On April 11, 2007, Zhejiang Supor Cookware Ltd. ("Supor"), a domestic company listed on the Shanghai Stock Exchange, obtained the Ministry of Commerce's preliminary approval (SHANG ZI PI (2007) 649 HAO) for SEB Internationale S.A.S.'s ("SEB") acquisition of a controlling stake in it. SEB will purchase shares from the founding shareholders by agreement, subscribe to new shares issue by Supor, and make a partial public offering for other shares. SEB's strategic investment in Supor, has already been approved by the Shareholders Special General Meeting of Supor.
This is the first deal disclosed after the July 31, 2006 issuance of the new Administration of the Takeover of Listed Companies Procedures. This is also the first deal in the China Market to use a partial public offering structure.
As PRC counsel to SEB, Llinks advised on deal structure, attended negotiations, issued legal opinions, and drafted report regarding the antitrust review.
April 2007
