With over 30 years of experience in Asia, Cleary Gottlieb has a longer history in the region than most other international law firms. Our clients benefit from the intimate knowledge of local law and business custom our lawyers bring to every transaction. With offices in Hong Kong and Beijing and approximately 50 resident lawyers, many of whom are fluent in Chinese or Korean in addition to English, Cleary Gottlieb’s Asian practice handles the largest and most innovative transactions both for clients based in Asia and those doing business in the region.
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Sep 02, 2011
Cleary Gottlieb represented Bank of America in its sale of approximately 13.1 billion H shares of China Construction Bank for an aggregate sale price of approximately $8.3 billion. The transaction was signed on August 29, 2011 and closed on September 2, 2011.
Cleary Gottlieb previously represented Bank of America in its 2005 acquisition of an approximately 8.5% interest in CCB, which was the single largest foreign investment ever in a Chinese company, in its 2008 exercise of an option to acquire an additional approximately 10.9% interest in CCB and its subsequent sales of CCB’s shares and share rights in 2009 and 2010, respectively.
Nov 04, 2011
Cleary Gottlieb is representing Sony on its acquisition of Ericsson’s 50 percent stake in Sony Ericsson Mobile Communications AB, making the mobile handset business a wholly-owned subsidiary of Sony. As part of the transaction, Ericsson will receive a cash consideration of €1.05 billion.
The transaction will provide Sony with a broad IP cross-licensing agreement and ownership of five essential patent families and will give Sony an opportunity to rapidly integrate smartphones into its broad array of network-connected consumer electronics devices.
Jan 13, 2012
Cleary Gottlieb represented Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Standard Chartered and UBS as underwriters in a U.S.-registered offering by the Republic of the Philippines of $1.5 billion of its 5.00% global bonds due 2037. The offering closed on January 13, 2012. The bonds were listed on the Official List of the Luxembourg Stock Exchange and admitted for trading on the Euro MTF Market.
Cleary Gottlieb is the designated underwriters’ counsel for offerings by the Philippines, one of Asia's most frequent sovereign borrowers.
Sep 21, 2011
Cleary Gottlieb is representing China’s Sichuan Hongda Group in connection with its joint venture with Tanzania’s National Development Corporation to implement an integrated coal mine and power plant project and an integrated iron ore mine and steel mill project in Tanzania. The two projects, representing a total investment of up to US$3 billion, represent the single largest investment venture in East Africa.
Sichuan Hongda Group will hold an 80% interest in the joint venture company, and National Development Corporation, the statutory corporation established to implement projects on behalf of the Government of the United Republic of Tanzania, will hold 20%. The joint venture agreement and other transaction documents were signed on September 21, 2011. Completion of the transaction is subject to various conditions, including approvals from the PRC and Tanzanian governments.
Dec 20, 2010
Cleary Gottlieb represented PETRONAS Chemicals Group Berhad (PCG) and the selling shareholder, Petroliam Nasional Berhad (PETRONAS), in PCG’s Ringgit Malaysia 14.78 billion (approximately $4.7 billion) initial public offering, the largest initial public offering ever in Southeast Asia. CIMB Investment Bank Berhad, Deutsche Bank AG, Hong Kong Branch and Morgan Stanley & Co. International plc acted as joint global coordinators and joint bookrunners for the institutional offering, and CIMB Investment Bank Berhad acted as the managing underwriter for the retail offering in Malaysia. The shares were sold through a registered public offering in Malaysia and through a Rule 144A/Regulation S offering outside Malaysia. The deal priced on November 12, 2010 and closed on November 24, 2010, and the PCG shares were listed on the Main Market of Bursa Malaysia Securities Berhad on November 26, 2010. An over-allotment option granted by PETRONAS was exercised in full on December 17, 2010.
PCG is a leading integrated petrochemicals producer in Malaysia and is one of the largest petrochemicals producers in Southeast Asia, with an annual production capacity of over 11 million metric tons. PCG manufactures, markets and sells a diversified range of petrochemical products, including olefins, polymers, fertilizers, methanol and other basic chemicals and derivative products. PETRONAS is a fully integrated oil and gas corporation with operations in more than 30 countries around the world. It is wholly owned by the Malaysian government and ranked in the FORTUNE Global 500.
