Mergers & Acquisitions

Mergers & Acquisitions

Mergers & Acquisitions

A merger or acquisition represents a defining moment in any company’s history. 

With its strong commercial focus and relentless commitment to execution, the Corrs M&A team has ensured a strong track record on successfully advising businesses on  significant strategic transactions, such as the demerger of Fosters Group’s beer and wine business, Andean’s takeover by Goldcorp, Staples acquisition of Corporate Express and Southern Cross Media’s takeover of Austereo.

Our combination of outstanding East Coast and resources skills sets us apart from other firms and has helped us earn us roles on the majority of the top energy corporate/M&A deals this year – these being among the biggest corporate/M&A mandates in Australia. We also lead the market on deals which embody the trend for major conglomerates to demerge certain of their operations to make each business a more attractive proposition to investors against the backdrop of the global economic crisis. This highly complex, creative work often sets important precedents.

We regularly work with the increasing numbers of overseas investors seeking corporate/M&A mandates in Australia, and are particularly active advising US, Chinese and Indian entities in this respect.

Our Experts

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Andrew Lumsden

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Andrew Mackenzie

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Andrew Messenger

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Christian Owen

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Gaynor Tracey

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James Shirbin

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Jeremy Horwood

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John Walter

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Jonathan Farrer

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Justin Fox

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Lizzie Knight

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Michael Chaaya

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Nick Thorne

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Nicole Graham

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Philip Kapp

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Robert Clarke

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Robert Franklyn

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Russell Philip

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Sandy Mak

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Stephanie Daveson

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Vaughan Mills

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Our Experience

Andean Resources Ltd’s $3.62 billion takeover by Goldcorp Inc

In December 2010 Canada’s fastest growing gold producer, Goldcorp acquired Andean Resources for $3.76 billion. The transaction saw Goldcorp acquire Andean’s principal asset, Cerro Negro gold project, through a scheme of arrangement under Australian law. Corrs has represented Andean for a number of years and was the Australian counsel to Andean on the acquisition.

The Andean scheme was a complex cross border transaction involving a dual listed target and bidder.

The deal required compliance with both Canadian and Australian securities requirements and mining disclosure standards; and involved dealing with regulators in Argentina where Andean’s principal asset, the Cerro Negro project, is located.

Goldcorp Inc's acquisition of Andean Resources Limited represented the largest completed takeover of an Australian company in 2010 and the largest completed investment in the Australian energy and resources sector by a Canadian acquirer.

More

Apax Partners acquires Paradigm

Despite volatile international market conditions, global private equity firms like Apax continue to eye Australian-based companies and have a high appetite and capacity for large secondary buyouts. Under advice from Corrs Chambers Westgarth, Apax Partners recently made a US $1 billion cash acquisition of Paradigm Software Group.

An Apax-led consortium purchased the global operations of Paradigm, an independent software provider focussed on the oil and gas exploration industry. Their Australian operations include a key research and development facility together with offices in Brisbane and Perth. They have a presence on six continents.

More

Asset Super merges with CareSuper

The superannuation industry continues to show a great deal of merger activity. Following the trend of industry consolidation, Corrs is advising Asset Super on its merger with CareSuper.

Once merged, the two funds expect to have more than 260,000 members throughout Australia and more than $6.5 billion in funds under management. The merger followed an extensive due diligence on each fund. 

More

Australasian Legal Business Awards 2012 M&A Deal of the Year - SABMiller plc’s acquisition of Foster’s Group Limited

The Corrs team advised Foster’s Group Limited on the tax aspects of a takeover by SABMiller, a multi-national beer company headquartered in the UK and listed on the UK and South African stock exchanges.

At the time of the takeover, Foster’s was one of Australia’s largest publicly listed companies focussed on brewing activities through two divisions: Carlton United Brewers (CUB) and the Rest of World. The deal represented a significant milestone in the rationalisation of the global brewing industry and the total consideration paid by SABMiller to Foster’s shareholders was US$12.3 billion.

