Minter Ellison has provided advice to Antofagasta, a copper company that has held the assets of Equatorial Mining in Chile through two Australian companies and has restructured the companies via two schemes of arrangement under the Corporations Act.
The two schemes are in effect a merger by absorption, with the overseas holding company taking over all the assets and all the liabilities of the Australian companies.
The Federal Court has handed down judgment approving two complementary schemes of arrangement that are a first under Australian law.
A novel feature of the judgment was the order regarding the date when the schemes of amalgamation took effect. The effective date was set at 31 December 2013, which backdated implementation of the scheme to coincide with the end-of-year accounting balance date.
As part of the schemes, the court has also ordered that both Australian companies be deregistered.
Minter Ellison’s team included partners Ann Donohue (dispute resolution) and Karen Payne (tax).