Norton Rose Fulbright is advising Hong Kong-listed China Foods Limited on a US$649 million wine and non-beverage business disposal to China Foods (Holdings) Limited, a unit of its state-owned parent enterprise COFCO Group.

The disposed business is primarily involved in the production and distribution of products under the “Greatwall” brand, which has interests in five China-based production plants in the China and another five wineries globally.

After the business disposal, China Foods Limited will become the only beverage-focused platform of the COFCO Group, which will help enhance China Food’s cooperation in the beverage business with The Coca-Cola Company.

The Norton Rose Fulbright team on the deal is led by Head of the Hong Kong office Psyche Tai, who was assisted by Hong Kong partner Doris Ng and associate Timothy Lam.

Norton Rose Fulbright previously also advised COFCO Group on its reverse takeover and US$501 million placement of shares to institutional investors in 2013, and has advised COFCO and its other HK-listed subsidiaries on various M&A deals since then.