More

Foster’s Group Ltd’s demerger of its Beer and Wine businesses

Foster’s announced its decision to pursue a structural separation to create separate stock exchange listings for its beer and wine business following significant progress with Foster’s Transformation Agenda. Corrs advised Foster’s on the entire demerger process.

The demerger, which completed in May 2011, was the largest M&A transaction of the year. Our role was a tangible recognition longstanding relationship between the Corrs team and Foster’s Group and our history of providing excellent service.

Under the demerger Foster’s beer, cider and spirit business will continue to operate within the existing Foster’s entity listed on ASX, while the wine business now operates under a newly listed entity on ASX, Treasury Wine Estates Limited.

Treasury Wine Estates is now the world's biggest listed stand-alone wine company, and Australia's largest supplier of bottled wine, with four of the top 10 wine brands. It owns Penfolds, Wolf Blass, Beringer, Lindemans, Mildara and Rosemount Estate.

More

Mining in Surat Basin

Stanmore Coal engaged Corrs Chambers Westgarth to assist with a deal to substantially increase its footprint in the Surat Baisin on the New South Wales/Queensland border. Under the agreement with Queensland Coal Corporation (QCC), Stanmore swapped its Altamondt tenement for QCC plots in the highly prospective basin.

The acquisition paved the way for a pipeline of Surat projects and supports the company’s plans to develop additional‚ cost-competitive open cut mines.  

Several months later, Stanmore again turned to Corrs to advise on its participation in Wiggins Island Coal Export Terminal Expansion Phase 1 and on its equity and debt funding arrangements with Sprint Capital and Credit Suisse. These transactions marked the beginning of a transformative period for Stanmore and a pivotal state in the development of its Queensland coal assets.

More

Murchison Metals

Murchison Metals sold its interests in Crosslands Resources and the Oakajee Port and Rail project to its joint venture partner Mitsubishi Development for $A325 million.

The transaction, advised by Corrs, allowed Murchison to exit its investment for a cash return after an extensive strategic review process to maximise shareholder value in relation to these interests.

More

NEC expands ICT operations

A successful M&A deal can provide ambitious companies with an immediate growth boost. In a move consistent with their business’s global growth strategy, technology giant NEC recently acquired CSG Limited’s Technology Solutions business to further develop their ICT services capabilities.

NEC Australia aspires to become a leading ICT services company, and the A$227.5 million acquisition, advised by Corrs, positions NEC as one of the top-tier ICT companies in Australia by revenue and employees.

More

Southern Cross Media’s takeover of Austereo

Southern Cross Media’s $724 million takeover of Austereo Group Ltd, enabled Southern Cross to dramatically expand its reach in the metropolitan radio markets. Corrs was the principal legal adviser to Southern Cross Media in relation to the transaction.

The deal involved a pre-bid arrangement with Village Roadshow Ltd, advice on all takeover aspects of the transaction and advice on the associated debt facilities and the equity raising (RAPIDS entitlement offer).

Corrs drafted and negotiated all transaction documents including the implementation deed, pre-bid agreement, Bidder’s Statement and the debt and equity raising documents.

Corrs also chaired the Due Diligence Committee and conducted legal due diligence on Austereo.

More

Staples Inc’s $1 billion acquisition of Corporate Express Australia Ltd

In one of the largest takeover bids of 2010, Corrs advised Staples Inc, the world’s largest office products company, on its $1 billion acquisition of Corporate Express Australia Ltd.

The transaction involved innovative structuring to allow for a fully franked special dividend, funded by Staples, to be paid to shareholders as part of the offer consideration.

While this is becoming common in schemes, the timing, structuring and funding arrangements are significantly more complex in a takeover bid.

The offer was subject to conditions including FIRB, 90% minimum acceptance and the ASX all ordinaries index not falling 20%.

The offer closed on July 26, 2010 with Staples having a 98.5% interest. Staples compulsorily acquired all remaining shares of Corporate Express.

