Allen & Overy advised Sberbank CIB[1] as arranger in relation to the USD2.5 billion financing of Renova Group’s mandatory tender offer to all shareholders of Sulzer AG (SUN:SIX Swiss Ex).  Pursuant to the offer, on 4 December 2015, Renova Group acquired shares in Sulzer representing 29.5%. of the ordinary issued share capital of the company.  As a result of the offer, when combined with Renova Group’s existing holding of Sulzer shares, Renova Group acquired majority control of the company, holding 62.86%.

The Allen & Overy team was led by Moscow-based Banking partner, Stephen Matthews.  Stephen was assisted by associate, Hugh Mathison.  The team was instructed by the client and joined what was a reasonably complex process just two weeks prior to the launch date for the offer fixed by Renova’s Board of Directors.

Commenting on Allen & Overy’s role in the transaction,  Stephen Matthews said: “We are delighted to have assisted our client Sberbank CIB with this challenging and strategically important transaction for Renova Group.  Public bid financings have been a major focus across the international loan markets in recent years.  Notwithstanding the broader market challenges in Russia these days, this sophisticated and high-value financing illustrates Sberbank CIB’s confident position at the forefront of this international trend.