Mayer Brown today announced that it has advised Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) in relation to its financing of three bidders in making a joint public takeover offer – together with an indirect subsidiary of Aviation Industry Corporation of China, Beijing, China (AVIC), a PRC stated-owned company – for the shares of Frankfurt listed KHD Humboldt Wedag International AG, a German industrial-plant builder. The three separate term loan facilities have a total aggregate amount of EUR197.8 million.
This is the first public takeover by a Chinese state owned enterprise in Germany.
“The deal was technically complex because for the first time the process of a public takeover under German law has been executed involving a Chinese state owned bidder,” said Hong Kong-based Finance partner Francis Chen, who led the transaction.
Francis also worked with Mayer Brown partners Dr. Ulrike Binder, Dirk-Peter Flor and associates Marc Bäumer and Sören Pruß in Frankfurt.