More

Straits Resources Limited

When ASX-listed mining and exploration company Straits Resources wanted to capitalise on favourable market conditions by selling its Hillgrove Antimony-Gold Project to Court Resources WA, they turned to Corrs Chambers Westgarth for advice.

Straits focuses on copper and gold in Australia and Asia. Taking advantage of a recovery in the price of antimony and gold and increasingly tight metal supplies, the Corrs team secured a purchase price of A$40 million in cash and shares for the project. Under the terms of the deal, the project will be renamed Ancoa and taken through an Initial Public Offering.

Getting the deal to signing stage involved navigating complex issues under the ASX Listing Rules and negotiating a mutually acceptable completion and payment timetable fair and reasonable for Straits shareholders.

More

Whitehaven Coal project financing

As a trusted advisor, Corrs advised Whitehaven Coal, a leading player in Australia’s coal sector, in connection with its AU$5.1 billion merger with Aston Resources and the simultaneous acquisition of Boardwalk Resources.

Corrs recently advised Whitehaven in relation to the AU$450 million facilities put in place with the company’s merger. Facilities will be used to refinance existing project debt and to finance the on-going development of the Maules Creek coal project and other projects.

An unusual feature of this deal was that funding was provided through a series of bilateral facilities and was not structured as “traditional” project finance.

More

Our Thinking

M&A Year in Review 2016

Our latest M&A Year in Review highlights five key considerations ranging from pre-bid strategy during these uncertain times, through to the tactics necessary to edge deals over the line.

More

Institutional investors and the Queensland resources sector: a new challenge to clean exit

Why institutional investors in Queensland could face serious issues when they realise their investment on a clean-exit basis

More

Chinese investment in Australia - The rooster crows before sunrise breaks the dawn

In this year of the Fire Rooster, Chinese investors will focus on healthcare and tourism in Australia.

More

Why M&A is a people business

Could enhanced due diligence about key employees be a better predictor of M&A success? (Co-authored by Tanya Harris, CEO and Founder of ICOM4).

More Download

Doing Business in Australia

Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.

More Download

Is Toll and Sea Swift the exception or a new normal?

On 1 July 2016, the Australian Competition Tribunal granted Sea Swift Pty Limited authorisation to acquire Toll Marine Logistics Australia’s marine freight operations in the Northern Territory and Far North Queensland.

More

Mergers & Acquisitions - 2015 Year in Review

The Corrs M&A Team is pleased to present its annual review of public M&A activity in Australia, which is now in its 5th year.

More Download

Will the year of the fire monkey burn corporate Australia’s ambitions in 2016?

Our key predictions on what Australia can expect from the Chinese year of the fire monkey.

More

Email negotiations - Beware, you might already be bound!

Courts are ruling that email negotiations create binding contracts and businesses are finding themselves caught.

More

Federal Budget 2015-16: Quick guide - The big business measures

What are the significant measures that will impact the business bottom line?

More

Australia's M&A market 2015 - Ten trends that are shaping the market

Conditions seem ripe for M&A in 2015. So, what’s driving the market and how can bidders and targets improve their prospects for deal success?

More

Will 2015 be a stand out year for M&A in the oil and gas industry?

Tough conditions for oil and gas point to a tumultuous year for the sector, with tie ups between participants featuring prominently.

More

Rating agency’s duty of care to investors upheld in Australia

The Federal Court has upheld a finding that Standard & Poor’s was negligent in giving a financial product a AAA rating. Does this open the door for copycat actions?

More

Five aged care trends to watch

Australia’s aged care sector is transforming and there are opportunities aplenty.

More

Thinking about a break up? Five lessons to make your demerger a success

What does it take to make a demerger successful? Our five key lessons will help you navigate the path to a successful break up.

More

Do bidder shareholders need a greater say?

ASX listed companies are allowed to undertake large public acquisitions without their own shareholders’ approval. Should this change?

