White & Case Advises Groupe Auchan on the Restructuring of its Joint Venture in China and on the IPO of Sun Art Retail Group Limited
Global law firm White & Case LLP advised Groupe Auchan on the restructuring of its joint venture with the Taiwanese conglomerate Ruentex, leading to Groupe Auchan's acquisition of a majority stake in Sun Art Retail Group Limited (formerly Sun Holdings), involving inter alia merger control procedures in China, and on the IPO of Sun Art Retail Group Limited on the Main Board of the Hong Kong Stock Exchange.
Sun Art is the leading hypermarket operator in China and operates under the banners of both RT Mart China and Auchan China of which it became the sole shareholder (excluding employee-shareholders) as part of the restructuring. RT Mart China was created by the Taiwanese group Ruentex in the late 90s and Auchan China was established during the same period. Groupe Auchan and Ruentex have been partners since 2000.
The IPO was completed at the end of July 2011. The IPO price per Sun Art share was HK$ 7,20.
Led by Paris M&A/Corporate partners Eric Laplante and Eric Muller, White & Case teams in Paris, Beijing (Xiaoming Li), Shanghai and Hong Kong advised Groupe Auchan on these two transactions.
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