Slaughter and May is advising BHP on the disposal of its 33.3% interest in Cerrejón, a non-operated energy coal joint venture in Colombia, to Glencore for $294 million cash consideration (subject to adjustment at completion).
BHP, Anglo American and Glencore each currently hold 33.3% interests in Cerrejón. Alongside the acquisition of BHP’s interest, Glencore will also acquire Anglo American’s holdings in the operation. Subject to the satisfaction of customary competition and regulatory requirements, the transaction is expected to complete in the first half of 2022, after which Glencore will assume full ownership and operating control of Cerrejón.
Slaughter and May is working closely with James Chester-Master, Yulia Zaytseva and Tom Day from BHP’s in-house legal team.