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5 November 2010 - Gide Loyrette Nouel, legal counsel to Groupama on significant insurance joint venture with Aviation Industry Corporation of China:
Gide Loyrette Nouel (GLN) is acting for Groupama SA, one of the leading insurance companies in France and Europe, in respect of the establishment of its joint venture in the non-life insurance sector in China with Aviation Industry Corporation of China (AVIC Group).
A memorandum of understanding to finalise an agreement to create the joint venture by the end of the year was signed between the parties at the Elysée Palace, in the presence of Mr Nicolas Sarkozy, President of the French Republic and Mr Hu Jintao, President of the People's Republic of China on the 4 November.
The new company will be owned equally by Groupama and AVIC Group, a large state-owned enterprise and investment institution, and will enable both partners to develop their business interests in the property and insurance market. The joint venture’s creation is subject to the approval of relevant authorities.
GLN is assisting Groupama on all the legal aspects of the deal including negotiation of the contractual documentation. The Firm’s advisory team is being led by partner Guillaume Rougier-Brierre in Paris with assistance from senior associates Thomas Urlacher and Jiang Chuan in Beijing.
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