MWE China Law Offices (“MWE China”) announced it has represented AkzoNobel Chemicals International B.V. (AkzoNobel), one of the world’s largest chemical companies, in the acquisition of Boxing Oleochemicals (Boxing), one of China’s leading producers of oleochecmicals. The deal was valued at RMB 450 million or approximately USD $71.5 million.
The acquisition will strengthen AkzoNobel’s global position in surface chemistry while enhancing its manufacturing footprint in Asia. The McDermott Will & Emery (“McDermott”) and MWE China interdisciplinary team successfully assisted AkzoNobel in its merger control filing before China’s Ministry of Commerce (“MOFCOM”) and in the Merger & Acquisition due diligence of Boxing, including but not limited to formulating the general legal strategy, identifying risks, finding solutions to complex corporate issues and in the preparation of reports.
In the merger notification, McDermott and MWE China represented AkzoNobel before MOFCOM in several rounds of communications and various meetings involving extensive discussions. MWE secured the best possible result – an unconditional clearance decision from MOFCOM. Clearance by MOFCOM was achieved substantially earlier than expected.
McDermott and MWE China also served as the coordinator for AkzoNobel’s equally successful merger filings with the antitrust/competition authorities in Russia, Brazil and Pakistan, which together with China represent three BRIC countries.
“We are very pleased to have worked alongside AkzoNobel to complete this transaction,” said John Huang, a founding partner of MWE China and one of the lead deal attorneys. “MWE China, through its strategic alliance with McDermott, is able to leverage our combined resources to obtain the best results possible for our shared clients in multinational mergers and acquisitions involving global merger control filings. This is a true partnership that we all share, with many positive results for our clients.”
In addition to Mr. Huang, the interdisciplinary Shanghai-based team was led by Leon Liu, and Frank Schoneveld, with major and critical contributions by a cross-departmental team of attorneys, including David Dai, Henry Chen, Carlo Carani, Brian Fu and Alex An.
Since 2007, Shanghai-based MWE China Law Offices has been strategically aligned with McDermott Will & Emery, an international law firm with 16 offices in the United States and Europe, to provide global companies based within and outside of China superior global client service with access to leading lawyers within China and around the globe.
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