Baker & McKenzie Advises Chinese CQLT on the Acquisition of SaarGummi-Group
Deal Announcement
3 May 2011
Frankfurt, Germany, May 3, 2011 - Baker & McKenzie advised the Chinese state owned Chongqing Light Industry & Textile (Group) Co. Ltd. (CQLT) on its acquisition of the insolvent SaarGummi-Group, an international automotive supplier. This transaction will be one of the largest acquisitions of a Chinese investor in Germany.
CQLT is one of the eight manufacturing groups of Chongqing and ranks as the third largest national light industry manufacturing group with 50 subsidiary companies all with a turnover reaching approximately EUR1.6 billion in 2010. Its products include food and drinks, chemical articles for daily use, silicate products, textiles, paper, components of cars and motors and real estate. SaarGummi-Group is an enterprise of automobile sealing strips, providing products for large automobile manufacturers like Volkswagen and Benz.
Baker & McKenzie advised on all aspects of the deal with an international team comprised of offices in Germany, China, Brazil, Luxembourg, Netherlands, Russia, Spain, Czech Republic and the US. The team was led by Nikolaus Reinhuber and Thomas Gilles.