12/01/2009 - Salans Advises On Recommended Cash Bid For Fabian Romania Limited

31 December 2008

Salans advises on recommended cash bid for Fabian Romania Limited

Salans has advised Black Sea Global Properties Limited (“BSGP”), a subsidiary of Rompetrol Holding SA (“RP Holding”), on its mandatory recommended cash offer for Fabian Romania Limited (“Fabian”), a Jersey company listed on AIM and the Bermuda Stock Exchange and which focuses on real estate in Romania.
BSGP initially built a 25% stake in Fabian before making a cash offer, recommended by the board of Fabian, of one Euro per share. This became a mandatory offer when BSGPL acquired a further 23% in the market after the offer announcement on 19 December. The offer values Fabian at approximately EUR € 50.8 million.
Lead partner and Co-Head of the Global Corporate Group, Richard Thomas, commented, “In difficult times for the markets, particularly in real estate, M&A activity is rare. Salans is fortunate to work with clients who recognise the opportunities in the market and are able to acquire an attractive portfolio of assets under favourable terms. RP Holding has exciting plans for the future, and we look forward to working with them to achieve their objectives.”
Salans’ team was led by partners Richard Thomas and Zarko Iankov in London alongside Anda Todor in Bucharest. London partner Ian Rose also advised on competition law aspects, and lawyers Jonathan Edgelow (London), Katherine O’Neill (London), Laura Purtan (Bucharest), Oana Soviani (Bucharest) and Bogdan Bunrau (Bucharest) also formed part of the team. Additional support came from Howard Law in Jersey and Conyers Dill & Pearman in Bermuda. Beachcrofts (Jocelyn Ormond) acted for Fabian.
PricewaterhouseCoopers LLP, led by senior Corporate Finance partner Simon Boadle, were BSGP's financial advisers, while Lazards, led by Patrick Long, advised Fabian.
Salans has over 750 lawyers, of which 184 are partners, globally operating from 20 offices across 17 jurisdictions. Uniquely located in a combination of international financial centres and emerging market hubs, Salans is well-positioned to help clients navigate through the challenges of the current financial landscape and to recognise the opportunities which remain in the market.

ENDS

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Information about Salans

Salans is an international commercial law firm with over 750 lawyers globally operating from 20 offices in ALMATY, BAKU, BARCELONA, BEIJING, BERLIN1, BRATISLAVA, BUCHAREST, BUDAPEST, FRANKFURT1, ISTANBUL, KYIV, LONDON1, MADRID, MOSCOW, NEW YORK, PARIS, PRAGUE, SHANGHAI, ST. PETERSBURG and WARSAW. We also have operations in the Middle East and French Polynesia. More information about Salans can be found at www.salans.com

1 Salans LLP is a Limited Liability Partnership registered in London with Registration Number OC 316822. Registered Office Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Regulated by the Solicitors’ Regulation Authority. A list of members of SALANS is available at the above Registered Office.