Despite the serious economic challenges presented by the GFC, Australia experienced 29 years of uninterrupted economic growth in the period between 1991 and 2020.
Fuelled by a growing private equity market, an inflow of overseas capital and a historically low cost of debt, Australia saw an increase in mergers and acquisitions over this period and the rise of the 'mega deal' – large and complex transactions between major global corporations. Allens played a crucial role in many of these transactions, which transformed Australia's corporate landscape.
Going shopping
Wesfarmers' $19.3 billion acquisition of Coles Group in 2007 was, at the time, the biggest transaction in Australian corporate history, making Wesfarmers Australia's largest retailer and private-sector employer. Allens advised Wesfarmers. It was a complex transaction due to its sheer size and debt market volatility at the time.
Banking on a better future
In 2008 the firm sat on the opposite side of the table to its longstanding client Westpac during its $18.6 million merger with St.George Bank. Westpac had been an important client of the firm for almost 200 years, but Allens had also advised St.George Bank for many years (including on its conversion from a building society to a bank and on the establishment of its takeover defence plans). The firm had promised to be there if ever a bid was made for St.George Bank and felt privileged to be part of bringing these two iconic Australian brands together.
The biggest deal that didn't happen
The proposed $165 billion merger between mining giants Rio Tinto and BHP, first mooted in 2007, would have been the most significant transaction by value in global corporate history. Allens acted for Rio Tinto during an intense year of preparation before the transaction was abandoned. Allens then assisted Rio Tinto to negotiate two alternative transactions to strengthen the company's balance sheet following its earlier acquisition of Alcan.
Changing the face of global retail
The $32.7 billion acquisition of Westfield Corporation by Unibail-Rodamco was completed in 2018 and became Australia's largest corporate takeover. Extraordinary for its size, legal complexity and intensity, the transaction created the world's leading developer and operator of flagship shopping destinations. Allens advised Unibail-Rodamco on the transaction.
Connecting the communications industry
In 2020 Allens assisted longstanding client Vodafone Hutchison Australia to secure a transformational merger with TPG Telecom. Initially opposed by the ACCC, the team sought confirmation from the Federal Court that the merger would not substantially lessen competition in the mobile and fixed broadband markets. The hearing proceeded on a highly accelerated timeline and the Federal Court approved the merger in what was Australia's biggest merger litigation in more than a decade.