Australian Update for China (March 2011)

Date: Mar 2011

Welcome to our first newsletter for 2011. In this edition we discuss increasing confidence in the M&A market, two recent decisions by Indonesia’s competition watchdog affecting the Indonesian petroleum industry on collusive tendering practices, and the question of how to allocate limited coal supplies following the recent Queensland floods. We also take a look at Freehills being recently named ‘Law Firm of the Year’.

Contact
张贞熙 Jesse T H Chang
执行合伙人 (权亚) Managing Partner, TransAsia Lawyers Tel +86 10 6505 8188 Fax +86 10 6505 8189 jthchang@TransAsiaLawyers.com
约翰·寇迪斯 John Curtis
国际事务执行合伙人 (辉皓) Managing Partner International, Freehills Tel +61 3 9288 1436 Fax +61 3 9288 1567 john.curtis@hsf.com
In this issue

Conditions right for the return of the ‘mega deal’?

Strong M&A activity towards the end of 2010 confirms increased confidence and building momentum in the M&A market. With debt more readily available and the sense target pricing has stabilised, market conditions are looking better for the return of the mega-deal.

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Indonesian competition watchdog sends a clear signal to the Indonesian petroleum industry

In line with the Indonesian competition watchdog’s (KPPU) concerted efforts to eradicate unhealthy business competition and promote a positive investment climate, KPPU has handed down two recent decisions to Indonesian petroleum industry players. These two decisions have sent a clear signal to the Indonesian petroleum industry that KPPU will investigate, prosecute and fine oil companies which are involved in collusive tendering practices.

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Fight for coal following flooding

The recent floods in Queensland have led to production being halted in more than 40 coal mines across the state. Mining companies have dealt with their inability to meet supply obligations by declaring the floods an event of force majeure under their offtake agreements. As coal mines slowly start the process of returning to full production, the question of how to allocate the limited available coal amongst competing customers arises.

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Freehills named ‘Law Firm of the Year’ 2011 by Insto Magazine

Freehills has been named ‘Law Firm of the Year’ 2011 by Insto Magazine at the 12th annual Insto Distinction Awards. Insto is one of Australia’s leading finance and capital markets magazines and the annual awards recognise the achievements and successes of Australia’s major commercial banks, investment banks, corporations, stockbrokers, law firms and other key industry participants during 2010. A number of our clients and Freehills team members worked on deals and transactions that were recognised in Insto ‘Deals of the Year’ categories.

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