Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Norton Rose is described by one client as being “very reliable with its advice”. The firm “always makes itself available regardless of time and turnarounds, and this is what separates it from other law firms”, adds the client.

The firm advised China Construction Bank on its successful application to the Australian Prudential Regulation Authority for the granting of a foreign bank branch licence in Australia. CCB is one of the world’s largest banks and only the third Chinese bank to be granted a foreign bank branch licence in Australia.

The Norton Rose M&A team “takes a practical and proactive approach”, says one client. “The service provided is very commercial.”

The team advised AXA SA on a complex transaction involving subsidiary AXA Asia Pacific Holdings and AMP Limited). The two-step deal involved a scheme of arrangement in Australia to allow the merger of AMP and AXA APH, followed by a sale to AXA by AMP of AXA APH’s Asian assets.

“I find Norton Rose to be very technical, knowledgeable, detail oriented and practical in its advice,” says one client. While the team’s ability to reach out internationally is highly regarded, one client says: “If I had need for Australian counsel, I would look no further than Norton Rose.”

The firm advised AGL on two substantial wind farm projects comprising 564 megawatts of power production capacity and at a total development cost exceeding US$1.3 billion.

The Norton Rose dispute resolution team considerably strengthened this year with the recruitment of the highly regarded Ernest Van Burren from Blake Dawson.

The team acted in two group proceedings arising from the Black Saturday bushfires, which occurred in Victoria in 2009. It also advised ERG Australia, which operates in the development and supply of integrated fare management and software systems for the transit industry. The proceedings were brought by Public Transport Ticketing Corporation, which was seeking US$87 million in damages.

Clifford Chance

The Clifford Chance energy and natural resource practice draws on the “significant experience of the firm’s lawyers in this sector”, says one client. Benefitting from its recent mergers with Chang Pistilli & Simmons in Sydney and Cochrane Lishman Carson Luscombe in Perth, the CC practice has advised on some of Australia’s largest and most complex energy and natural resource transactions. For example, it advised Sumitomo Corporation and its Australian subsidiary on its involvement in the US$5 billion Wiggins Island Coal Export Terminal at the port of Gladstone, Queensland.

Norton Rose

Norton Rose’s M&A team specialises on high quality transactional work for corporate and financial institutions. One noted aspect of the practice is its particularly strong experience in delivering a seamless cross border service across the Asia Pacific region. Last year’s biggest highlight was advising Banpu Public Company, one of Asia’s leading coal and energy providers, on all aspects of its US$2.7 billion takeover of Australia’s largest independent coal producer Centennial Coal Company.

Norton Rose “understands our business and industry and makes an effort to do so”, says one client. This experienced and dedicated team is “extremely responsive when requested”, adds another client.

Last year saw the team advise Virax Holdings in its licensing agreement with French biopharmaceutical company Transgene SA. The licence grants Virax exclusive access to Transgene’s product being used in clinical trials for treating non small cell lung cancer.

Norton Rose defended David Jones and its directors in the sexual harassment claim brought against them by former employee Kristy Fraser-Kirk. This was arguably the most highly publicised sexual harassment case in Australian history and one of the most significant pieces of litigation at the time.

Another highlight was acting for McDonald’s in its successful appeal to the Full Bench of Fair Work Australia, which allowed for the approval of an enterprise agreement covering 80,000 employees. The agreement was designed to establish streamlined and uniform conditions of employment in areas that had previously been affected by different State-based instruments.

Norton Rose has an active practice on debt and equity capital markets transactions, as well as project finance work. The project finance team is active on both inbound and outbound transactions, and receives strong praise from clients. One says: “It has a strong practice. We use it for natural resources-related structured finance projects and cross-border finance transactions. The firm is adaptive.”

This past year, the Norton Rose finance team represented China Development Bank on the financing of several renewable resources projects. This included the first outbound financing of renewable solar projects in Italy, and its first renewable project non-recourse financing.

The M&A practice at Norton Rose is supported by the firm’s full-service offering in employment law, intellectual property and real estate matters. The firm has also shown a commitment to investing in its China practice, with this year’s relocation of veteran corporate finance partner Michael Wilton from Norton Rose Australia to the Beijing office.

Norton Rose enjoys a strong relationship with China Development Bank, having been re-appointed to its legal panel on foreign-related business for a further three-year term. The firm also represents a wide array of clients, from investment banks to state-owned enterprises to multinationals.

