McDermott Helps Create World's Largest Explosive Company
LONDON (24 May 2006) — The law firm of McDermott Will & Emery UK LLP has advised Orica Limited on the EU merger control aspects of its A$900 million acquisition of Dyno Nobel ASA from a consortium led by Macquarie Bank. The acquisition creates the largest explosives company worldwide. Orica is a leading manufacturer and supplier of mining-related products and services, paints, surface coatings, industrial and specialty chemicals. Dyno Nobel is one of the world’s principal commercial explosives companies.
Review of the acquisition was referred to the European Commission by the Swedish Competition Authority pursuant to Article 22 of the EC Treaty, a rarely used procedure which allows EC Member States to refer cases to Brussels, when there are perceived cross border effects.
McDermott, a long-time adviser to Orica's U.S. businesses, was brought in by Orica Mining Services General Counsel, Peter Watson, after Orica was alerted to the possible referral. With the help of the McDermott team, Orica obtained a partial derogation from the suspension obligation under Article 7(3) to complete certain key aspects of the acquisition in April and early May. The Commission granted approval of the overall transaction on 23 May, subject to “up front” commitments proposed by Orica.
The McDermott team was led by head of EU Competition Scott Megregian and included competition partners Ian Rose, Ray Jacobsen, Clive Stanbrook and Oliver Steffens and associates Cynthia Ngwe and Andrea Hamilton.
