Hong Kong: LAWFUEL – Legal Newswire – Leading global law firm Clifford Chance has advised founding shareholder Wu Jieh Yee Company Limited on the joint sale of the Wu family’s controlling stake in Wing Lung Bank to China Merchants Bank.
Wing Lung Bank is valued at approximately US$4 billion, or 3.1 times book value. The deal received keen interest from many Mainland financial institutions, and was agreed after a very competitive auction process.
Upon completion, the deal will trigger a mandatory takeover offer. The deal is subject to approvals by the Hong Kong Monetary Authority, the China Banking Regulatory Commission and other PRC regulatory bodies.
Wu Jieh Yee Company Limited is the single-largest shareholder, controlling 28.22% of Wing Lung Bank, and Credit Suisse acted as financial adviser to our client. The other seller, Wu Yee Sun Company Limited, controls approximately 24.9% of the bank, and is being advised by UBS and Freshfields Bruckhaus Deringer.
Hong Kong partner Amy Lo led the Clifford Chance team. She was assisted by associates Virginia Lee and Sue Ann Lee.