Paris – LAWFUEL – Law News, Law Jobs – The international law firm Jones Day is advising the listed French specialty chemicals group, Rhodia, in connection with the signature of an agreement for the sale of its Silicones business to China National BlueStar Corporation, a large-scale state-owned enterprise and a specialized subsidiary of ChemChina Group Corporation.
Rhodia announced the signature of the agreement today. French President Jacques Chirac and President of the People’s Republic of China Hu Jintao were in attendance at the signing ceremony.
Rhodia’s Silicones business, which is situated mainly in Europe, generated sales of EUR 417m in 2005 and has a total of 1,200 employees. This transaction is based on an enterprise value of EUR 400m representing a multiple of slightly more than 7 times 2005 recurring EBITDA. The closing is expected in the next few months.
The Jones Day team was comprised of a multidisciplinary and international network consisting of numerous practices and offices. The team was led by Sophie Hagège, and included Wesley R. Johnson, Jr., Sonia de Kondserovsky, Naïma Zitouni, Virginie Julien, Audrey Bontemp and Olivier de Taffin (M&A); Vincent Agulhon and Nathalie Sénéchault (Tax); Emmanuelle Rivez-Domont and Jean-Michel Bobillo (Labor & Employment); Catherine Muyl and Emmanuel Adda (Intellectual Property), Françoise Labrousse (Environment, Health & Safety) ; Olivier Cavézian and Charles de Navacelle (Antitrust) in the Paris Office. Additional teams from the Firm’s Hong Kong, Shangai, Beijing, London, Madrid, Milan, Frankfurt, and New York offices were also involved.
Rhodia’s in-house team was composed of Yves Boisdron, Michel Ybert , Jean-Pierre Labroue, and Ghislaine Bouillet.Rhodia’s financial advisor was Credit Suisse (James Janoskey).
China National Bluestar Co. was advised by the law firm Skadden Arps (Xiao Jiang (Corporate) in Hong Kong and Christopher L. Baker (M&A) and Cassandre Mariton (Corporate) in Paris).