Press Release
| August 19, 2008
Dewey & LeBoeuf Advises JSC ACRON on its Offering of GDRs and Shares
(London, Moscow, August 19, 2008) - Dewey & LeBoeuf has advised JSC Acron ("Acron"), on its international Initial Public Offering ("IPO") on the Official List of the London Stock Exchange.
Acron is a leading Russian and global mineral fertilizer producer that operates in Veliky Novgorod, Russia, Smolensk Region, Russia and Shandong Province, China.
Acron's market capitalisation post listing was $4 billion, making it one of the largest Russian companies to list on the LSE. The offering consisted of ordinary shares and global depository receipts ("GDRs"). Acron's shares are listed on the Russian Trading System Stock Exchange and on the MICEX Stock Exchange. The GDRs were offered internationally, including a US tranche pursuant to Rule 144A.
Dewey & LeBoeuf represented the joint bookrunners, Morgan Stanley and UniCredit, on the Russian, English and US law aspects of the transaction.
London capital markets partner Peter Magyar led the team, which included US securities partner George Barboutis and associates Sarah Kight, Kirsten Rodger and Jessica Mider based in London, and Moscow partner Yulia Cherkassova and Moscow-based associate Yevgeny Sychev.
Peter Magyar said "We are pleased to have advised Acron on its international IPO and admission to the Official List and to be a part of its strategic growth into the London market." George Barboutis commented "This offering called upon Dewey & LeBoeuf's marketleading expertise in emerging markets transactions, including Russia, and our ability to provide clients with a multi-jurisdictional team advising on English, US and Russian law."
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