More

M&A Review: 2014 mid-year update

As we pass the first half of the calendar year, we have checked in on the state of the public M&A market and here are our top ten findings.

More

Scheming and collateral damage - Why the David Jones deal could fall through

The Woolworths bid for David Jones is a reminder that takeovers and schemes of arrangement can be quite different when it comes to equality of opportunity for shareholders.

More

Boost in Chinese buyers is good news for Australian companies, but understanding the drivers for this is key

There have been more Chinese bidders in the public M&A market in the last three months than for the whole of 2013.

More

Competition regulation in Indonesia: Transact globally, comply locally

How international M&A activity might require compliance with Indonesia’s evolving competition regulation.

More

POE investors - Travelling a thousand miles in one day

2014 looks to be the year Chinese privately-owned investors will emerge as a force in cross border M&A.

More

The M&A market in 2013 - Of seagulls and chips

What were the predictors of deal success in 2013?

More

M&A Year in Review 2013

2013 was a difficult year in the Australian public M&A market marked by fierce competition for a handful of attractive assets.

More

First you get the money

Recent announcements by the Chinese government confirm the importance of private Chinese investors to Australia.

More

Will disclosure rules about production targets drive junior resource companies out of Australia?

They're in a catch 22 when it comes to disclosure of production targets and prospective financial information.

More

M&A Review: 2013 mid-year update

As we pass the first half of the calendar year, we've taken a temperature check of the public M&A market.

More

Proposed New South Wales stamp duty changes

An amending bill has been introduced into the New South Wales Parliament which will make significant stamp duty changes. Once enacted, some of the amendments may apply to transactions that have already been entered into.

More

Don’t be caught out in your M&A negotiations by bid rigging or misleading conduct

Those involved in M&As should be on full alert as more allegations of bid-rigging emerge.

More

Chinese investment - A tale of two deals

In a fragile M&A market anxious about deal completion risk, how can Chinese investors give confidence to Australian targets and investors?

More

Reverse break fees payable upfront - The new name of the PRC M&A game

An innovative structure of paying reverse break fees as an upfront deposit provides targets with some protection from the risk of bidders walking away from a deal.

More

New ASX placement rules for small to mid caps: Will they work?

Junior miners on the ASX can now raise more capital via private placements. It’s welcome news, but there’s a catch.

More

The complex issues for Nominee Directors

Nominee directors and their appointing shareholders are faced with a minefield of sometimes conflicting duties. What are the key risks and how can they be managed?

More

What future for Australian manufacturing and why should you care?

Is Australian manufacturing really on a road of no return or is it merely going through a painful reshaping and why does it matter?

More

Lessons from the Ludowici takeover

The Takeovers Panel is the commercial dispute resolution body that settles takeover disputes. Previously we had a court that decided these on a binary basis, but what the Takeovers Panel does is look for a commercial resolution that's often a comprom

More

M&A Year in Review 2011

The Corrs M&A Year in Review is an analysis of 61 schemes and takeover bids involving an Australian target, which is around 85% of the announced deals in 2011.

More

2011 M&A transactions: Surveying the landscape

The Corrs' M&A team has conducted a deal survey with a difference, taking into account more than just the usual questions and focussing on presenting results that are practical, succinct and, most importantly, relevant to M&A practitioners and to the

More

Beware stamp duty on your M&A deal

The stamp duty base across Australia has expanded significantly for M&A transactions and acquirers will bear the cost.

More

Is Deal Protection on its way out?

Deal protection is a really hot topic in Australia at the moment, particularly in light of the UK panel changes to deal protection. But the question on everyone’s mind will be whether these changes will have implications in the Australian M&A market.

More

New rules for M&A in the PRC

Commencing 1 September 2011, China has a new ‘security review’ system for mergers and acquisitions of domestic enterprises by foreign investors.

More

More change in M&A, more innovation

The comparatively strong Australian economy has been beneficial for our country, but is has also brought some challenges in the international mergers and acquisitions market.

