4 July, 2012
Shanghai Sugar Cigarette and Wine (SSCW), a subsidiary of Bright Food, a state-owned Chinese food group leader, has acquired a 70% stake in the independent Bordeaux wine merchant DIVA Bordeaux to expand DIVA Bordeaux's international development, especially in China. The remaining 30% would stay with Pierre Beuchet, DIVA’s founder and chairman, and Jean-Pierre Rousseau, its managing-director.
A French-Chinese team at Herbert Smith composed of Shanghai-based partner Betty Tam and associate Angela Zhao, along with Paris-based partner Frédéric Grillier and associates Sophie de Labrouhe and Elise Favier advised Shanghai Sugar Cigarette and Wine on the acquisition.
China is the world's biggest importer of Bordeaux wines, and this transaction is the first time that a Chinese company has bought a French wine merchant, through which Bordeaux wines are traditionally sold.
Betty Tam commented:
"It has been a pleasure assisting Bright Food on this transaction which helps bring luxury, fine Bordeaux wines to one of the world's fastest growing markets. Our participation in this transaction adds to the significant experience our firm's French-Chinese team to adapt and interpret the intrinsic cultural, linguistic, and legal issues of a cross-border deal."
Darrois Villey Maillot Brochier advised DIVA Bordeaux with a team led by Alain Maillot and Hugo Diener, partners, assisted by Yann Grolleaud (partner – tax), Anne Louise Varoquier and Caroline Frison Roche.
Benoit et Associés (Cyril Benoit) and Kepler Corporate Finance acted as financial advisers for the sellers and Deloitte for the buyer.
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