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Baker McKenzie

Corporate 2010

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Award levelHighly commended
InnovationOvercoming a “Catch-22” London listing requirement for a Russian oil company
Originality6
Rationale7
Impact5
Total18
DescriptionExillon Energy required initial public offering funds to buy the outstanding share in an oilfield, but the UK Listing Authority insisted it acquire control of the Siberian asset before it could list. The firm obtained approval from the UKLA for an escrow arrangement that allowed the purchase to precede receipt of the IPO funds