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International Deals
SKADDENS represented Westfield Group (Australia) as special tax counsel in its US$524 million ($695 million) sale of seven US shopping centres to Centro Properties Group (Australia), a real…
Lawyers Weekly
SKADDENS represented Westfield Group (Australia) as special tax counsel in its US$524 million ($695 million) sale of seven US shopping centres to Centro Properties Group (Australia), a real estate investment trust and a developer and manager of shopping malls.
The law firm also represented Time Warner Inc. and its subsidiary AOL Europe Services SARL (Luxembourg) with the tax aspects of AOL Europe’s US$855 million ($1.1 billion) sale of AOL Germany to Telecom Italia S.p.A. Partners involved included Hans-Georg Berg, tax partner and corporate partner Matthias Horbach, both in Frankfurt.
As well, Skaddens represented The Berkeley Group Holdings plc, a real estate developer, in its US$360 ($478) million acquisition of the outstanding 50 per cent stake of St. James Group Ltd., a construction company, that Berkeley Group did not already own from its joint venture partner RWE Thames Water, a water and waste management company. All three companies are located in the UK.
JONES DAY advised Fang Brothers Investments Limited on the HK$1.4 billion ($238.7 million) sale by its subsidiary CS Investments of a 50 per cent interest in Time Supermarket Limited to Wumart Stores Inc, Beijing’s largest supermarket chain.
Under the agreement, Wumart will pay HK$570.9 million ($97.3 million) in cash and 24.8 million of new H shares, which represent 7.5 per cent of its “expanded” share capital.
Times operates 45 superstores in eastern China
“This transaction is among many M&A deals in China this year. I foresee continued increase in M&A activities in China, as a growing number of Chinese companies look to acquire foreign assets and more and more foreign investors test China’s investment waters,” commented Carson Wen, lead partner on the deal.
