Herbert Smith has advised British Petroleum (BP) on the sale of its 2% stake in the equity share capital of China Petroleum & Chemical Corporation (Sinopec). The sale of around 1.8 billion ‘H’ shares in Sinopec was effected through an accelerated bookbuilt placing on public markets for HK$3.15 per share, raising a total of approximately HK$5.8 billion (US$742 million). The placing was arranged by Morgan Stanley & Co. International Limited.
BP acquired the shares when 20% of Sinopec was floated on international markets in October 2000.
The Herbert Smith team was led by partner Greg Mulley in London and Michael Fosh in Beijing. The assistants were Austin Sweeney and Pieta Das Gupta in London and Matt Emsley in Shanghai. The US securities team was led by partner Alex Bafi, assisted by David Aarestad, Curtis Doty and Kimberley Woody.
While the deal was run out London, and the transaction documents were subject to English law, the teams in Beijing and Shanghai offices worked closely with the London team, advising on Hong Kong law and practice.
Michael Fosh commented:
“We are delighted to work in close cooperation with BP, Morgan Stanley and our London team in this key transaction. A team approach was the cornerstone to a successful outcome.”
Herbert Smith advised BP on the sale last month of its stake in PetroChina.