Jersey Firm In London's Largest Ever Listing

by Jason Gorringe, Tax-News.com, London

21 April 2011

Ogier is acting as Jersey counsel to the Joint Global Co-ordinators on Glencore International's dual London and Hong Kong listing which is expected to raise between USD9-11bn, making it the world's largest IPO this year and London's largest ever listing.

The IPO values the commodity producer and marketer at around USD60bn. Glencore International plc is incorporated in Jersey.

Nathan Powell, a partner based in Ogier's Hong Kong office, led the team assisted by Senior Associate, Adam Chester, who is based in the firm's Jersey office.

Commenting on the transaction, Powell said that: "Our ability to offer Jersey law advice in both the London and Hong Kong time zones was a key factor in securing this instruction. We are also well placed to advise on the Hong Kong listing as we acted on the first listing of a Jersey company, United Company RUSAL Plc, on the Hong Kong Stock Exchange at the beginning of 2010. The fact that Glencore chose Jersey for its listing vehicle reflects Jersey's reputation as a well regulated jurisdiction, acceptable to investors globally, which offers robust but flexible corporate laws".

Ogier worked alongside Clifford Chance who are acting as English and Hong Kong counsel to the Joint Global Co-ordinators.

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