LawFuel.com Newswire – 12 May 2012 – Leading international law firm Clifford Chance advised Ciments Français on the sale of its 100% stake in Shaanxi Fuping Cement Company Limited (Fuping Cement) to a subsidiary of West China Cement Limited (WCC) for RMB504 million (approximately US$80 million) and its simultaneous investment in WCC, which is listed on the Hong Kong Stock Exchange.
The consideration for the sale will be satisfied by the issue of shares in WCC which would give Ciments Francais a 6.25% stake in WCC. Completion is conditional upon the obtaining of PRC regulatory approvals.
Beijing partner Terence Foo who led the team said, “We are delighted to advise Ciments Français and the Italcementi Group on this significant step for their strategy in China. This deal highlights the trend of consolidation we are seeing in China’s cement industry.”
Terence worked with Hong Kong partner Neeraj Budhwani and they were supported by Beijing counsel Hao Jin, Beijing associate Xingxing Li, and Hong Kong associates Janet Jiang and Sarah Rogers.
Ciments Français, which is listed on Euronext Paris, is part of the Italcementi Group which is one of the world’s largest cement companies. Clifford Chance also advised Ciments Français on its acquisition of Fuping Cement in 2006 and Fuping Cement’s acquisition of a 35% stake in Shaanxi Shifeng Cement Co., Ltd. in 2010.