More

Our Experience

Andean Resources Ltd’s $3.62 billion takeover by Goldcorp Inc

In December 2010 Canada’s fastest growing gold producer, Goldcorp acquired Andean Resources for $3.76 billion. The transaction saw Goldcorp acquire Andean’s principal asset, Cerro Negro gold project, through a scheme of arrangement under Australian law. Corrs has represented Andean for a number of years and was the Australian counsel to Andean on the acquisition.

The Andean scheme was a complex cross border transaction involving a dual listed target and bidder.

The deal required compliance with both Canadian and Australian securities requirements and mining disclosure standards; and involved dealing with regulators in Argentina where Andean’s principal asset, the Cerro Negro project, is located.

Goldcorp Inc's acquisition of Andean Resources Limited represented the largest completed takeover of an Australian company in 2010 and the largest completed investment in the Australian energy and resources sector by a Canadian acquirer.

Apax Partners acquires Paradigm

Despite volatile international market conditions, global private equity firms like Apax continue to eye Australian-based companies and have a high appetite and capacity for large secondary buyouts. Under advice from Corrs Chambers Westgarth, Apax Partners recently made a US $1 billion cash acquisition of Paradigm Software Group.

An Apax-led consortium purchased the global operations of Paradigm, an independent software provider focussed on the oil and gas exploration industry. Their Australian operations include a key research and development facility together with offices in Brisbane and Perth. They have a presence on six continents.

Asset Super merges with CareSuper

The superannuation industry continues to show a great deal of merger activity. Following the trend of industry consolidation, Corrs is advising Asset Super on its merger with CareSuper.

Once merged, the two funds expect to have more than 260,000 members throughout Australia and more than $6.5 billion in funds under management. The merger followed an extensive due diligence on each fund. 

Australasian Legal Business Awards 2012 M&A Deal of the Year - SABMiller plc’s acquisition of Foster’s Group Limited

The Corrs team advised Foster’s Group Limited on the tax aspects of a takeover by SABMiller, a multi-national beer company headquartered in the UK and listed on the UK and South African stock exchanges.

At the time of the takeover, Foster’s was one of Australia’s largest publicly listed companies focussed on brewing activities through two divisions: Carlton United Brewers (CUB) and the Rest of World. The deal represented a significant milestone in the rationalisation of the global brewing industry and the total consideration paid by SABMiller to Foster’s shareholders was US$12.3 billion.

Foster’s Group Ltd’s demerger of its Beer and Wine businesses

Foster’s announced its decision to pursue a structural separation to create separate stock exchange listings for its beer and wine business following significant progress with Foster’s Transformation Agenda. Corrs advised Foster’s on the entire demerger process.

The demerger, which completed in May 2011, was the largest M&A transaction of the year. Our role was a tangible recognition longstanding relationship between the Corrs team and Foster’s Group and our history of providing excellent service.

Under the demerger Foster’s beer, cider and spirit business will continue to operate within the existing Foster’s entity listed on ASX, while the wine business now operates under a newly listed entity on ASX, Treasury Wine Estates Limited.

Treasury Wine Estates is now the world's biggest listed stand-alone wine company, and Australia's largest supplier of bottled wine, with four of the top 10 wine brands. It owns Penfolds, Wolf Blass, Beringer, Lindemans, Mildara and Rosemount Estate.

Mining in Surat Basin

Stanmore Coal engaged Corrs Chambers Westgarth to assist with a deal to substantially increase its footprint in the Surat Baisin on the New South Wales/Queensland border. Under the agreement with Queensland Coal Corporation (QCC), Stanmore swapped its Altamondt tenement for QCC plots in the highly prospective basin.

The acquisition paved the way for a pipeline of Surat projects and supports the company’s plans to develop additional‚ cost-competitive open cut mines.  

