Baker & McKenzie has advised TH Milk Joint Stock Company (“TH Milk”) on its acquisition of Tate & Lyle PLC’s stake in Nghe An Tate & Lyle, a sugar plant in Nghe An province, Vietnam. The purchase agreement was signed on 20 April 2011, and the transaction is subject to conditions, including a pre-emptive right of Tate & Lyle’s existing partner and Vietnamese government approvals.
TH Milk is a Vietnamese joint stock company whose business activities include sale, purchase and processing of milk, soya milk and milk products, fruit juice and drinking products and the raising and breeding of cows.
Tate & Lyle PLC is a global provider of ingredients and solutions to the food, beverage and other industries, operating from over 30 production facilities around the world.
Manh Hung Tran, Partner in Baker & McKenzie’s Hanoi office led the transaction, together with Hanoi-based special counsel Simon Taylor, and senior associate Linh Chi Dang.
Commenting on the transaction, Manh Hung Tran said, “We are excited to represent a Vietnamese client who is buying an off-shore entity holding a stake in a Vietnamese joint venture. As well as being a rare case of a Vietnamese business buying out a major foreign company, it is also one of our few opportunities to look at the out-bound investment procedures for a client. We are delighted to have been able to work with TH Milk on this strategic acquisition. We look forward to supporting TH Milk as it further strengthen its business in Vietnam and across Asia.”
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