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M&A: Seller's Counsel

Clifford Chance advises Silom Medical Company on sale to Actavis

28 Apr 2014

Clifford Chance has advised the owners of Silom Medical Company, Thailand's largest pharmaceutical company, on its sale to Actavis plc, a leading global specialty pharmaceutical company, for approximately US$100 million in cash. The acquisition propels Actavis into a top position in the Thai generic pharmaceutical market, with leading positions in the ophthalmic and respiratory therapeutic categories and a strong cardiovascular franchise.

Norton Rose Fulbright advises Norsk Hydro on sale of Hydro Aluminium Gießerei Hannover

23 Apr 2014

Global legal practice Norton Rose Fulbright has advised the Norwegian aluminium group Norsk Hydro ASA on the sale of Hydro Aluminium Gießerei Hannover GmbH to a private investment group. The seller is Aluminium Deutschland GmbH, a subsidiary of Norsk Hydro based in Grevenbroich/northern Germany. The contracts were signed on 15 April 2014. The closing of the transaction is scheduled for the second quarter of 2014.

RSA - sale of four operations in the Baltics and Poland for a total of EUR 360 million

22 Apr 2014

Slaughter and May is advising RSA in connection with its sale of Lietuvos Draudimas AB (Lithuania), AAS Balta (Latvia), the business of the Estonian branch of Codan Forsikring A/S (together RSA’s operations in the Baltics), and LINK4 Towarzystwo Ubezpieczen S.A. (Poland) to Powszechny Zaklad Ubezpieczen SA

Assuming each of the four transactions completes, RSA will, subject to adjustments, receive total aggregate consideration of approximately EUR 360 million (GBP 300 million) payable in cash.

Davis Polk Advises Munder Capital Management on Its Acquisition by Victory Capital Management

18 Apr 2014

Davis Polk is advising Munder Capital Management on its acquisition by Victory Capital Holdings, Inc., the parent company of Victory Capital Management Inc. The all-cash transaction, which is expected to close by the end of the third quarter of 2014, is subject to customary closing conditions and consents, including the consent of certain Munder-advised mutual funds and other Munder investment advisory clients. The financial terms of the transaction were not disclosed.

Herbert Smith Freehills advises David Jones on $A2.15 billion takeover offer

11 Apr 2014

Herbert Smith Freehills is advising David Jones (ASX:DJS) on a proposed takeover of David Jones by South African based retail group Woolworths (JSE:WHL) valued at A$2.15 billion.

The Board of David Jones has entered into a Scheme Implementation Deed with Woolworths under which it is proposed that Woolworths will acquire all of the David Jones shares outstanding by way of a scheme of arrangement for A$4.00 cash per share. In addition, shareholders on the register as at 10 April 2014 will receive the interim dividend already declared of A$0.10 per share (fully franked).

Davis Polk Advises Daiichi Sankyo on the Acquisition of Ranbaxy by Sun Pharma

09 Apr 2014

Davis Polk is advising Daiichi Sankyo Company, Limited in connection with the $4 billion acquisition of Ranbaxy Laboratories Limited by Sun Pharmaceutical Industries Ltd. Pursuant to the transaction, Ranbaxy shareholders will receive 0.8 shares of Sun Pharma for each share of Ranbaxy.  Daiichi Sankyo, which currently holds 63.4% in Ranbaxy, will receive a stake of approximately 9% in the expanded Sun Pharma, and will have the right to nominate one Director to Sun Pharma’s Board of Directors.

Norton Rose Fulbright advises Jupiter on Private Client & Charities operations sale

08 Apr 2014

Norton Rose Fulbright has advised Jupiter Fund Management plc in relation to an agreement to sell its Private Client & Charities operations to Rathbone Investment Management Limited, a subsidiary of Rathbone Brothers Plc, for a consideration of £43m, assuming all the £2.1bn of in-scope client assets transfer to Rathbones.

The consideration will be received in cash and is subject to a minimum of £32m. The transaction is expected to complete towards the end of the third quarter of 2014.

Ashurst advises Metro International on Hong Kong sale

07 Apr 2014

Ashurst has advised Metro International, a subsidiary of Investment AB Kinnevik, on the sale of its Hong Kong business, Metro Publishing Hong Kong, to a local investor. Metro Publishing Hong Kong publishes Metro Daily, a free newspaper distributed in MTR stations and other key locations in Hong Kong.

Kinnevik is a major Swedish investment company and a key client of Ashurst's Stockholm office. It is one of Europe's largest holding groups and has a strong focus on the telecommunications and media sectors.

CMS Hasche Sigle advises on sale of J.A. Woll Group to B&M Group

04 Apr 2014

Frankfurt/Main – UK-based B&M Group is entering the German discounter market by acquiring a majority stake in the J.A. Woll Group. The Soltau-based firm mainly sells clearance and end of line stock under the JAWOLL and HAFU brands in the north-west of Germany. The transaction is currently awaiting approval from the competition authorities; the purchase price was not disclosed.

A team from CMS Hasche Sigle led by Dr Oliver C. Wolfgramm advised Stern Vertriebs GmbH and its shareholders on all legal aspects of selling the J.A. Woll Group to B&M.