Hollinger International – Acquisition of Telegraph Group
On 23 June, 2004 Hollinger International, the Canadian media conglomerate, announced that UK media group Press Acquisitions Limited, which is owned by Hollyrood Holdings Limited, which in turn is controlled by Sir David and Sir Frederick Barclay (Barclay Brothers), has agreed to acquire Telegraph Group Limited for a purchase price of £729.5 million in cash. The transaction is scheduled to close on 30 July, 2004.
Slaughter and May acted for Lazard (Hollinger International’s financial adviser).
Stephen Cooke (partner)
Regus Group – Proposed Acquisition
On 21 June, 2004 Regus Group plc announced that it had entered into discussions with HQ Global Workplaces, Inc. regarding a possible acquisition at a cost, including expenses, of up to £190 million.
Slaughter and May, as an integrated team with Davis Polk Wardwell (who are advising on US law), act for Regus Group plc.
Slaughter and May: Andy Ryde (partner), Sam Bagot (associate), Shubhu Patil (associate).
Davis Polk Wardwell: John Knight.
Abbey National – Disposal to ING Lease (UK)
On 17th June, 2004 Abbey National announced that the sale of three of its asset finance and leasing businesses to ING Lease (UK) Limited, a division of the Dutch ING Group NV, had been agreed.
The businesses are Asset Finance, Country Finance and Vendor Finance and provide specialist finance predominately to the small and medium enterprise sector. ING will pay cash consideration for the businesses which have a combined portfolio of approximately £863 million.
The sale of the three divisions is expected to be completed on 30th June.
Slaughter and May act for Abbey National plc.
Craig Cleaver (partner), Nick Fothergill (associate), Nicola Heys (associate); Specialist Advice: Pensions and Employment: Nia Davies (associate); Intellectual Property: David Ives (associate); Tax: Clare Richardson (associate); Commercial Real Estate: Carina Telford (associate); Financial Regulation: Gus Black (associate)
Royal Dutch Shell – Review of Corporate Structure
Slaughter and May are advising Royal Dutch Shell on the review of its corporate structure. Royal Dutch Shell are also being advised by De Brauw Blackstone Westbroek.
Nigel Boardman (partner), Rachel Broquard (associate); Specialist Advice: Tax: Steve Edge (partner), Lee Whittle (associate).
Cazenove & Co./JP Morgan Securities – Placing
Slaughter and May advised Cazenove & Co. Ltd and J.P. Morgan Securities Ltd on the accelerated bookbuilt placing of a 2.63% holding in AngloGold Ashanti Limited on behalf of Lonmin Plc for aggregate gross proceeds of US$204.7 million.
Cleary Gottlieb Steen & Hamilton and Webber Wentzel Bowens advised the banks, respectively, on US and South African aspects of the placing.
David Johnson (partner), Simon Nicholls (associate).
Lancelot – Offer for Londis (Holdings) Limited
On 24 May, 2004 Lancelot (a combination of Kaupthing Limited (a UK subsidiary of the Icelandic bank) and four former T&S Stores’ directors) announced it had approached Londis (Holdings) Limited in relation to a potential offer to acquire Londis (Holdings) Limited (which is subject to a recommended offer by Musgrave Investments plc, to be implemented by a scheme of arrangement). The potential offer, as subsequently increased, valued the company at £63 million and was for a combination of cash and sixty per cent. in aggregate of the shares in Lancelot.
Slaughter and May acted for Lancelot and Kaupthing Limited.
Kathy Hughes (partner); Luke Powell (associate); Specialist Advice: Tax: Graham Iversen (partner).