Several months later, Stanmore again turned to Corrs to advise on its participation in Wiggins Island Coal Export Terminal Expansion Phase 1 and on its equity and debt funding arrangements with Sprint Capital and Credit Suisse. These transactions marked the beginning of a transformative period for Stanmore and a pivotal state in the development of its Queensland coal assets.

Murchison Metals

Murchison Metals sold its interests in Crosslands Resources and the Oakajee Port and Rail project to its joint venture partner Mitsubishi Development for $A325 million.

The transaction, advised by Corrs, allowed Murchison to exit its investment for a cash return after an extensive strategic review process to maximise shareholder value in relation to these interests.

NEC expands ICT operations

A successful M&A deal can provide ambitious companies with an immediate growth boost. In a move consistent with their business’s global growth strategy, technology giant NEC recently acquired CSG Limited’s Technology Solutions business to further develop their ICT services capabilities.

NEC Australia aspires to become a leading ICT services company, and the A$227.5 million acquisition, advised by Corrs, positions NEC as one of the top-tier ICT companies in Australia by revenue and employees.

Southern Cross Media’s takeover of Austereo

Southern Cross Media’s $724 million takeover of Austereo Group Ltd, enabled Southern Cross to dramatically expand its reach in the metropolitan radio markets. Corrs was the principal legal adviser to Southern Cross Media in relation to the transaction.

The deal involved a pre-bid arrangement with Village Roadshow Ltd, advice on all takeover aspects of the transaction and advice on the associated debt facilities and the equity raising (RAPIDS entitlement offer).

Corrs drafted and negotiated all transaction documents including the implementation deed, pre-bid agreement, Bidder’s Statement and the debt and equity raising documents.

Corrs also chaired the Due Diligence Committee and conducted legal due diligence on Austereo.

Staples Inc’s $1 billion acquisition of Corporate Express Australia Ltd

In one of the largest takeover bids of 2010, Corrs advised Staples Inc, the world’s largest office products company, on its $1 billion acquisition of Corporate Express Australia Ltd.

The transaction involved innovative structuring to allow for a fully franked special dividend, funded by Staples, to be paid to shareholders as part of the offer consideration.

While this is becoming common in schemes, the timing, structuring and funding arrangements are significantly more complex in a takeover bid.

The offer was subject to conditions including FIRB, 90% minimum acceptance and the ASX all ordinaries index not falling 20%.

The offer closed on July 26, 2010 with Staples having a 98.5% interest. Staples compulsorily acquired all remaining shares of Corporate Express.

Straits Resources Limited

When ASX-listed mining and exploration company Straits Resources wanted to capitalise on favourable market conditions by selling its Hillgrove Antimony-Gold Project to Court Resources WA, they turned to Corrs Chambers Westgarth for advice.

Straits focuses on copper and gold in Australia and Asia. Taking advantage of a recovery in the price of antimony and gold and increasingly tight metal supplies, the Corrs team secured a purchase price of A$40 million in cash and shares for the project. Under the terms of the deal, the project will be renamed Ancoa and taken through an Initial Public Offering.

Getting the deal to signing stage involved navigating complex issues under the ASX Listing Rules and negotiating a mutually acceptable completion and payment timetable fair and reasonable for Straits shareholders.

Whitehaven Coal project financing

As a trusted advisor, Corrs advised Whitehaven Coal, a leading player in Australia’s coal sector, in connection with its AU$5.1 billion merger with Aston Resources and the simultaneous acquisition of Boardwalk Resources.

Corrs recently advised Whitehaven in relation to the AU$450 million facilities put in place with the company’s merger. Facilities will be used to refinance existing project debt and to finance the on-going development of the Maules Creek coal project and other projects.

An unusual feature of this deal was that funding was provided through a series of bilateral facilities and was not structured as “traditional” project finance.

Our Thinking

M&A Year in Review 2016

Our latest M&A Year in Review highlights five key considerations ranging from pre-bid strategy during these uncertain times, through to the tactics necessary to edge deals over the line.

