Mayer Brown, a leading global law firm, is pleased to announce that it advised China Resources Cement Holdings Limited in its acquisition of a 50% interest in a cement business in Guangzhou and Hong Kong.
China Resources Cement purchased the stake in several entities owned by Yue Xiu Enterprises (Holdings) Limited that engage in the clinker, cement and concrete operations in Guangzhou and Hong Kong, for an aggregate consideration of HK$1.24 billion (US$159 million).
The sale and purchase agreement was signed on 5 December 2010 and completion took place on 31 December 2010. The target companies have now become jointly controlled entities and will be operated by China Resources Cement Holdings (Hong Kong) Limited together with a subsidiary of a multinational company.
The Mayer Brown team was led by partner Hannah Ha.