Clifford Chance

Clifford Chance advises China's Jinsheng on acquisition of Swiss company Oerlikon's natural fibers and textile components business

Leading international law firm Clifford Chance has advised Jiangsu Jinsheng Industry Co., Ltd. of China on the acquisition of the Natural Fibers and Textile Components business units from Oerlikon Corporation AG, Pfäffikon (Switzerland). The purchase price was based on an enterprise value of around CHF 650 million (US$700 million). The transaction is subject to clearance by the relevant antitrust authorities.

The business units being sold by Oerlikon accounted for sales of approximately CHF 1.1 billion in 2011. Jinsheng Industry intends to take over all 3,800 employees and all production sites pertaining to the business units. After closing, they will operate under the traditional company name 'Saurer', reviving the name of the company which was merged into Oerlikon in 2007.

Shanghai partner Glen Ma said, "We were very delighted to assist Jinsheng on this strategically important transaction. This is further evidence of Chinese companies' continued strong M&A interest in global leading business in the manufacturing sector in Europe, and is indicative of Chinese companies' increased level of sophistication and capability in managing large-scale, multi-jurisdictional and complicated cross-border M&A transactions."  

Glen was supported by corporate counsel Jin Hao (Beijing), finance partner Maggie Lo (Beijing) and finance associate Adrian Li (Hong Kong). The European team was led by Munich partner Dr. Stefanie Tetz who was supported by counsel Gwendolyn Müller and associate Regina Goebel. Düsseldorf Partner Marc Besen and associate Dr. Dimitri Slobodenjuk advised on the antitrust aspects.

Clifford Chance also advised Jinsheng Industry on the acquisition of a 50% stake in EMAG Holding GmbH in 2010/2011.