Institutional investors and the Queensland resources sector: a new challenge to clean exit

Why institutional investors in Queensland could face serious issues when they realise their investment on a clean-exit basis

Chinese investment in Australia - The rooster crows before sunrise breaks the dawn

In this year of the Fire Rooster, Chinese investors will focus on healthcare and tourism in Australia.

Why M&A is a people business

Could enhanced due diligence about key employees be a better predictor of M&A success? (Co-authored by Tanya Harris, CEO and Founder of ICOM4).

Doing Business in Australia

Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.

Is Toll and Sea Swift the exception or a new normal?

On 1 July 2016, the Australian Competition Tribunal granted Sea Swift Pty Limited authorisation to acquire Toll Marine Logistics Australia’s marine freight operations in the Northern Territory and Far North Queensland.

Mergers & Acquisitions - 2015 Year in Review

The Corrs M&A Team is pleased to present its annual review of public M&A activity in Australia, which is now in its 5th year.

Will the year of the fire monkey burn corporate Australia’s ambitions in 2016?

Our key predictions on what Australia can expect from the Chinese year of the fire monkey.

Email negotiations - Beware, you might already be bound!

Courts are ruling that email negotiations create binding contracts and businesses are finding themselves caught.

Federal Budget 2015-16: Quick guide - The big business measures

What are the significant measures that will impact the business bottom line?

Australia's M&A market 2015 - Ten trends that are shaping the market

Conditions seem ripe for M&A in 2015. So, what’s driving the market and how can bidders and targets improve their prospects for deal success?

Will 2015 be a stand out year for M&A in the oil and gas industry?

Tough conditions for oil and gas point to a tumultuous year for the sector, with tie ups between participants featuring prominently.

Rating agency’s duty of care to investors upheld in Australia

The Federal Court has upheld a finding that Standard & Poor’s was negligent in giving a financial product a AAA rating. Does this open the door for copycat actions?

Five aged care trends to watch

Australia’s aged care sector is transforming and there are opportunities aplenty.

Thinking about a break up? Five lessons to make your demerger a success

What does it take to make a demerger successful? Our five key lessons will help you navigate the path to a successful break up.

Do bidder shareholders need a greater say?

ASX listed companies are allowed to undertake large public acquisitions without their own shareholders’ approval. Should this change?

M&A Review: 2014 mid-year update

As we pass the first half of the calendar year, we have checked in on the state of the public M&A market and here are our top ten findings.

Scheming and collateral damage - Why the David Jones deal could fall through

The Woolworths bid for David Jones is a reminder that takeovers and schemes of arrangement can be quite different when it comes to equality of opportunity for shareholders.

Boost in Chinese buyers is good news for Australian companies, but understanding the drivers for this is key

There have been more Chinese bidders in the public M&A market in the last three months than for the whole of 2013.

Competition regulation in Indonesia: Transact globally, comply locally

How international M&A activity might require compliance with Indonesia’s evolving competition regulation.

POE investors - Travelling a thousand miles in one day

2014 looks to be the year Chinese privately-owned investors will emerge as a force in cross border M&A.

The M&A market in 2013 - Of seagulls and chips

What were the predictors of deal success in 2013?

M&A Year in Review 2013

2013 was a difficult year in the Australian public M&A market marked by fierce competition for a handful of attractive assets.

First you get the money

Recent announcements by the Chinese government confirm the importance of private Chinese investors to Australia.

Will disclosure rules about production targets drive junior resource companies out of Australia?

They're in a catch 22 when it comes to disclosure of production targets and prospective financial information.

M&A Review: 2013 mid-year update

As we pass the first half of the calendar year, we've taken a temperature check of the public M&A market.

Proposed New South Wales stamp duty changes

An amending bill has been introduced into the New South Wales Parliament which will make significant stamp duty changes. Once enacted, some of the amendments may apply to transactions that have already been entered into.

Don’t be caught out in your M&A negotiations by bid rigging or misleading conduct

Those involved in M&As should be on full alert as more allegations of bid-rigging emerge.

