Freshfields, Bruckhaus Deringer advised Alcoa to dispose 6.9% stake in Chalco

Freshifields, Bruckhaus Deringer dvised Alcoa on the US$1.97 billion disposal of its 6.9% stake in Aluminum Corporation of China (Chalco).  The deal was completed at a 15% discount to its September 12 2007 close of HK$20.40. This is the largest block trade in Asia since CNOOC sold US$1.98 billion worth of new shares in April 2006. It accounts for 22.4% of Chalco's H-shares and 30.4% of the free-float. Freshfields also advised Steelcase on its acquisition of the entire issued share capital of Ultra Group Co, a wholly-owned subsidiary of Hong Kong-listed Ultra Group Holdings, which sells office furniture in Hong Kong and the PRC. Cleary Gottlieb Steen & Hamilton represented Goldman Sachs (Asia) in structuring the disposal by Alcoa, which acquired its stake in Chalco in its initial public offering in 2001.