Lovells

In a transaction announced on 20 October 2008, a vendors group comprised of PT Lumbung Artakencana, PT Alas Pusaka and a number of individual shareholders have entered into conditional agreements to sell 88.89% of the shares of Bank Ekonomi to a wholly-owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited for US$607.5 million.   As Bank Ekonomi is listed on the Indonesian stock exchange, HSBC will be required to make a Mandatory Tender Offer for a further 10.11% of the Bank's shares under Indonesian law.  The sale remains subject to regulatory approvals in Indonesia and elsewhere.  

Lovells is the international legal counsel for the vendors, assisting Indonesian law firm Makes & Partners.  BNP Paribas are the financial advisors to the vendors.  HSBC are advised by international legal counsel Norton Rose and Indonesian law firm Hadiputranto, Hadinoto & Partners.  

The Lovells team advising the vendors is led by Singapore-based Scott Calver and includes Praveen Raju and Dawn Hoh with support from Asia corporate head, Jamie Barr, and Singapore Managing Partner, James Harris.  The team from Makes & Partners is led by Yozua Makes and includes Iwan Setiawan, Leah Irao and Mariko Bawi.  

Commenting on the transaction today, Scott Calver said: 

"We are pleased to work with Makes & Partners and BNP Paribas in advising the vendors on this landmark Indonesian transaction, which demonstrates Lovells' expertise in advising on complex cross-border acquisitions in South East Asia in these challenging economic times."  

The deal is one of a number of significant cross-border transactions on which Lovells Singapore Corporate team has advised in recent months.  Lovells was ranked 12th in Asia Pacific (Ex-Japan) region for announced M&A deals in 2008 as at the end of September, advising on deals with an aggregate value of over US$148 billion across the region.

About Lovells  

With over 3,000 people operating from 26 offices in Asia, Europe, the Middle East and the United States, Lovells is one of the world's leading international law firms. We advise many of the world's largest corporations, financial institutions and governmental organisations.  We regularly act on complex, multi jurisdictional transactions as well as some of the most high-profile commercial disputes.   Lovells (the "firm") is an international legal practice comprising Lovells LLP and its affiliated businesses.  Lovells LLP is a limited liability partnership registered in England and Wales with registered number OC323639.  Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG.  

The word "partner" is used to refer to a member of Lovells LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of its affiliated businesses who has equivalent standing.  

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