Shearman & Sterling represented African Barrick Gold plc (“ABG”) and Barrick Gold Corporation in ABG’s initial public offering on the Main Market of the London Stock Exchange which closed today. The global offering raised a total amount of approximately £581 million, while the market capitalisation of ABG immediately following the offering was approximately £2.3 billion. J.P. Morgan Cazenove acted as sponsor to ABG and J.P. Morgan Securities Ltd and Morgan Stanley Securities Limited acted as Joint Global Coordinators for the offering.

Historically, the operations of the ABG group comprised the Tanzanian gold mining business of Barrick Gold Corporation. Following the offering Barrick will remain the majority shareholder of ABG with a 75 per cent shareholding.

The Shearman & Sterling team was led by partners Laurence Levy and Mei Lian, and also included partner Iain Scoon, counsels Mehran Massih, Sam Whitaker and Deborah Lincoln and associates Laura Rich, Dolynn Yap, Tom Lewis, Cedric Van Den Borren, James Leslie and Rebecca Hilton.