White & Case Advises the Rajawali Group on Divestment of Cigarette Business
Singapore,
June 17, 2009 ... Global law firm White & Case LLP acted as sole international counsel to the sellers, the Rajawali Group, a leading regional investment group based in Indonesia, on the sale of a stake of approximately 56% in PT Bentoel Internasional Investama Tbk. ("Bentoel"), Indonesia’s fourth largest cigarette maker in Indonesia, to British American Tobacco p.l.c. ("BAT") for an aggregate cash consideration of approximately US$326 million.
"We are delighted to assist our longstanding client the Rajawali Group with this strategic sale," said William Kirschner, White & Case partner. "Our extensive experience advising Indonesian clients on cross-border transactions means we are uniquely positioned to help our key clients, such as the Rajawali Group, achieve their long term objectives".
In 2008, Bentoel was the fourth largest cigarette maker in Indonesia with sales of over 17.7 billion cigarettes, representing approximately a seven percent market share. Bentoel is listed on the Indonesia Stock Exchange. BAT is the world’s second largest quoted tobacco group by global market share with brands sold in more than 180 markets. It is listed on the main market of the London Stock Exchange and has a secondary listing on the main board of the JSE Limited in South Africa.
In addition to William Kirschner, the White & Case team advising on the transaction included partners Barrye Wall and Jeremy Leifer (Hong Kong) and Greg Stonefield (London), and associates Siew Kam Boon, Kathleen Wong, Sujata Kukreja and Damien Coles (Singapore) and Melissa San (Hong Kong).
About White & CaseWhite & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.
Contact: Bronwyn Eynon-Lewis Director of Business Development and Marketing, Asia Pacific White & Case 852 2822 8739
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