Paul Hastings, a leading global law firm, announced today that it is representing Famous Commercial Ltd (“Famous”), a subsidiary of Shanghai-listed Gemdale Corporation, in its acquisition of an approximately 56% stake in Hong Kong-listed Frasers Property (China) Limited (“Frasers Property”), a subsidiary of Singapore’s Fraser & Neave Ltd, at a total consideration of approximately HK$1.65 billion.
Upon completion of the acquisition, Famous will be required under the Hong Kong Takeovers Code to make an unconditional mandatory cash offer and an appropriate offer for all the issued shares and all the outstanding share options of Frasers Property (other than those already owned or agreed to be acquired by Famous and parties acting in concert with it), respectively. Such offers are valued at approximately HK$1.32 billion in aggregate.
This transaction is the latest in a number of public M&A deals that Paul Hastings has advised on. The team previously advised J.P. Morgan on China Daye Non-Ferrous Metals Mining Limited’s deemed new listing resulting from the RMB5.8 billion acquisition of Prosper Well Group Limited; CIMC Enric Holdings Limited on its US$543 million acquisitions in China and Europe; Sino-Ocean Land on its acquisition of shares and its mandatory unconditional general offer to acquire all remaining shares in Kee Shing Holdings Ltd; and China Overseas Land and Investment Limited in its subscription of new shares and voluntary unconditional general offer to acquire shares in Shell Electric Mfg. (Holdings) Company Limited.
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