The Tokyo and Paris offices of Baker & McKenzie have teamed up to advise Japanese conglomerate Toyota Tsusho Corporation on its purchase of a 29.8 percent stake in distribution company CFAO, from French luxury and retail group PPR, for 688 million euros ($845 million).
Baker & McKenzie’s Tokyo team was led by partners Anne Hung and Ean Mac Pherson, while Raphaele Francois-Poncet and Laurent Barbara headed the team in Paris.
Toyota Tsusho has been expanding its automotive distribution business and growing other businesses including energy, machinery, chemicals, and healthcare and consumer products.
“We believe this agreement is a significant development for Toyota Tsusho’s presence in the African automobile market,” said Baker & McKenzie’s Hung.
PPR has agreed to tender its remaining 12.2 percent stake in CFAO to any full offer. Toyota Tsusho will proceed with the tender offer once it performs due diligence on CFAO’s non-automotive businesses in the coming weeks, said PPR.
For its entire 42 percent stake in CFAO, PPR is expected to receive about 967.2 million euros.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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