Dentons has advised Minmetco Limited on its sale of a 75 per cent majority interest in UK metals trading firm Metdist Trading Limited (Metdist) to China Construction Bank (CCB), the country's second largest state-owned lender. Minmetco has retained a 25 per cent interest in the company.

On completion the new entity will be renamed CCBI Metdist Global Commodities (UK) Limited. It will become the first London Metal Exchange (LME) Ring Dealing Member - the top category of member that allows trading of metals through floor brokers - with a Chinese bank background. The transaction, which is subject to regulatory approvals, is part of CCB's strategy to expand into the base metals and global commodities markets.

The LME is the world's oldest and largest market for industrials metals trading, and sets global benchmark prices of industrial metals including copper, aluminium and zinc. Metdist became the exchange's first overseas member in 1970 and is one of nine ring-dealer members.

Dentons' team was led by Jeremy Cohen, Chief Executive Officer for the UK, Middle East and Africa, assisted by senior associate Joseph Altendorff. Linklaters advised CCB.

Jeremy Cohen commented, "The UK is becoming a destination of increasing interest to Chinese investors and we are very pleased to have advised on such a significant transaction for all parties: Metdist has acquired a new majority shareholder, CCB has advanced its strategy of developing a leading position in the global commodities markets, and the LME has been seeking to attract more Chinese members to trade on its platform."