Herbert Smith Freehills has advised longstanding client Sumitomo Corporation ("Sumitomo", one of the largest worldwide sōgō shōsha general trading companies) on their transaction with Sherritt International Corporation (“Sherritt”, one of the world’s largest producers of nickel from lateritic sources with operations and investments in Canada and Cuba) in respect of Sherritt's capital restructuring process under the Canada Business Corporation Act.
Following the Plan of Arrangement approved by the Canadian court, Sumitomo has exchanged financial loans owed by Sherritt to Sumitomo with Sherritt’s corresponding shares in the Ambatovy nickel project (“Ambatovy”). As a result of this exchange, Sumitomo’s shares in Ambatovy will increase to 54.17%.
The Ambatovy mine, situated in Madagascar, is one of the world’s largest lateritic nickel mines and represents the largest foreign investment ever made into Madagascar.
The Herbert Smith Freehills team was led by Paris energy, mining and infrastructure partner Rebecca Major, who was supported by associates Jeremy Griffin and Firas Albani. The team also consisted of London restructuring partner John Chetwood, supported by associate Matthias Steiner; London finance partner Alexander Currie, supported by senior associate David Kearns and associate Sarah Stock; Brussels competition partner Kyriakos Fountoukakos, supported by associate Daniel Barrio; and London IP partner Joel Smith, supported by senior associate Monika Klajn.