600,000 Convertible Bonds due 2017.
Clifford Chance advised on all English law aspects of the transaction, providing integrated advice across four practice areas – Corporate, Capital Markets, Dispute Resolution and Energy & Infrastructure.
The Clifford Chance team was led by London Corporate Partner David Lewis, supported by Jo En Low (M&A); Simon Sinclair and Yara Fadayel (Capital Markets); Roger Leese (Dispute Resolution); and Russell Wells and Marta Pink (Energy & Infrastructure).
Caracal is focused on oil and gas exploration, development and production activities in the Republic of Chad, Africa.
Glencore is one of the world’s largest global diversified natural resource companies