Clifford Chance, in cooperation with Al-Jadaan & Partners Law Firm, is advising Savola Group (Savola) on its acquisition of shares in Savola Foods Company (SFC) and Azizia Panda United Company (APU) from Al Muhaidib Holding Company (Al Muhaidib).
Savola is one of the largest industrial companies in Saudi Arabia and, subject to the satisfaction of certain conditions precedent including obtaining the requisite shareholder approvals, plans to increase its capital and issue 33,980,684 new shares to Al Muhaidib in consideration for the acquisition of the shares in SFC and APU currently owned by Al Muhaidib. As a result of the transaction, SFC will become a wholly-owned subsidiary of Savola and Savola will increase its shareholding in APU to 93%. The transaction was signed on 1 May 2013 and values the shares to be acquired in SFC and APU at approximately SAR1.3 billion (equal to approximately US$365 million).
Clifford Chance and Al-Jadaan have been advising Savola on all aspects of the transaction, including the acquisition agreement, structuring options and on the application of the various CMA regulations.
Mike Taylor, Corporate/ECM partner at Clifford Chance, comments: "We were delighted to have been involved in such a strategic transaction for Savola, one of our key regional clients. It helps to reinforce Clifford Chance's long-term connection with Saudi Arabia and our broader strategy for ambitious growth across the Middle East."
The team was led by Clifford Chance partner Mike Taylor. Mike was supported by Corporate partner James McCarthy and senior associate Mohammad Al Rasheed. The Al-Jadaan team was led by Corporate partner Khalid Al Abdulkareem with support from associate Majid Al-Sheikh.
Clifford Chance continues to be recognised for its cutting-edge work in the Middle-East with the Firm recently being named Middle East Law Firm of the Year by Chambers Global 2013 and IFLR Middle East International Law Firm of the Year 2012 (winning for the fifth time in six years). Al-Jadaan has won the IFLR Saudi Law Firm of the Year in each of the six years it has been awarded. Both firms also shared the IFLR Debt and Equity Linked Deal of the Year award for the Saudi GACA sukuk, the IFLR Equity Deal of the Year award for the Zain KSA rights issue and the IFLR Equity Team of the Year award.
Clifford Chance has in the past two years launched offices in Doha, Casablanca and Istanbul as it continues to serve clients across the Middle East and North Africa.
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1. Clifford Chance announced in March 2013 that it had received approval from the Saudi Ministry of Commerce and Industry to set up a mixed Saudi and foreign lawyer partnership, making it the first international law firm to establish formally in this way in the Kingdom of Saudi Arabia. It is intended that the new partnership will be operational from 1 January 2014. This development is the next step in the evolution of Clifford Chance's long-term connection with Saudi Arabia.
2. Clifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The Firm has unrivalled scale and depth of legal resources across the five major regions of Africa, the Americas, Asia Pacific, Europe and the Middle East, and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax, pensions and employment; litigation and dispute resolution. Clifford Chance has 35 offices in 25 countries with some 3,400 legal advisers.
3. Clifford Chance was ranked 'tier one' in more cross-border tables than any other firm in the Chambers Global 2013 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the Firm's breadth of expertise and consistency of quality across global markets.
For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact
Rebecca Settle
Business Development Manager (Middle East)
Clifford Chance LLP
Building 6, Level 2
The Gate Precinct
Dubai International Financial Centre
PO Box 9380
Dubai
United Arab Emirates
Direct Line: +971 4 362 0717
Switchboard: +971 4 362 0444
Mobile: +971 50 659 6926
rebecca.settle@cliffordchance.com
© Press Release 2013
