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Skadden represented Thai Oil Public Company Limited, Thailand’s larges…

Skadden represented Thai Oil Public Company Limited, Thailand’s largest oil refiner, in its approximately US$788 million initial public offering and listing on the Stock Exchange of Thailand, including a 144A/Regulation S offering outside Thailand. The transaction is the largest-ever IPO in Thailand to date.

The offering included both new and existing shares, with shares owned by creditors of Thai Oil from its 1998 debt restructuring representing over 90 percent of the offered shares. The offering priced at the top of the indicative price at 32 Thai Baht per share and was oversubscribed more than 30 times. J.P. Morgan Chase & Co., Merrill Lynch & Co., Inc. and Morgan Stanley acted as lead international underwriters for the offering. Thai Oil plans to use the proceeds from the offering primarily to finance expansion as energy demand rises in line with domestic economic growth.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.