28 May, 2015

Brazil’s President Dilma Rousseff and China’s Premier Li Keqiang were present last week in Brasilia to witness the signing of several key transactions involving investments by the Chinese SOEs in several sectors, including one in which Shearman & Sterling represented the Bank of Communications Co., Ltd. (“BoCom”), a Chinese joint stock company listed on HKEx, in its acquisition of 80% of the total outstanding shares of Brazil’s Banco BBM S.A. (“BBM Bank”).

The purchase price for the transaction will be determined with reference to the book value of BBM Bank as set out in the most recent audited consolidated financial statements for BBM Bank prior to the closing date of the transaction, subject to agreed adjustments. The closing of the transaction is conditional on various regulatory approvals.

The Shearman & Sterling team included partners Sean Wang  Lee Edwards and Robert Ellison.

Conventus Law