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16 June 2011 - Gide Loyrette Nouel advises Crédit Agricole Corporate & Investment Bank ("CACIB") on its partnership with CITIC Securities ("CITICS") in global equity business:
CITICS will become a minority shareholder of CLSA and Crédit Agricole Cheuvreux ("Cheuvreux") by taking a 19.9% equity stake in each for an aggregate consideration of USD 374 million. These investments will be purchased from CACIB, which will prevail as the controlling shareholder of CLSA and Cheuvreux. CACIB and CITICS share the same vision: a project to combine both CLSA and Cheuvreux to create a leading integrated cash equity global powerhouse with local presence to better serve their clients and investors around the world.
This agreement is the successful result of open discussions since the joint announcement in May 2010 of entering into negotiations to explore opportunities to create a global institutional brokerage platform and an Asia-Pacific focused investment bank. Pending regulatory and unions’representatives approvals procedures, CACIB and CITICS contemplate combining Cheuvreux, the market leading pan-European equity research and broking business with CLSA’s leading equity research, broking and investment banking business in Asia and their growing presence in the United States. The goal of such a strategic combination project is to create a leading research driven agency only equity house. CACIB and CITICS will enter into definitive documents shortly. Closing is subject to regulatory approvals from relevant jurisdictions and other customary conditions, and is expected to occur before 31 December 2011.
The GLN team, acting as lead adviser to CACIB, is led by partner Guillaume Rougier-Brierre and Arnaud Lunel, from the Paris office, assisted by partner Rebecca Silli in Hong Kong, Thomas Urlacher in Beijing, with the support of Cleary Gottlieb Steen & Hamilton on certain US regulatory and governance issues.
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