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1 August 2007 - Gide Loyrette Nouel advises the Office Chérifien des Phosphates (OCP Group) on one of the largest financial restructurings in Moroccan financial history (€ 3 billion):
The Casablanca office of the international law firm Gide Loyrette Nouel has advised the Office Chérifien des Phosphates (OCP Group), a Moroccan state owned phosphate mining agency, on the funding of the outsourcing of its pension fund, valued at 33 billion dirham (close to € 3 billion).
An agreement with respect to the financing of the pension fund restructuring was reached on July 19th 2007 between the Moroccan State, OCP Group, and the Caisse de Dépôt et de Gestion (Deposit and Management Fund - CDG).
This transaction is one of the largest institutional and financial restructurings that Morocco has ever known. OCP Group is a state owned entity and the restructuring will mean that for the first time the Moroccan state public investors will have the opportunity to invest in OCP and its future development on a long term basis.
The Gide Loyrette Nouel legal team advising the OCP on this transaction comprised Hicham Naciri, partner, and Thomas Urlacher, senior associate.
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