Linklaters bags Temasek’s Standard Chartered venture

Linklaters has successfully advised Temasek on a deal that has secured the Singaporean state-owned investment company’s place as the largest shareholder in Standard Chartered Bank.

More than 20 years of takeover speculation came to an end after Temasek purchased the Khoo Teck family’s 12 per cent stake in the UK emerging markets bank. Temasek’s stake was believed to have cost approximately £2.3bn.

Linklaters’ Singapore arm advised on the transaction, with capital markets and corporate partner Richard Good leading the team. The firm has enjoyed a longstanding relationship with Temasek, which could lead to an interesting situation with Standard Chartered’s longstanding legal adviser Slaughter and May.

Shearman & Sterling acted for the Khoo Teck family. London-based M&A partner Jonathan Coppin and counsel Angus Rollo led the Shearman team, with regulatory partner Barney Reynolds also providing advice.

For years, large US and European banks were rumoured to have secretly courted the Khoo Teck family stake, which could be used as a base for a takeover of Standard Chartered.

But the death of family patriach Khoo Teck Puat in 2004 sent share prices sky high, with a 60 per cent increase in 12 months.

Temasek is seen as a stable investor by Standard Chartered, but the investment company has not ruled out a takeover bid for the bank.