CC, Freshfields aid Jinsheng’s Swiss purchase
By Liu Zhen
Tuesday, 11 December 2012
Clifford Chance has represented China’s Jiangsu Jinsheng Industry Co Ltd in its 650 million Swiss franc ($700 million) acquisition of the natural fibers and textile components business units of Switzerland’s Oerlikon Corporation AG. Freshfields Bruckhaus Deringer acted for the seller.
After the completion of the transaction, Jinsheng will take over all 3,800 employees and all production sites pertaining to the business units that accounted for sales of approximately CHF 1.1 billion in 2011, and revive the old brand name of Saurer, which was in use before the business was purchased by Oerlikon in 2007.
The Clifford Chance team featured Shanghai-based partner Glen Ma, who worked with Munich partner Stefanie Tetz and Düsseldorf Partner Marc Besen.
"We were very delighted to assist Jinsheng on this strategically important transaction. This is further evidence of Chinese companies’ continued strong M&A interest in global leading business in the manufacturing sector in Europe, and is indicative of Chinese companies' increased level of sophistication and capability in managing large-scale, multijurisdictional and complicated cross border M&A transactions," Ma was quoted as saying in a statement.
Liu Zhen is China senior journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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