Deals | France/China – M&A

Gide Loyrette Nouel (GLN) has advised Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) in connection with the sale of its remaining 80.1% interest in CLSA to CITIC Securities International Company Limited (CITICS International), part of leading Chinese investment bank CITIC Securities Company Limited (CITICS).  Credit Agricole CIB exercised its put option to sell the 80.1% stake on 25 October 2012 and the parties subsequently executed an agreement for the acquisition of the stake on 5 November 2012. The sale, valued at USD 941,680,000, remains subject to regulatory and shareholder approvals.

This represents the second phase of this major transaction and follows the sale by Crédit Agricole CIB of 19.9 % of CLSA’s capital to CITICS International for USD 310,320,000 on 20 July 2012.  Following completion of this second phase, and more than 2 years of negotiations, CITICS International will own 100% of CLSA.

The GLN team advising Crédit Agricole CIB was again led by partner Guillaume Rougier-Brierre, with J.P. Morgan (Joël Chapellier, Jean-François Trecco) advising Crédit Agricole CIB on financial aspects.  CITICS was advised by Kirkland & Ellis (Nick Norris, Steven Tran, Joey Chau, Derek Poon) and by Rothschild.