Major M&A transaction of Energy, Land and Industrial Operations Company
We advised Rio Tinto on one of the most significant and successful M&A deals in Scotland in 2016. We provided lead and delivery of external legal services under Scots and English Law and worked seamlessly with the internal Rio Tinto deal team to sell 100% of the shares in its UK smelting & power operational company for £330 million.
Operational assets included a 40kt aluminium smelter, 120MW capacity of hydro at two power stations in the Highlands and a port facility in England together with over 135,000 acres of land. The deal attracted international and local interest from many bidders.
During the deal a number of complex legal and commercial issues arose relating to employee rights, community interests, structures, securities and guarantees, all of which required resolving during both the multi bidder and sole bidder stages.
The deal and its potential social, political and environmental impacts, including community interests as well as those of the employees, shareholders and management of this global client, added sensitivity, scrutiny and complexity to managing the data and the negotiations. With the selection of a lead bidder and the management of legal services and advice through to signing and completion being undertaken within a tight timescale, robust cooperation and coordination of all parties and their advisors ensured smooth delivery and success.
Post completion all interested parties and stakeholders declared the deal a success achieving continued job security, potential expansion, community approval and political backing.
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