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Allens acts on $US15.2 billion capital raising

8 June 2009

Allens Arthur Robinson (Allens) is advising long-term client Rio Tinto in relation to its proposed $US15.2 billion capital raising.

The capital raising will be the second largest undertaken internationally in 2009 and one of the largest ever capital raisings undertaken in Australia.

Corporate Partners Richard Spurio and Wendy Rae are leading the Allens team working on the capital raising, with Linklaters as co-counsel.

'This is the first ever rights issue undertaken by a Dual Listed Company (DLC) and one of the world's largest capital raisings in recent years,' said Mr Spurio.

'One of the key factors from a legal perspective in undertaking a capital raising is knowing your client well, especially a raising as novel as this one,' said Mr Spurio. 'Our firm has worked for Rio Tinto for over 100 years, including on setting up the DLC, and so there is there is a depth of knowledge that we've been able to call on.'

The transaction follows Allens acting on over 18 capital raisings in a little over eight months as companies raise funds in response to the global economic downturn.

'Capital raisings have dominated a significant amount of the corporate team's time in recent months but given the DLC structure of the Issuers and the cross jurisdictional issues it's safe to say this is one of the most complex we've undertaken,' said Ms Rae.

'We've had a team in place in Australia and internationally to ensure this matter is managed on a 24/7 basis given its global nature.'

Allens has also acted on a deal to join Rio Tinto's iron ore operations in Western Australia with those held by BHP Billiton under a 50/50 joint venture.

Ends

Allens legal team Richard Spurio (Partner – Melbourne), Wendy Rae (Partner – Melbourne), Mark Malinas (Senior Associate – Melbourne), Gadi Bloch (Senior Associate – Melbourne), Peter Thomas (Lawyer – Melbourne)

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Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.