DLA Piper has advised Beijing Sanyuan Foods and Chinese conglomerate Fosun on the €625 million (US$733 million) acquisition of French margarine maker St Hubert, a leading manufacturer of healthy spreads in France and Italy. This acquisition between Fosun and Sanyuan, one of China's largest state-owned dairy groups represents an important and practical step towards China's mixed-ownership reform.

Established in 1904, St Hubert is a leading manufacturer of healthy spreads, selling over 35,000 tons per year. It is a century-old healthy food company with more than 40 percent market share in France and almost 70 percent in Italy.

DLA Piper Hong Kong-based Corporate partner, Sheng Wu, who led the team advising on the transaction said: "We congratulate our clients on this milestone transaction. It was challenging to navigate through changing policies in China as well as to overcome overseas skepticism on Chinese investments. The successful closing of this deal showcases our particular strengths in cross-border transactions, which requires excellent teamwork."

The wider Corporate team advising on this deal include partners Jeremy Scemama (Paris), Paul Chen (Palo Alto), of counsel Bertrand Levy (Paris), senior associate Ambroise Foerster (Luxembourg) and associate Julien Boubal (Paris). Paris-based partner Edouard Sarrazin and senior associate Julien Farhi advised on the competition aspects.