DLA PIPER AND DEACONS ADVISE ON BANK DEAL
July 09, 2008 | BY
clpstaff &clp articles &China Merchants Bank has acquired Wing Lung Bank, which is valued at approximately US$4 billion, or 3.1 times book value. Wu Jieh Yee Company is the single-largest…
China Merchants Bank has acquired Wing Lung Bank, which is valued at approximately US$4 billion, or 3.1 times book value.
Wu Jieh Yee Company is the single-largest shareholder, controlling 28.22% of Wing Lung Bank. Wu Yee Sun Company is the other seller, controlling approximately 24.9% of the bank. The deal, subject to approvals by the Hong Kong Monetary Authority, the China Banking Regulatory Commission and other PRC regulatory bodies, will trigger a mandatory takeover offer upon completion.
DLA Piper advised China Merchants Bank, while Deacons acted as counsel to Wing Lung Bank. Freshfields Bruckhaus Deringer advised Wu Yee Sun, and Clifford Chance, led by Amy Lo, advised Wu Jieh Yee.
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