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Conyers Dill & Pearman has advised Iluka Resources on the completion of its takeover of Sierra Rutile, an AIM-listed BVI company with mineral sands mining operations in Sierra Leone. The acquisition, which was valued at approximately A$375 million (GBP 215 million), was implemented by way of a British Virgin Islands statutory merger resulting in Sierra Rutile becoming a wholly owned subsidiary of Iluka.
The transaction underscores Conyers’ leading position in advising on takeovers of BVI listed companies, having advised on eight out of the last nine such transactions, including the US$1.35 billion acquisition of UTi Worldwide by DSV and the take private of China Metro-Rural Holdings earlier this year.
Anton Goldstein, Jien Huei Foo and Ronnie Yearwood of Conyers Dill & Pearman worked alongside Ashurst in advising Iluka on the transaction.