Baker & McKenzie Advises Toyota Tsusho on its Agreement with PPR to Expand its Automotive Business in Africa
27 July 2012
Tokyo, Japan / Paris, France, July 27, 2012 – Baker & McKenzie’s Tokyo and Paris offices have jointly advised Toyota Tsusho Corporation (“TTC”) on its purchase of a 29.8% equity stake in CFAO, from French holding company giant, PPR, for EUR688 million (approximately JPY64.86 billion).
CFAO is a publicly listed company in France and a diversified group with distribution expertise in both the automobile and pharmaceutical industries in Africa and French Overseas Territories.
Baker & McKenzie's Tokyo team was led by Anne Hung and Ean Mac Pherson. Its Paris team was led by Raphaele Francois-Poncet, Laurent Barbara and Francois-Xavier Naime.
Commenting on the deal, Anne Hung said, “We believe this agreement is a significant development for TTC’s presence in the African automobile market. Our team is committed to providing the legal support necessary to enhance TTC’s newly acquired investment. Working together with our Paris office, we are pleased that the expertise of Baker & McKenzie’s extensive global network was able to bring a successful outcome for our client. This deal shows our cross-border capabilities across multiple jurisdictions, including emerging markets.”