Select China M&A Deals

We have pioneered M&A transactions in China. The first foreign securities firm to secure a full license in China. The first tender offer for control of an A-share listed company by an overseas strategic buyer. A landmark international joint venture concluded by a leading Chinese State Owned Enterprise. Our experience spans all of these types of situations and more. 

 
 
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UBS restructuring of Beijing Securities

The restructuring of Beijing Securities took place between 2003 and 2007. Philip Partnow identified Beijing Securities as a JV partner for UBS, negotiated a complex restructuring of the Chinese securities firm, and then set up a consortium of co-investors to own the new venture together with UBS. The result was the first and only foreign-controlled Chinese securities firm with a full set of licenses.

 
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Diageo / Shuijing Fang – acquisition

Advised Diageo on its move to gain control of Shuijingfang – a major producer of Chinese premium white spirits (Baijiu). This involved the first ever TOB by a foreign strategic player in China and the largest foreign acquisition of an A-share listed company at the time. 

 
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Petrochina/Ineos – JV and carve-out

Advised Petrochina on the negotiation and formation of a USD $2 billion, 50/50 refining and trading joint venture centered on Ineos' refining assets in England and France. The deal also required the organization of complex joint venture arrangements after a carve-out of the refining assets from Ineos’ petrochemical operations.