Herbert Smith Freehills advises Zhaojin on its successful takeover bid for ASX-listed gold miner Tietto Minerals, valuing the company at A$733 million

Herbert Smith Freehills has advised Zhaojin Capital (Hong Kong) Limited, a subsidiary of Zhaojin Mining Industry Limited (Zhaojin), on its successful all-cash takeover bid for ASX-listed gold miner Tietto Minerals Limited (Tietto).

Tietto’s mining operations are located in Cote d’Ivoire in Africa.

The offer values Tietto at A$733 million. It was initially rejected by Tietto’s board, but the board later recommended acceptance or sale on-market (while continuing to maintain that the offer undervalued the company) following a price increase. At the close of the offer on 14 May 2024, Zhaojin’s voting power in Tietto was 90.72%.

Zhaojin is an integrated gold corporation listed on the Stock Exchange of Hong Kong (HKEX) with exploration, mining, ore processing and smelting operations. It has a long and successful record of investing in the gold mining industry.

The Herbert Smith Freehills team was led by partners Philippa Stone in Sydney and Hilary Lau in Hong Kong, with Yida Xu of counsel, senior associates Simon Walker and Charles Wong, solicitor Selena Tang, associates Christie Wu and Cara Chan, and trainee solicitors Csilla Cao, Michelle Wu and Emyth Cun. They were supported by Hong Kong corporate partner Jeremy Shen, senior associate Ian Tam, and associate Samuel Au advising on HKEX listing rules compliance aspects. Partners Rebecca Major and Bertrand Montembault, and avocat François Adao, also provided advice on Cote d’Ivoire aspects.

Philippa Stone said, “We are delighted to be advising Zhaojin on its successful bid for Tietto. The transaction is significant for the gold mining industry in Australia and we look forward to continuing to support the Zhaojin team into the future.”

Hilary Lau said, “This transaction illustrates the continuing interest of Chinese miners in offshore acquisitions, and we are delighted to be supporting Zhaojin, using the significant experience of our international practice with mining operations and transactions in West Africa.”

This transaction is another example of Herbert Smith Freehills’ market-leading work in M&A. Other recent examples include advising:

• Seven on its takeover bid for Boral
• Link Group on its acquisition by Mitsubishi UFJ Trust & Banking Corporation
• Prospa on its acquisition by a consortium led by the Salter Brothers Tech Fund

史密夫斐尔助力招金矿业以7.33亿澳元成功要约收购澳大利亚上市金矿公司Tietto Minerals

史密夫斐尔律师事务所为招金矿业股份有限公司的间接全资附属公司招金资本（香港）有限公司成功以现金要约收购澳交所上市金矿企业Tietto Minerals Limited提供法律服务。

Tietto的采矿业务位于非洲科特迪瓦。

收购价为7.33亿澳元。Tietto董事会曾拒绝该收购要约，在提高出价后呼吁股东接受要约或在市场上出售（尽管认为收购价仍然低估了公司的价值）。截至2024年5月14日要约结束，招金矿业在Tietto的投票权达到90.72%。

招金矿业是一家在香港联交所上市的综合性金矿公司，从事勘探、开采、矿石加工和冶炼业务。公司在黄金开采领域拥有悠久而成功的记录。

史密夫斐尔悉尼办公室合伙人Philippa Stone和香港办公室合伙人刘恺信率领团队为客户提供咨询，资深顾问许懿达、Simon Walker (Senior Associate)、黄天朗 (Senior Associate)、汤美怡 (Solicitor)、胡乐诗 (Associate)、陈悦 (Associate)、Csilla Cao (Trainee Solicitor)、吴俞阳 (Trainee Solicitor) 和寸恒 (Trainee Solicitor) 为该笔交易提供法律服务。香港办公室合伙人沈志良、谭颖坚 (Senior Associate)、区健聪 (Associate) 就联交所上市规则合规方面提供支持。巴黎办公室合伙人Rebecca Major、Bertrand Montembault 和François Adao (Avocat) 就科特迪瓦方面提供支持。

史密夫斐尔合伙人Philippa Stone表示：“我们很荣幸为招金矿业成功收购Tietto提供咨询。这笔交易对澳大利亚的黄金开采业意义重大，我们期待着在未来继续为招金矿业提供支持。”

史密夫斐尔合伙人刘恺信表示：“这笔交易显示出中国矿业公司对海外收购的持续热情。我们很荣幸为招金矿业提供助力。这笔交易充分利用了史密夫斐尔在西非采矿行业和交易方面强大的全球实践经验。”

这是史密夫斐尔完成的另一笔市场领先的并购交易。本所近期提供法律服务的重大并购交易包括：

• Seven 要约收购Boral；
• Link Group 被三菱UFJ信托银行收购；以及
• Prospa 被Salter Brothers Tech Fund牵头的财团收购。