In a February 2011 transaction, partners Lynn Yang and Andrew Abernethy advised Chongqing Jiangbeizui CBC Real Estate Company on a proposed acquisition by Silverstein Properties.

This past year was a busy one for Norton Rose, with its China teams often seen on energy and natural resources financing transactions involving longstanding client China Development Bank (CDB). “We use the firm for natural resource structured finance projects and cross border finance transactions,” says another client. “I would say the firm is adaptive.”

In one representative transaction, Norton Rose advised CDB on an outbound financing for solar power projects in Italy. The firm also represented CDB and Export and Import Bank of China on outbound acquisition financing involving a Moly Mines molybdenum/copper mine in Western Australia. The practice has also worked on a large number of inbound renewable energy deals.

Of Counsel Fei Kwok recently joined the firm’s Shanghai office, and will bring her knowledge of representing clients on complex financing and project development deals, with a particular emphasis on LNG, petrochemicals, and oil and gas projects.

Norton Rose offers clients a wide range of shipping and maritime related services through its multi-jurisdictional network of offices. The firm’s ship financing experience is bolstered by the firm’s capability across mergers and acquisitions, regulation and competition, energy and litigation work.

Experienced partner Nigel Ward leads the Asia shipping practice from the firm’s Beijing office, and lends his banking and finance expertise. Ward represents Mainland financial institutions in their funding for ships built in China, and represents domestic and international entities on finance work in this sector.

Norton Rose offers a multijurisdictional banking team that enjoys long term relationships with state-backed Chinese financial entities. This past year, the firm advised clients such as Citigroup, Credit Agricole, ICBC, HSBC and Bank of China on high level syndicated loans.

One client says: “The firm has a strong practice. We use it for structured finance projects and cross border transactions and it is adaptive to both.”

Partner Davide Barzilai recently advised Bank of China on a secured loan facility of up to US$180.5 million for financing an LNG vessel needed to transport LNG from loading facilities in Bintulu, Malaysia to a Shanghai LNG terminal. Partner Chris Redden also represented a syndicate of 20 banks on a US$5 billion loan to the Sinopec Group last year. Sun Hong, Nigel Ward and Wang Yi are also leading lawyers in the practice.

Norton Rose has been increasing its presence on Hong Kong M&A deals of late. “Norton Rose really does get some big deals,” confirms one partner at a rival firm. “It should be up in the leading tiers of the market.”

This past year, corporate partner Charlotte Robins joined the firm’s Hong Kong office. Robins brings over 10 years of experience (mainly in China) in corporate law to the M&A team, and has a particular focus on financial services regulatory and licensing matters across Asia.

In one highlight deal this year, Hong Kong partner Richard Crosby and Beijing partner Tom Luckock advised Challenger Emerging Markets Infrastructure Fund (EMIF) on its Rmb238 million (US$39 million) acquisition of a 40% interest in six raw water, water supply and wastewater treatment plants along China’s eastern coast.

Andrew Abernethy, Richard Crosby and Shaun McRobert are all leading M&A partners.

Norton Rose welcomed the relocation of energy and projects expert Michael Joyce to its Tokyo office to join forces with Chris Viner, Jeremy Gibb and George Gibson. This move illustrates the firm’s determination to shine in Japan and it has been receiving more instructions of late.

The team has showcased its project finance and asset finance expertise on various transactions over the last year. For example, Gibb led a firm team advising the lenders on the financing of the US$1 billion Tupi floating production, storage and offloading unit in Brazil.

Since opening its Tokyo office in 2008, Norton Rose has won market recognition for its solid performance and the firm debuts in the M&A rankings this year. Partner Michael Joyce relocated from Brisbane in 2011 to add more firepower to a team that already features Chris Viner, Jeremy Gibb and George Gibson. Working closely with its other offices, the team has been active on many outbound transactions recently. Some of the highlights include advising Mitsui & Co on its acquisition of a 49% stake in a Chinese shipyard in Jiangsu Province in China, and advising Sumitomo Corporation on the acquisition of three waste water treatment projects in China.

“Norton Rose is able to provide combined practice area expertise better than a lot of its competitors,” says one satisfied client.

