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8 July 2010 - Gide Loyrette Nouel advises PSA Finance Nederland BV on increase of its shareholding in Chinese car finance joint venture:
Gide Loyrette Nouel (GLN) has advised PSA Finance Nederland BV (PFN), a subsidiary of Banque PSA Finance, on the increase of its stake in Dongfeng Peugeot Citroen Auto Finance Company Ltd (DPCAF), the vehicle financing venture it established with Dongfeng Peugeot Citroen Automobile Co Ltd and the Bank of China (BOC) in mid 2006.
Under the terms of the sale PFN acquires BOC’s 50% shareholding in DPCAF thus taking PFN’s total holding to 75%. Dongfeng Peugeot Citroen Automobile Co Ltd retains the remaining 25%.
GLN advised PFN during negotiations with BOC on the acquisition of its shareholding, and with Dongfeng Peugeot Citroën Automobiles in the reorganisation of powers in the financing company. GLN also assisted PFN to prepare a presentation of the new capital ownership of the joint venture for the Chinese banking regulator and in drafting all legal documents.
The deal further demonstrates GLN’s expertise in both the automobile and financial sectors in China and comes at a time of rapid growth in loans for new car buyers in this market. It follows from GLN's successful representation of Société Générale Consumer Finance subsidiary Compagnie Générale de Locations d’Equipement in the establishment of its auto finance joint venture with BYD Company Limited, one of China’s leading automotive manufacturers.
The GLN team was headed by partner Guillaume Rougier-Brierre, and composed of Guillaume Jeannet in GLN’s Paris office, and Blandine Cantrel and Jiang Chuan in GLN’s Beijing office.
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