Galaxy Resources Limited’s A$4 Billion Merger With Orocobre Limited

Ashurst advised Galaxy Resources Limited on the deal while Jones Day represented Orocobre Limited.

Galaxy Resources Limited merged with Orocobre Limited (Orocobre) by way of a scheme of arrangement.

If the Scheme is implemented, Galaxy shareholders will receive 0.569 Orocobre shares for each Galaxy share held, and this would result in: Galaxy shareholders owning 45.8% of the combined entity; and Orocobre shareholders owning the remaining 54.2%.

The Scheme is unanimously recommended by the Board of Galaxy and each Galaxy Director intends to vote all the shares that they hold in Galaxy in favour of the Scheme (in both cases, subject to no superior proposal emerging and the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Galaxy shareholders).

The Scheme is endorsed and supported by the Board of Orocobre, subject to no proposal for Orocobre emerging.

The A$4 billion merger of equals would create the 5th largest global lithium chemicals company and one of the leading ASX lithium companies.

The Ashurst team was led by partners Roger Davies (Picture)  and Antonella Pacitti, who were assisted by Ben Stewart, Jacob Carmody and members of the firm’s Projects and Finance teams.  

The Jones Day team included Brett Heading and Max O. Rose.

 

 

Involved fees earner: Jacob Carmody – Ashurst; Roger Davies – Ashurst; Antonella Pacitti – Ashurst; Ben Stewart – Ashurst; Brett Heading – Jones Day; Max Rose – Jones Day;

Law Firms: Ashurst; Jones Day;

Clients: Galaxy Resources Limited; Orocobre Ltd;

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Sonia Carcano

Author: Sonia Carcano