LONDON – LAWFUEL – Legal Newswire Service – Allen & Overy LLP today announced that it has advised Mechel OAO on its recommended cash offer for Oriel Resources plc. The Offer values the entire issued and to be issued share capital of Oriel at approximately USD1,498 million (GBP749 million). The Offer is conditional on the receipt of antitrust clearances in Russia and Kazakhstan.
Mechel is a Russia based, low-cost integrated mining and metals group with three main divisions: mining; steel production and processing; and power generation which has been listed on the New York Stock Exchange since October 2004.
Oriel is a London-based chrome and nickel mining and processing company which was admitted to trading on AIM in March 2004 and listed on the Toronto Stock Exchange in February 2005.
The Allen & Overy team was led by London-based partner Richard Browne, assisted by Emma Barnett and Elvan Hussein. Partners Varun Gupta and Tony Humphrey also assisted from Moscow.
Commenting, Richard Browne said “We are delighted to have acted for Mechel on this significant strategic transaction.”