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3 November 2011 - Gide Loyrette Nouel advises SEB International on its EUR 400 million acquisition of a further stake in Zhejiang Supor:
Gide Loyrette Nouel (GLN) has advised SEB International (SEB), one of the world’s largest manufacturers of cookware and small domestic appliances, on the acquisition of a further stake in Zhejiang Supor (Supor), a leading manufacturer of cookware and rice cookers which is listed on the Shenzhen Stock Exchange (002032.SZ).
SEB, whose brands include All Clads, Krups, Moulinex and Tefal, has received approval to increase its stake from 51.31% to 71.31% of Supor’s capital. This follows approval from the Ministry of Commerce of the People’s Republic of China (MOFCOM) in July and a successful review carried out by the China Securities Regulatory Commission (CSRC). SEB will purchase 115,450,400 shares in Supor, at CNY 30 per share, for a total purchase consideration of CNY 3,464 million (or approximately EUR 400 million). The Su family will retain a 12.5% stake in the company. The remaining shares make up the free float and will continue to be traded on the stock market.
This transaction follows SEB’s unprecedented EUR 327 million takeover of Supor in 2007. That transaction, in which SEB acquired a controlling stake in Supor, was awarded Merger & Acquisition Deal of the Year at the China Law & Practice Awards 2008.
The proposed increase in SEB’s equity investment in Supor is intended to consolidate the strategic investment made in Supor in 2007 and demonstrates its confidence in the future growth of Supor.
Closing is expected to be completed in the forthcoming weeks, following completion of a number of administrative procedures.
Gide Loyrette Nouel is advising SEB on all aspects of the acquisition including structuring, negotiation, documentation and regulatory formalities. The GLN team advising SEB is under the supervision of Antoine de la Gatinais, partner and head of GLN Shanghai and led by senior associate FAN Jiannian in Shanghai, with assistance from partner LI Hua in Beijing.
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