Thursday 12 September
The Federal Court has today approved the $776 million acquisition of Kidman by Wesfarmers by way of a scheme of arrangement.
Maddocks has advised Kidman over its growth story, from tenement acquisitions, joint venture arrangements and offtake agreements to the final successful exit event.
Kidman is an ASX-listed company developing the world class Mt Holland Lithium Project in a 50:50 joint venture with Sociedad Quimica y Minera de Chile S.A., one of the world’s largest producers and marketers of lithium products. Upon implementation of the approved scheme of arrangement, Wesfarmers will acquire 100% of Kidman.
Greenhill acted as Kidman’s corporate advisors, while UBS and Allens provided corporate and legal advice for Wesfarmers respectively.
The Scheme was approved by an overwhelming majority of voting shareholders on 5 September, and today received court approval. This now clears the way for the Wesfarmers acquisition to take place.
The Maddocks team acting for Kidman Resources on this transaction is led by partners Ron Smooker, Gina Wilson and Cath Debreceny, and includes special counsel Katherine Styles, senior associate Jacqueline Picone and lawyers Alexandra Hodsman and Sasha Di Sipio.
Maddocks is a proudly independent Australian law firm that works closely with corporations, businesses and governments throughout Australia and internationally. We advise national and international clients across the built environment, education, government, healthcare and technology sectors, from our Canberra, Melbourne and Sydney offices. Our specialist expertise includes dispute resolution and litigation, employment and safety, financial services, franchising and insolvency.
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