Apr 23, 2010
Cleary Gottlieb represented Samsung Life Insurance in its $4.4 billion initial public offering, the largest IPO ever by a Korean company. Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley were joint bookrunners for the international tranche of the offering. The IPO priced near the high end of the expected price range on April 23, and the common shares will begin trading on the KRX KOSPI Market of the Korea Exchange on May 12.
Samsung Life Insurance is the leading life insurance company in Korea and is one of the flagship companies of the Samsung Group, which is the largest business group in Korea. The company provided coverage to 12.6 million individuals as of December 31, 2009, representing approximately 26% of the Korean population. As of the pricing date, the company would rank sixth in terms of market capitalization among companies listed on the Korea Exchange.
Jan 15, 2010
Cleary Gottlieb represented Precision Castparts Corp. in its acquisition from a foreign private equity fund of an indirect 49 percent equity interest in Yangzhou Chengde Steel Tube Co., a leading manufacturer of metal alloy seamless pipe for various energy applications. PCC is a diversified manufacturer of complex metal components and products, serving the aerospace, power generation, and general industrial markets.
The transaction closed on January 15 in Hong Kong. In connection with the acquisition, PCC's Gordon Wyman division also entered into various commercial arrangements with Chengde.
May 14, 2010
Cleary Gottlieb represented Mando Corporation and the selling shareholders in Mando Corporation’s Won 498 billion (approximately $437 million) common stock IPO. J.P. Morgan and Woori Investment & Securities served as global coordinators and joint bookrunners, Citi and HMC Investment Securities served as joint bookrunners and Daewoo Securities acted as co-lead manager. The stock was sold through a public offering in Korea and a Rule 144A/Reg. S offering elsewhere. The deal priced on May 7, 2010 and closed on May 14, 2010.
Mando Corporation is a major global supplier for chassis-related automotive parts, primarily brake, steering and suspension components.
Top Two Global Competition Review Elite Firm
Global Competition Review (2011)
Asia Equity Deal of the Year
(Vale’s listing of Hong Kong Depositary Receipts)
International Financial Law Review (2011)
Best Korean Deal of the Year
(Samsung Life Insurance's $4.4 billion IPO)
FinanceAsia (2010)
Best Malaysian Deal of the Year, Best Equity Deal of the Year
(Petronas Chemicals $4.1 billion IPO)
FinanceAsia (2010), Islamic Finance (2011)
Best Philippine Deal of the Year, Best Sovereign Bond of the Year, Emerging Asia Bond of the Year
(Republic of the Philippines' $1 billion global bond)
FinanceAsia (2010), International Financing Review (2011)
Corporate Finance Deal of the Year, Deal of the Year,
Top Ten Deal of the Year
(Petronas' $3 billion bond and $1.5 billion sukuk offering)
Islamic Finance (2010), Asian-Counsel (2010), Islamic Finance Asia (2010)
#1 Malaysia Equity IPO Issuers Advisor (Value)
Bloomberg (2010 Rankings)
“Operating out of offices in Hong Kong and Beijing, this firm’s reach extends to South Korea, India, the Philippines and Malaysia, where it is a leading provider of advice on complex corporate matters.”
Chambers Global (2011)
“The Hong Kong and Beijing offices of this firm are principally seen on the issuer side of debt and equity capital market transactions. … Sources say: ‘They have the right size of team and a global reach.’”
“This firm has been advising on deals in the Philippines for more than 20 years, and is a perennial presence on the country’s most complex deals. Operating from its Hong Kong office, the team has proven expertise, particularly in capital markets transactions and M&A.”
Chambers Asia (2011)
“This firm directs its Asia practice through its Hong Kong and Beijing offices. As well as a strong presence in China itself, the firm enjoys great standing in the Korean market and is also strong in Taiwan, most notably in distressed acquisitions within the technology sector. The firm is particularly popular with US private equity players.”
Chambers Global (2010)
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