The firm is representing Aluminum Corporation of China (Chinalco), the Chinese government-controlled diversified metals and mining company, in connection with its acquisition of a minority stake in Rio Tinto, the dual-listed iron-ore company. This is the largest foreign investment ever by a Chinese entity.
On February 1, 2008, Chinalco, together with Alcoa Inc., purchased approximately 12% of the outstanding ordinary shares (including American Depositary Shares) of Rio Tinto plc, the UK entity, in the open market for over $14 billion. The firm, through its Beijing, London, New York and Washington D.C. offices, has been Chinalco’s primary counsel in negotiating the terms of the financing obtained by Chinalco, as well as providing U.S. regulatory and M&A advice. Chinalco is the largest alumina and primary aluminum producer in China and one of the leading alumina and primary aluminum producers in the world.
The Simpson Thacher team includes: Douglas Markel, Shaolin Luo and Liang Wang of the Beijing office (Corporate); Casey Cogut, Alan Klein and Yueting Liang of the New York office (M&A); Euan Gorrie, Stephen Short, Antti Pesonen and Aurelien Jolly of the London office (Credit); Peter Thomas and Brijesh Dave of the Washington office (Regulatory); as well as New York-based International Associates Andrew Wingfield and Emma Walton.