Date: 1 April, 2004
China Resources Peoples Telephone Company Limited – Hong Kong IPO
On 1 April, 2004 China Resources Peoples Telephone Company Limited (“Peoples Telephone”) completed its global offering of shares. A capital reduction exercise was completed prior to the offering. The offering raised approximately US$156.6 million. Peoples Telephone is one of the six primary operators providing mobile voice and data communication services in Hong Kong.
Slaughter and May, Hong Kong acted as Hong Kong legal counsel for the issuer, Peoples Telephone, in connection with the global offering and the capital reduction.
Benita Yu (partner), Paul Chow (associate), Aveline San (associate), Anna Ang (associate), Samantha Liu (associate), Selina Cheung (associate)
AXA Investment Managers – Transfer of Operations
On 24th March, 2004 AXA Investment Managers S.A. (“AXA IM”) and State Street Corporation (“State Street”) announced that they had entered into exclusive discussions regarding the transfer of AXA IM’s fund administration and investment operations support functions in the UK, France and Germany to State Street under arrangements which, if consummated, would result in AXA IM outsourcing those functions to State Street in respect of AXA IM’s Euro 292 billion of funds under management. De Pardieu Brocas Maffei & Leygonie, Paris are acting for AXA IM on French legal aspects of this matter.
Slaughter and May act for AXA Investment Managers S.A.
Jan Putnis (partner), Rajiv Viswanathan (associate)
Goldman Sachs, JPMorgan and UBS Investment Bank – Catlin Group IPO
Catlin Group Limited, the Bermudian international property and casualty insurer and reinsurer, has announced an offer price of 350 pence per share for its initial public offering of common shares (the “Global Offering”) and its admission to trading on the London Stock Exchange. Conditional dealings in the common shares are expected to commence on the London Stock Exchange on 1 April 2004.
At the offer price Catlin will have a market capitalisation of nearly US$1 billion (£539 million).
The total offer of US$304 million (£166 million) includes US$200 million (£109 million) of primary common shares and US$104 million (£57 million) of secondary common shares sold by existing Catlin shareholders. An over-allotment option of a further US$46 million (£25 million) has been granted by certain shareholders taking part in the Global Offering. Following the Global Offering, 31 per cent of the Company’s share capital will be held by new institutional investors (35 percent assuming exercise of the entire over-allotment option).
Slaughter and May are acting for Goldman Sachs International, JPMorgan and UBS Investment Bank, the joint global co-ordinators, joint bookrunners, joint sponsors and joint brokers to Catlin in connection with the Global Offering. Sullivan & Cromwell are advising the joint global co-ordinators, joint bookrunners, joint sponsors and joint brokers on US matters.
William Underhill (partner), Anna Meek (associate); Specialist advice: Tax: Sara Luder (partner), Simon Letherman (associate); Financial Regulation: Catriona Owen (associate)
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For general enquiries relating to this Corporate and Commercial/M&A Work Briefing please contact Susan Gafsen (020 7090 3038) or Anna Jacobs (020 7090 3230). For deal specific enquiries please contact the partner concerned via our main switchboard (020 7600 1200).
