White & Case Advises Unimilk on Merger with Danone
Merger of CIS businesses creates dairy company with annual sales of €1.5 billion

London, Moscow, Paris, Almaty,  June 23, 2010 ... Global law firm White & Case LLP has advised one of Russia's largest dairy companies on a joint venture with the Russian arm of French foods giant Danone.

White & Case was instructed by Unimilk shareholder Meridian Capital, to advise them and other shareholders on the transaction.

"This merger shows that the corporate environment in developing regions such as Eastern Europe is increasingly active, even if the UK M&A market following the global recession remains quieter in comparison," said London corporate partner Ashley Ballard. "White & Case was able to leverage its expertise across offices in London, Russia, Kazakhstan and France to achieve a deal which creates the leading dairy business of this type in the CIS."

Unimilk is a dairy producer with operations in Russia, Ukraine, and Belarus; and sales in Kazakhstan. Its brand Prostokvashino is the leading dairy brand in the CIS, and the company made sales of €1 billion in 2009, making it Russia’s second biggest dairy company. Danone's Russian operations include brands such as Activia.

The combined companies are expected to generate annual sales of €1.5 billion. The deal will give Danone control over 57.5% of the joint venture, which will be achieved through a cash purchase of Unimilk shares plus the contribution by Danone of various assets.

The merger was signed by Unimilk and Danone on 18 June 2010 at the St Petersburg international economic forum where President Medvedev of Russia gave its keynote speech and where President Sarkozy of France is also due to attend during the three day event.

The deal is subject to certain regulatory approvals in Russia, Kazakhstan, Belarus, Ukraine and Azerbaijan.

The White & Case LLP team was led by London Corporate partner Ashley Ballard and Moscow Corporate partner Eric Michailov. London partners Barbara Choi (Banking), Jason Yardley (Litigation), and Peita Menon (Tax) also provided advice. In Paris Corporate partners Nicholas Huet and Norbert Majerholc also advised Meridian.

Kellie Morton and Jonathan Langley led the strong team supporting the partners, which included, in London: Counsel Tallat Hussein providing Environmental advice, assisted by Hui Chen Sun (Corporate) and Prabhu Narasimhan (Tax); Kelly Gibson (Banking); and Edward Attenborough (Litigation); In Moscow: Anna Maximenko and Anastasia Putilova (Corporate); in Paris: Counsel Bertrand Liard provided advice on Intellectual Property aspects of the deal with assistance from Clara Hainsdorf; in Almaty Counsel Kairat Baizakov and assistant Vilen Adjivefayev advised on Kazakh aspects of the deal.

White & Case worked alongside local counsel from Burchills in Russia, Sayenko Kharenko in Ukraine, Sorainen in Belarus and Antis Triantafyllides in Cyprus.

About White & Case
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