King & Wood Mallesons has announced it is advising Yancoal on its $3.2 billion bid for Coal & Allied assets in New South Wales, Australia.
Yancoal, a Chinese state-owned miner, is currently hoping to buy up mining assets in the Hunter Valley, as well as a major stake in the Port of Newcastle – the world’s largest coal port.
The deal will have to be approved by the federal government’s Foreign Investment Review Board, which is now required to give weight to long-term geopolitical considerations before signing off purchases involving foreign governments.
King & Wood Mallesons, which is headquartered in Hong Kong, have long specialised in transactions involving the People’s Republic of China. Last year the firm’s European operation collapsed in controversial circumstances, with the American Lawyer citing poor governance and management and chronic partner capital shortages.