ABN Amro grabs energy deal
Arc Energy has appointed ABN Amro to replace the conflicted Macquarie Bank for its soon to be announced merger with Anzon.
In one of the most heavily contested corporate auctions in years, ABN Amro is emerging with first bragging rights after advising Arc Energy on its soon to be announced $1.1 billion merger with Anzon Australia, continuing the investment bank's strong recent run in the M&A sector.
The ABN Amro team led by Simon Tozer and Steven Weller, under the auspices of Nick Rowe, won the mandate after Arc Energy's usual advisor, Macquarie Bank, was conflicted due to its role advising Anzon's 53 per cent shareholder. Rob Sennett did the work for Anzon. Arc also used Shaun Clyne from Deacons.
Anzon itself was advised by RFC Corporate Finance head Rob Adamson, who managed to attract 15 expressions of interest and nine firm proposals. Adamson and Anzon chose to cut the short list down to four, just to make it manageable, as some teams are said to have brought teams of several dozen lawyers and analysts to the data room.
Losing bidders are said to include Santos, advised by Caliburn; AWE, which retained Babcock & Brown (said to have considered a principal investment of their own); and Origin Energy, which usually uses Macquarie, but tapped Merrill Lynch on this occasion.
Nexus Energy, which has built up a 16 per cent stake in Anzon to protect a 13 per cent cross-shareholding stake, didn't make it to the data room after it and its major shareholder, the Norwegian based Viking Shipping, couldn't agree on a standstill agreement.
But they might still have a role to play. Nexus is advised by Alex Cartel, who has been busy advising Brian Gilbertson's Pallinghurst Resources in the equally hot pursuit of Consolidate Minerals. ABN Amro's Tozer has been acting for Tinfos, the Norwegians watching ConsMin developments with interest after snapping up a 5 per cent stake.
Giles Parkinson
The ABN Amro team led by Simon Tozer and Steven Weller, under the auspices of Nick Rowe, won the mandate after Arc Energy's usual advisor, Macquarie Bank, was conflicted due to its role advising Anzon's 53 per cent shareholder. Rob Sennett did the work for Anzon. Arc also used Shaun Clyne from Deacons.
Anzon itself was advised by RFC Corporate Finance head Rob Adamson, who managed to attract 15 expressions of interest and nine firm proposals. Adamson and Anzon chose to cut the short list down to four, just to make it manageable, as some teams are said to have brought teams of several dozen lawyers and analysts to the data room.
Losing bidders are said to include Santos, advised by Caliburn; AWE, which retained Babcock & Brown (said to have considered a principal investment of their own); and Origin Energy, which usually uses Macquarie, but tapped Merrill Lynch on this occasion.
Nexus Energy, which has built up a 16 per cent stake in Anzon to protect a 13 per cent cross-shareholding stake, didn't make it to the data room after it and its major shareholder, the Norwegian based Viking Shipping, couldn't agree on a standstill agreement.
But they might still have a role to play. Nexus is advised by Alex Cartel, who has been busy advising Brian Gilbertson's Pallinghurst Resources in the equally hot pursuit of Consolidate Minerals. ABN Amro's Tozer has been acting for Tinfos, the Norwegians watching ConsMin developments with interest after snapping up a 5 per cent stake.
Giles Parkinson
deals@businessspectator.com.au
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