Hutchison Whampoa Europa Investments Sarl signed a conditional agreement to acquire an additional 6.24% stake in Husky Energy Inc. (TSX:HSE) from L.F. Investments S.à r.l. in stock for HKD 10.6 billion on January 9, 2015. Under the terms of the transaction, 84.4 million shares of CK Hutchison Holdings Limited will be issued as consideration at an exchange ratio of 1.376 new CK Hutchison Holdings shares for every one Husky share. A total of 61.4 million Husky Energy shares will be acquired. On completion, Hutchison will own 40.2% stake in Husky. The agreement will be terminated if the conditions are not satisfied by June 30, 2015.

The deal is subject to completion of transaction between Cheung Kong (Holdings) Limited and Hutchison Whampoa Limited, the approval by the disinterested shareholders of Hutchison Whampoa Limited (SEHK:13), the approval by the independent shareholders of CK Hutchison Holdings Limited for the issue of consideration shares, approval of shareholders of Cheung Kong (Holdings) Limited, approval of antitrust authorities and court for transaction between Cheung Kong (Holdings) Limited and Hutchison Whampoa Limited, all authorizations required under regulatory requirements having been obtained, Listing Committee granting approval for the listing of and permission to deal in CK Hutchison Holdings shares and the Executive Director of the Corporate Finance Division of the Securities and Futures Commission granting consent to the Husky Share Exchange as a special deal. The deal was recommended by the Board of Directors of Hutchison Whampoa. An independent Board Committee of Hutchison Whampoa has been established for the transaction. As of February 25, 2015, the transaction was approved by the shareholders of Cheung Kong (Holdings) Limited. As of March 30, 2015, a special meeting of Hutchison shareholders was announced to be held on April 20, 2015. independent Board Committee recommended to shareholder to vote in favor of transaction, transaction is expected to be completed by June 3, 2015. As announced in the circular dated February 5, 2015, CKH Holdings will become the new holding company of the Group and the Husky share exchange will be completed immediately prior to completion of the Hutchison Proposal. On completion of the Hutchison proposal, Hutchison will become a wholly-owned subsidiary of CKH Holdings. On March 18, 2015, the CKH Holdings announced that completion of the Cheung Kong Reorganization Proposal took place which was a condition precedent to completion of this transaction. As on May 19, 2015, the arrangement is sanctioned by the court.

The Hongkong and Shanghai Banking Corporation Limited, Goldman Sachs (Asia) L.L.C. and Anglo Chinese Corporate Finance, Limited acted as financial advisors to Hutchison Whampoa in the transaction. Somerley Capital Limited acted as financial advisor, PricewaterhouseCoopers Hong Kong acted as accountant and Goldman Sachs (Asia) L.L.C. acted as financial advisor for Hutchison Whampoa Limited. DTZ Debenham Tie Leung Limited, Gerald Eve LLP, Smiths Gore, and CBRE, Inc. acted as property valuer. Grace Huang, Ken Martin, Teresa Ko, Andrew Heathcote, Daniel French, William Robinson and Georgia Dawson of Freshfields Bruckhaus Deringer LLP acted as legal advisor for Hutchison Whampoa. Alexandra Bidlake, Craig Dally, Robert Cleaver, Pam Shores, Andrew Malcolm, Mike Bienenfeld, Tiffany Yan, Peiwen Chen of Linklaters acted as legal advisor for HSBC. Ronald Durand, David Weekes, Lindsay Gwyer, Elizabeth Breen and Paul Rakowski of Stikeman Elliott LLP acted as legal advisors for Hutchison Whampoa.

Hutchison Whampoa Europa Investments Sarl completed the acquisition of an additional 6.24% stake in Husky Energy Inc. (TSX:HSE) from L.F. Investments S.à r.l. on June 3, 2015.