06 January 2015

Being one step ahead in a highly competitive bidding process

Transcript

My name is Paul Schroder, a Mergers and Acquisitions partner based in Sydney with a particular focus on cross border M&A transactions.

We were very lucky to be able to act for China Molybdenum on its acquisition of the North Parkes copper mine from Rio Tinto in mid-2013.

We had already established a relationship with this client which originated in our Beijing office. China Molybdenum had previously wanted to buy a copper mine in Botswana and for various reasons that deal did not go ahead.

We were aware of Rio Tinto's intention to sell the North Parkes copper mine so we brought both parties together to discuss the opportunity which was very exciting for us having been aware of their earlier disappointment and this opportunity was exactly what they were looking for.

Because of who King & Wood Mallesons is, and our future vision, we are always studying the international market of how Chinese bidders succeed or fail. We are also across all of the trends whether they be in North America, South America, Africa, Asia or Australia.

We understand what people are asking of Chinese bidders and equally what Chinese bidder are willing or able to give.

The AQ, or Asia Intelligence, element in this particular transaction was about being to convince the client that they needed to expect that Rio would be reluctant to transact with them because of various bad experiences that people had had in the Australian market when transacting with Chinese bidders.

We knew that China Molybdenum were different. We just needed to convince Rio Tinto of that, and we needed the client to understand this point to deliver the transaction.

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A Guide to Doing Business in China

We explore the key issues being considered by clients looking to unlock investment opportunities in the People’s Republic of China.

Doing Business in China
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