Global law firm White & Case LLP is advising Nestlé S.A. on its proposed $S2.1 billion acquisition of 60% of Hsu Fu Chi, a leading manufacturer and distributor of confectionery products in China, listed in Singapore (HFCI:SP) and on its joint venture with the Hsu family who will retain a 40% interest in Hsu Fu Chi.
Nestlé proposes to acquire the shares of Hsu Fu Chi’s independent shareholders, representing 43.5% of the shares in Hsu Fu Chi, by way of a scheme of arrangement. If the scheme is approved by the independent shareholders, Nestlé will acquire in addition a 16.5% stake in Hsu Fu Chi from the Hsu family’s current holding of 56.5%. The completion of the transaction is subject to regulatory approval in China and certain other conditions related to the scheme of arrangement.
Commenting on the legal aspects of the deal, White & Case partner Vivian Tsoi said: “This transaction has played very much to our strengths, bringing together expertise from the majority of our Asian offices, working together as one team.”
William Kirschner, regional head of White & Case’s M&A practice in Asia added: “We are delighted to represent Nestlé in this transaction, which demonstrates our multi-jurisdictional capabilities across Asia. Our Singapore office was able to provide Singapore law and regulatory advice to Nestlé, in an integrated manner with the rest of the Asian offices.”
The White & Case team was led by Vivian Tsoi (Beijing), William Kirschner and Jonathan Olier (Singapore) with support from a large and dedicated team of associates in Singapore, Beijing, Hong Kong and Shanghai led by Tim Goh (Singapore), Jessie Yan (Hong Kong) and Xi Zhang (Beijing).
Other legal advisors included Maples and Calder, as Cayman law counsel to Nestlé, Reed Smith (Hong Kong) as international counsel to the founding family of Hsu Fu Chi, and Loo and Partners as Singapore law advisers to Hsu Fu Chi.
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