Simpson Thacher is representing Melrose Industries PLC in the proposed demerger (the “Demerger”) of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses from the Melrose group into a new independent holding company, Dowlais Group plc (“Dowlais”). Subject to approval by Melrose shareholders, the Demerger will be implemented through a distribution in specie to Melrose shareholders of shares in Dowlais, which will seek admission to listing on the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange. On completion of the Demerger, Melrose shareholders will own shareholdings in two independent and separately listed companies, Melrose and Dowlais, each with its own distinct strategy and acquisition currency.
The Simpson Thacher team includes Ben Spiers, Lucy Gillett, Adam Signy, Deborah Harris, James Campisi, Jewel Zhu, Tarek Soliman, Oliver Heighton, Harry Smouha and Sam Moon (Corporate); Nick Shaw, Uma Sud, Srishti Gupta, Alexander Yeagley and Paul Boswell (US Securities); Harry Briffitt, Hannah Ho and Marco Convertini (Credit); Étienne Renaudeau, Preston Miller, Mark B. Skerry, Josh Buckland, Claire M. DiMario, Luke Cowdell and Michael Tagliavini (Antitrust); Sarah Lindley and Chris Dorman (UK Tax); and Jonathan Goldstein and Ruoxi Zhang (US Tax).