Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Thomas
12.19.24
Pillsbury advised Roc Oil Company Pty Limited (ROC), one of Australia’s leading independent upstream oil and gas companies with a presence in China, South-East Asia and Australia, in connection with its recent public cash offer to the shareholders of Swedish oil company Tethys Oil AB (Tethys) for SEK 58.70 per share.
The transaction valued Tethys at approximately SEK 1.894 billion (approximately USD 186.3 million).
ROC, indirectly wholly owned by Hainan Mining Co. Ltd (Shanghai Stock Exchange: 601989) and ultimately controlled by Fosun International Limited (Hong Kong Stock Exchange: 00656), successfully acquired 29,043,017 shares in Tethys, representing approximately 90.003 percent of the Tethys’s shares and voting rights as of December 18, 2024.
In addition, ROC intends to commence a compulsory redemption of the remaining shares in Tethys under the Swedish Companies Act and promote a delisting of the shares in Tethys from Nasdaq Stockholm, according to an official press release.
In this transaction, Pillsbury collaborated with local counsel across jurisdictions, including Denmark, Gibraltar, Oman, Sweden, Netherlands and United Arab Emirates.
To learn more about the transaction, click here.
The Pillsbury deal team included Corporate partners Jia Yan and James Campbell and associate Yanqiu Liu.