Chinese investment - A tale of two deals

In a fragile M&A market anxious about deal completion risk, how can Chinese investors give confidence to Australian targets and investors?

Reverse break fees payable upfront - The new name of the PRC M&A game

An innovative structure of paying reverse break fees as an upfront deposit provides targets with some protection from the risk of bidders walking away from a deal.

New ASX placement rules for small to mid caps: Will they work?

Junior miners on the ASX can now raise more capital via private placements. It’s welcome news, but there’s a catch.

The complex issues for Nominee Directors

Nominee directors and their appointing shareholders are faced with a minefield of sometimes conflicting duties. What are the key risks and how can they be managed?

What future for Australian manufacturing and why should you care?

Is Australian manufacturing really on a road of no return or is it merely going through a painful reshaping and why does it matter?

Lessons from the Ludowici takeover

The Takeovers Panel is the commercial dispute resolution body that settles takeover disputes. Previously we had a court that decided these on a binary basis, but what the Takeovers Panel does is look for a commercial resolution that's often a comprom

M&A Year in Review 2011

The Corrs M&A Year in Review is an analysis of 61 schemes and takeover bids involving an Australian target, which is around 85% of the announced deals in 2011.

2011 M&A transactions: Surveying the landscape

The Corrs' M&A team has conducted a deal survey with a difference, taking into account more than just the usual questions and focussing on presenting results that are practical, succinct and, most importantly, relevant to M&A practitioners and to the

Beware stamp duty on your M&A deal

The stamp duty base across Australia has expanded significantly for M&A transactions and acquirers will bear the cost.

Is Deal Protection on its way out?

Deal protection is a really hot topic in Australia at the moment, particularly in light of the UK panel changes to deal protection. But the question on everyone’s mind will be whether these changes will have implications in the Australian M&A market.

New rules for M&A in the PRC

Commencing 1 September 2011, China has a new ‘security review’ system for mergers and acquisitions of domestic enterprises by foreign investors.

More change in M&A, more innovation

The comparatively strong Australian economy has been beneficial for our country, but is has also brought some challenges in the international mergers and acquisitions market.

Our Experts

Andrew Lumsden.jpg

Andrew Lumsden

Partner Sydney +61 2 9210 6385
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Andrew Mackenzie

Special Counsel Brisbane +61 7 3228 9330
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Andrew Messenger

Partner Sydney +61 2 9210 6721
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Christian Owen

Partner Perth +61 8 9460 1708
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Felicity Saxon

Special Counsel Sydney +61 2 9210 6585
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Gaynor Tracey

Partner Sydney +61 2 9210 6151
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Jade Rowarth

Partner Melbourne +61 3 9672 3240
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James Morley

Partner Melbourne +61 3 9672 3193
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James Shirbin

Special Counsel Sydney +61 2 9210 6083
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Jeremy Horwood

Partner Brisbane +61 7 3228 9790
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John Walter

Partner Melbourne +61 3 9672 3501
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Jonathan Farrer

Partner Melbourne +61 3 9672 3383
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Justin Fox

Partner Melbourne +61 3 9672 3464
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Lizzie Knight

Partner Sydney +61 2 9210 6437
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Michael Chaaya

Partner Sydney +61 2 9210 6627
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Nick Thorne

Special Counsel Brisbane +61 7 3228 9342
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Nicole Graham

Special Counsel Sydney +61 2 9210 6360
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Philip Kapp

Consultant Sydney +61 2 9210 6768
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Robert Clarke

Partner Melbourne +61 3 9672 3215
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Robert Franklyn

Partner Perth +61 8 9460 1706
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Russell Philip

Partner Perth +61 8 9460 1673
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Sandy Mak

Partner Sydney +61 2 9210 6171
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Stephanie Daveson

Partner Brisbane + 61 7 3228 9493
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Vaughan Mills

Partner Brisbane +61 7 3228 9875