This year, the firm represented PLN, an Indonesian energy company, and IFC on a US$2.5 billion financing deal led by partner Jeff Smith and of counsel Nicola Davis. The financing for the 2,000 megawatt Central Java power project is recognised as a flagship for the Indonesian government.

In another landmark transaction for the firm, partner Yu-En Ong represented ANZ, HSBC and the Cooperative Centrale Raiffeisen Boerenleenbank regarding a US$1.3 billion and A$600 million syndicated loan facility for Wilmar International. The loan was intended to fund its acquisition of Sucrogen from CSR, and illustrates Norton Rose’s cross border capabilities with its office in Australia.

“Lawyers in Norton Rose’s corporate practice work to find the right solution and deal with any obstacles in a constructive manner,” claims one client.

Clients consider partner Adam Summerly’s expertise particularly praiseworthy. “He is a responsive, measured and technically astute lawyer, with good negotiation and problem solving skills,” says one.

This year has been a period of growth for the practice, with the promotion of dual qualified Daniel Yong to partner this year and the addition of associates Vanessa Chew and Si Xuan Cai.

In several laudable accomplishments, a team led by Jake Robson in Singapore and Martin Scott in London advised longstanding client AXA SA on its acquisition of the Asian businesses of AXA Asia Pacific Holdings, AXA SA’s former non wholly owned subsidiary that was separately listed on the ASX.

Norton Rose has advised on numerous high profile project financings such as Central Java Power Project, the Jurong Aromatics project and Island Power Project. Other deals include the developments of a hydropower plant in Indonesia, an oil storage terminal in Malaysia, a caustic soda plant in Oman, and a refinery in Singapore.

The firm is also particularly active in assisting on climate change initiatives. The team advised Standard Chartered Bank on a wind farm financing in China, and Genting Energy on a 91.8MW wind farm financing in India.

The firm also continues to focus on innovative structured financings for shipping and offshore energy projects globally, with emphasis on the energy transportation/oil and gas upstream sectors. And it has a respectable reputation for projects involving offshore drilling/production rigs, FPSOs and IFSOs.

Clients speak highly of the “joined up service” on offer at the firm.

Under the leadership of respected shipping lawyer Gervais Green, the firm’s three partner shipping and asset finance team has built up a reputable practice. It focuses on innovative structured financing solutions for shipping and offshore projects globally, with emphasis in particular on the energy transportation/oil and gas upstream sectors.

This year, the team has been particularly active on projects involving the financing and provision of offshore drilling/production rigs, FPSOs and IFSOs. Most notably, in November, Green led a firm team advising DVB Group Merchant Bank (Asia) on its US$420 million export credit supported loan facility to OSX 1 Leasing.

Clients also note the firm’s increasing involvement in shipping related restructurings, as well as a continued expansion of the team. The past year saw the promotion of Robert Driver to partner and the addition of two senior associates, Kate Sherrard and Kate Nimmo, from Watson Farley & Williams.

The firm’s aviation team, led by partner Leigh Borrello, has also enjoyed an active 12 months, representing most of principal banks lending in Asia. This includes Calyon, Standard Chartered Bank, BNP Paribas, ANZ Bank and Societe Generale, on both commercial and export credit supported financings.

When it comes to banking work, the Norton Rose brand is well known. The firm is particularly active on inventory financing and short term financing arrangements. Clients appreciate the firm’s fluency with the interpretation and expression of English law. One says: “Norton Rose gives a good command of written and spoken English in its clarification of Thai law and implications.”

Another client comments: “The firm’s service level and advice are good. It responds promptly to queries and gives advice quickly. For us, English proficiency and professionalism are two key criterion. It is always a difficulty to find good law firms in Thailand who are proficient in English.”

Partner Somboon Kitiyansub recently led a Norton Rose team representing a subsidiary of Volvo Sweden, Volvo Truck & Bus (Thailand) Company, on a Baht 85 million (US$2.84 million) inventory financing for Thai customers.

Norton Rose is known by its M&A clients as a firm that can handle cross border transactions at the highest levels. One client says: “The Norton Rose team is full of well-qualified legal professionals that show good professionalism.”

Norton Rose routinely works on selective, high-profile M&A deals and over the past year it advised True Corp on its closely-watched US$200 million acquisition of Thailand Hutchison’s mobile telephone business. As a result of the deal, True Corp entered into marketing contracts with state-owned operator CAT Telecom that should enable the creation of Thailand’s first 3G mobile network.