By King & Wood Mallesons

Guangdong Rising Assets Management’s unconditional takeover of PanAust Limited

Consistent with the trend of Chinese bidders becoming more competitive in 2015, we saw our Chinese clients become more agile in their outbound investment tactics, with even SOEs adopting innovative M&A tactics to pursue and acquire high-quality assets.

One of the most audacious Chinese offshore investments of 2015 was the takeover of ASX-listed PanAust by Chinese provincial SOE, Guangdong Rising Assets Management Co (GRAM). PanAust has copper/gold projects in Laos, Papua New Guinea and Chile. GRAM’s offer was unsolicited and followed a rejection from PanAust’s board in 2014. The market called it “hostile” – GRAM described it as “friendly but firm”.

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