Highlights 2011/2010

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Total M&A activity in Australia for the FY09/10 was more than double in value and volume to that of the previous year.  The most active sector was energy, mining, oil and gas with four of the 10 largest announced deals coming from this sector including the $3.5 billion acquisition of Arrow Energy to CS CSG (Australia) Pty Limited whereby we acted for Arrow Energy. The agricultural sector also blossomed jumping 300% in value and 400% in volume compared with last year.  This increase was partly due to a number of asset disposals such as the privatisation of the Queensland Government’s forestry plantation assets (Source: Mergermarket).  Gilbert + Tobin advised the bank syndicate on the financing of Hancock’s bid for the forestry assets for $603 million. 

The year overall has provided encouraging results for M&A. Other work highlights of Gilbert + Tobin’s during the FY09/10 include:

• Bennamon Pty Limited – on the proposed acquisition of approximately 30% of the shares in Pro-Pac Packaging Limited, an ASX listed packaging manufacturing and distribution business. Partner involved: Neil Pathak (2011).
• CVC – in connection with its acquisition of a majority interest in the Virgin Active Group. Partner involved: Rachael Bassil (2011).
• Bayard Capital Management Pty Ltd – advising Bayard Capital Management and the founders on the $2.3 billion disposal of utility meter reading developer Landis+Gyr. Partner involved: Andrew Bullock (2011).
• Kulczyk Oil Ventures Inc. – on the proposed acquisition by Neconde Limited (an international consortium) of a 45% interest in Oil Mining Lease 42, an oil and gas field in Nigeria, from Shell Petroleum, Total and Agip. Partners involved: Andrew Bullock and Nicholas Grambas (2011).
• Blackstone – advising the US private equity group on the proposed acquisition of 100% of the stapled securities in Valad Property Group (VPG) for approximately $700 million. Partners involved: Peter Cook and Adam Laura (2011).
• Advising NSW Treasury on the sale of its waste management business, WSN Environmental Solutions (WSN), for $235 million to SITA Environmental Solutions (SITA), a joint venture between French group Suez Environnement and Singapore-listed Sembcorp Industries. Partners involved: Bryan Pointon, Amanda Hempel, Luke Woodward (2010).
• Advising Arrow Energy on the $3.5 billion takeover by Shell and PetroChina. Partners involved: Janine Ryan (2010).
• Advising Sphere Minerals on the takeover bid by Xstrata. Partner involved: Peter Cook (2010).
• Advising The Carlyle Group (as part of a consortium with TPG) on corporate aspects relating to the consortiums successful bid for one of Australia’s largest private health care providers, Healthscope.  Partners involved: Peter Cook, Bryan Pointon (2010).
• Acting for funds advised by private equity firm, Pacific Equity Partners, on the off market takeover bid for all the shares in Energy Developments Limited.  Partners involved: Andrew Bullock and Bryan Pointon (2010).
• Advising Arrow Energy Limited, one of Australia’s top 100 publicly-listed companies and Australia’s largest coal seam gas acreage holder, on the proposed demerger of its international assets forming Dart Energy Limited and the proposed post-demerger acquisition of Arrow Energy by a bidding consortium comprising of Royal Dutch Shell Plc and PetroChina Company Limited. Partners involved: Gary Lawler, Gary Besson and Marko Komadina.
• Advising the NSW Government on the sale of NSW Lotteries Corporation to Tatts Group Limited and on the investigation of the proposed sale of Pillar Administration. Partner involved: Bryan Pointon and John Williamson-Noble.