Baker & McKenzie Advises Cliffs Natural Resources Inc. on Successful Fast Path Listing on NYSE Euronext Paris
Deal Announcement
April 6, 2009
New York, NY, Monday, April 6, 2009 – Baker & McKenzie has advised Cliffs Natural Resources Inc., an international mining and natural resources company, on its successful listing on the professional segment of NYSE Euronext Paris. Cliffs is also listed on the New York Stock Exchange (NYSE: CLF). Cliffs’ shares commenced trading on April 6, 2009, in the first Fast Path listing this year on NYSE Euronext Paris. The Fast Path listing is a process that enables US-listed, non-EU companies to use their existing filings with the SEC for a listing on NYSE Euronext’s European markets, with or without a simultaneous capital raising.
Baker & McKenzie’s French Desk has been directly involved in all four of the Paris Fast Path listings by American issuers, having previously advised Oragenics, Inc. on its listing on NYSE Alternext Paris in December 2008, Philip Morris International Inc. on its listing on NYSE Euronext Paris in March 2008, and NYSE Euronext on the Paris listing of Anheuser-Busch Companies Inc. in April 2008.
“We are delighted to have been involved in the first Fast Path listings on NYSE Euronext Paris of this type,” said David Freedman, lead partner on the transaction and a New York-based member of Baker & McKenzie’s French Desk. “Through the cross-listing on the European market, Cliffs has increased its visibility among investors and is granted direct access to the Euro-zone, the world’s second largest source of capital.“
“Baker & McKenzie’s knowledge and guidance throughout the Fast Path listing process, in partnership with our internal legal and financial reporting teams, was essential for the success of our listing on NYSE Euronext Paris,” added Steven Baisden, Director, Investor Relations and Corporate Communications for Cliffs Natural Resources Inc.