Malaysian International Shipping Corporation (MISC), a subsidiary of Malaysias national oil corporation Petroliam Nasional, has acquired oil transportation company American Eagle Tankers (AET) from Singapore shipping company Neptune Orient Lines (NOL).

Announcement of the acquisition, on 29 April, signals the largest transport M&A of 2003 and, at US$1.1bn (when AETs US$600m of assumed debt is included) the highest value M&A transaction ever to take place between Malaysia and Singapore-based companies.

Norton Rose acted for MISC, with Singapore based partner Chris Moore (corporate finance) leading the firms team, which included partner Gervais Green (asset finance, Singapore).

Paul Weiss Rifkind Wharton & Garrison was US counsel to MISC. The firms team included partners David Lakhdhir (corporate, London), Gaines Gwathmey (environmental, New York), David Sicular (tax, New York), and counsel Richard Elliott (Exon-Florio, Washington DC).

Citigroup acted as financial adviser to MISC.

NOL, meanwhile, was advised by its in-house legal team, led by Kelly Hughes, and US firm Akin Gump Strauss Hauer & Feld. Singapore firm Stamford also had a small role on the deal relating mainly to NOL shareholder approval.
JP Morgan Chase acted as financial adviser to NOL.