Privatizations and Emerging Markets

Davis Polk is a world leader in counseling government-owned entities as they make the transition to public ownership. During the past 10 years, we have worked on more than 70 privatizations of formerly government-owned companies in nearly 30 countries in Latin America, Canada, Europe, Asia and the Pacific Rim, including transactions in the airline, automobile, banking, electric power, insurance, oil and gas, railroad, steel, mining and telecommunications industries.

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Davis Polk worked on the first international privatizations accomplished by France, Spain and the United Kingdom.

$21.9 billion initial public offering by the Industrial and Commercial Bank of China Limited (ICBC), the largest commercial bank in China—this is the largest IPO in history
$2.66 billion Rule 144A/Regulation S initial public offering and Hong Kong Stock Exchange listing by China Merchants Bank (CMB), the sixth-largest bank in China
€741 million partial privatization through an initial public offering of the ordinary shares of Aer Lingus Group, a low-fares Irish airline, reducing the Government of Ireland’s stake in Aer Lingus Group from 85.1% to 28.3%
$2.4 billion Rule 144A/Regulation S secondary offering of common stock of ONGC, an Indian oil exploration and production company, by the Government of India
€550 million Rule 144A/Regulation S initial public offering of common stock of Postal Savings Bank, a depositary institution for retail savings in Greece, by the Hellenic Republic as part of Postal Savings Bank’s privatization