14 October 2010 - Gide Loyrette Nouel advises Vallourec on strategic acquisition in a Chinese company listed on the Hong Kong Stock Exchange:

Gide Loyrette Nouel (GLN) has advised Vallourec, one of the world’s leading manufacturers of steel pipes for the oil and gas industry, on its acquisition of a 19.5% stake in Chinese seamless tube maker Tianda Oil Pipe Co. Ltd. (TOP). Closing of the transaction is expected to occur in early 2011.

The acquisition, valued at around USD 100 million, further strengthens Vallourec’s position in the Chinese oil and gas market. TOP is listed on the Hong Kong Stock Exchange and has agreed to issue 196 million new shares to Vallourec (subject to certain conditions precedent).

GLN acted as lead counsel for Vallourec and advised on all PRC aspects of the acquisition and the establishment of an industrial and commercial operation between the two groups. GLN also advised Vallourec on some Hong Kong law aspects of the transaction, thus demonstrating the team’s ability to provide clients with a seamless, multi-jurisdictional legal service in Asia.

The cross-border GLN team was comprised of partner Stéphane Vernay in Paris and senior associates Sun Jin in Beijing and Gilles Cardonnel in Hong Kong.