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2013 09-6

CSRC approves Xiangyang Bearing’s Overseas Acquisition Grandall Shanghai Acts as PRC Counsel to the Project

On 11 July 2013, Xiangyang Automobile Bearing Co., Ltd. (000678.SZ) received the approval from China Securities Regulatory Commission to acquire shares of a Poland-based bearing company, Fabryka Lozysk Tocznych-Krasnik S.A. (“FLT Krasnik”) marking the first overseas M&A case of state-owned company based in Hubei, also the first overseas M&A case among automobile bearing companies in China. FLT Krasnik is the first bearing company in Poland and the largest local bearing manufacturer. It supplies Peugeot Citroen, Magna and many other famous international companies.

 

It only took 4 months for the project to obtain CSRC’s approval, making the project became one of the most fast-moving projects among overseas M&A and restructuring cases in A-share market. Due to the project was complicated and had a tight schedule, lawyers of Grandall entered into close cooperation and made great contribution in designing the acquisition plan, coordinating with foreign lawyers, participating in SPA negotiation, applying for PRC approvals, and many other sections of the project. LIU Wei, LI Peng, LIN Zhen and ZHU Jiawei from Grandall offered professional services. Grandall will continue to devote itself to offering quality, efficient and comprehensive

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