Baker & McKenzie Advises CNOOC Limited On Its US$3.1 Billion Joint Venture With Bridas Energy Holdings
Deal Announcement
March 22, 2010
Beijing, 22 March 2010 – Baker & McKenzie recently advised CNOOC Limited (“CNOOC”) on its 50/50% joint venture with Bridas Energy Holdings Limited (“BEH”) for a consideration of approximately US$3.1 billion in cash. The joint venture company (“Bridas”) is currently a wholly owned subsidiary of BEH. Upon completion of the transaction, CNOOC and BEH each will hold a 50% interest in Bridas and will jointly make management decisions. Bridas, through its affiliates (including a 40% interest in Pan American Energy LLC) has oil and gas exploration and production activities in Argentina, Bolivia and Chile.
Completion of this transaction is conditional on, amongst others, necessary government and regulatory approvals of the People’s Republic of China, and is expected to take place in the first half of 2010.
The multinational Baker & McKenzie team was led by Beijing-based partners Stanley Jia and Bee Chun Boo. The multi-disciplinary team involved with the transaction included partners Jonathan Cahn and Tom Egan from Washington, DC; Adolfo Duranona and Roberto Grane from Buenos Aires; Hugh Stewart and Jeremy Winter from London; Antonio Ortuzar Jr from Santiago; and Francisco Escat from Madrid.
Commenting on the deal, Stanley Jia and Bee Chun Boo said, “We are delighted to have acted for CNOOC, a long-standing client of the Firm, on this strategic and landmark transaction. Our involvement in this transaction demonstrates the Firm’s unique strengths in executing such cross-border transactions seamlessly through our global network. Our ability to provide integrated advice across the full spectrum of law and on-the-ground support in the various deal locations, as well as our extensive experience in advising other large Chinese state-owned companies on their global investments were instrumental in the successful completion of this project.”