Llinks advised SEB Internationale S.A.S., a wholly owned subsidiary of SEB S.A., a global leader in domestic appliances, on its RMB 2.37 billion acquisition of up to 61% of the equity shares in Shenzhen-listed Zhejiang Supor Cookware, China's largest cookware manufacturer. SEB S.A.S. intends to buy shares from the founding shareholders, subscribe to a rights issue by Zhejiang Supor and make a partial public offer for other shares. The deal was signed on August 14, 2006.
This deal has achieved a couple of "firsts" in the China market, i.e. the first deal disclosed after the promulgation on July 31, 2006 of the new Administration of the Takeover of Listed Companies Procedures; and the first ever deal that has adopted partial public offer in the China market.
As PRC counsel to SEB S. A., Llinks advised on deal structure, attended negotiations and issued legal opinions.
August 16, 2006
