15 July 2005, Hong Kong – LAWFUEL – The Law News Network – International law firm Shearman & Sterling LLP advised FAG Kugelfischer GmbH on the sale of its 94.9 percent share in Dürkopp Adler AG to the Chinese SGSB (ShangGong Group). The purchase price is confidential.
After having received approval of the appropriate Chinese authorities, SGSB has taken over the shares on 30 June 2005. This is the first time that a foreign listed stock corporation is taken over by a listed Chinese stock corporation.
Dürkopp Adler offers solutions in sewing technology and materials handling systems with approximately 1,800 employees. SGSB is one of the largest manufacturers of sewing machines in China.
The Shearman & Sterling team that advised FAG Kugelfischer GmbH on the sale was led by Düsseldorf-based M&A/Corporate partner Hans Rolf Koerfer, supported by associates Dr. Stephan Harbarth and Birgit Reese from the Mannheim and Düsseldorf offices respectively.