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Ashurst and Morrison & Foerster (MoFo) have taken the leading roles on a $1.8bn (£1.1bn) strategic alliance between Thai conglomerate Charoen Pokphand Group (CPG) and Japanese trading house Itochu.
A Hong Kong and Tokyo team from MoFo are acting for CPG on the deal, while Ashurst’s Hong Kong office has teamed up with Japanese firm Mori Hamada & Matsumoto to act for Itochu.
The deal involves a cross investment and a business alliance. CPG will indirectly invest approximately $1bn to acquire a 4.92 percent stake in Itochu, while Itochu will acquire a 25 percent stake in Hong Kong-listed C.P. Pokphand Co. Ltd. for approximately $850m. The business alliance focuses on development and expansion opportunities in Asia’s non-resources sectors as well as promotional efforts in Asia related to feed, livestock-raising, and fisheries.
CPG is now the largest shareholder in Itochu.
The MoFo team was led by Tokyo-based corporate co-chair Randy Laxer and Hong Kong corporate partner Jeremy Hunt alongside Tokyo corporate partner Mitsutoshi Uchida. Washington DC-based finance of counsel Aki Bayz and litigation partner Jonathan Gowdy assisted on antitrust matters.
The Ashurst team was led by Hong Kong managing partner Robert Ogilvy Watson, together with counsel Daniel Öhvall and associates Derek Leung and Winnie Sinn.