Proposed US$ 2.15 billion business merger between Sahara Petrochemicals Company and Saudi International Petrochemical Company marks an important milestone for public listed companies in the Kingdom.
Abuhimed Alsheikh Alhagbani Law Firm (AS&H) and Clifford Chance are advising Sahara Petrochemicals Company on its proposed business merger with Saudi International Petrochemical Company (SIPCHEM).
A binding implementation agreement was entered into on 6 December 2018. The proposed merger, which is subject to shareholder and regulatory approvals, would create an entity with a market capitalisation of approximately US$ 4 billion.
The proposed merger will deliver multiple strategic benefits to the combined business, including increasing scale and resilience in the evolving petrochemicals sector, both in Saudi Arabia and internationally.
The AS&H and Clifford Chance team was led by Mansoor Alhagbani (Partner and Head of Capital Markets and Financial Regulatory, AS&H) and Mike Taylor (Partner, Clifford Chance).
A large team of M&A lawyers and other specialists from our Riyadh and Dubai offices are working on the transaction, including a core team comprising Rizwan Butt (Senior Associate, Riyadh), Ahmad Al-Sadhan (Associate, Riyadh), Ashley Cywicki (Associate, Dubai) and Nicola Birman (Associate, Dubai).
Mansoor Al Hagbani said: "We are delighted to have advised on yet another first of its kind deal in the Kingdom of Saudi Arabia. This proposed share for share exchange offer continues the trend for greater consolidation in the Kingdom amongst public listed companies."
Mike Taylor noted "We are very pleased to be working with Sahara on this highly significant transaction and look forward to moving expeditiously to closing. "
AS&H in cooperation with Clifford Chance recently advised SABB on its USD 5 billion statutory merger with Al-Alawwal Bank, NADEC on its acquisition of Al-Safi Danone as well as Savola Group on Saudi Arabia's first accelerated book-built block trade.
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- Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance is Saudi Arabia's leading law firm. It commenced operations in November 2016 and delivers world class legal services in the Kingdom of Saudi Arabia. AS&H in co-operation with Clifford Chance has had a long term presence in the market: between 2014 – 2016 as Clifford Chance Law Firm in Saudi Arabia; and between 1998 – 2014 as Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance.
- AS&H in co-operation with Clifford Chance has eight partners (of whom four are seconded from Clifford Chance), more than any other law firm in the Kingdom, offering Saudi and international clients the greatest depth of top Saudi and internationally qualified foreign lawyers as well as continuity and stability. The team's cutting edge work and commitment to clients has been consistently recognised by all the major legal directories and commentaries and the team has won more awards than any other Saudi law firm.
- Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
- Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2018 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
For further information about AS&H in co-operation with Clifford Chance see www.ashlawksa.com.
For more information about Clifford Chance see www.cliffordchance.com.
For further information about this release contact
Roshan Khan
+971 4 503 2661
roshan.khan@cliffordchance.com
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