In July, 2014, China Securities Regulatory Commission approved Whirlpool China Investment Co., Ltd.'s subscription for new shares to be issued by Hefei Rongshida Sanyo Electric Co., Ltd. in a non-public issuance.
The ultimate controller of Whirlpool China Investment Co., Ltd. is Whirlpool Corporation. The Whirlpool Corporation is one of the Global Fortune 500 companies and is also the leading manufacturer and distributor of white home appliances in the world. Hefei Rongshida Sanyo Electric Co., Ltd.is a company listed on the Shanghai Stock exchange, whose main products are washing machines, refrigerators, microwave ovens, motors and controllers.
This acquisition scheme includes:
(1) Whirlpool China purchasing 157,245,200 of Hefei Sanyo's shares from Sanyo Japan through a share transfer; and
(2) Whirlpool China subscribing for 233,639,000 shares of Hefei Sanyo through private placement. Upon the completion of the acquisition, Whirlpool China will own 51.00% of Hefei Sanyo's stock, becoming the controlling shareholder.
As PRC legal counsel for Whirlpool China Investment Co., Ltd., Llinks provided a full range of legal services for this transaction.
