Baker & McKenzie has advised Thailand’s biggest convenience store chain CP All on its $6.6 billion offer to buy cash-and-carry wholesaler Siam Makro Pcl from Dutch firm SHV Holdings, in what is the biggest Asia-Pacific M&A deal announced so far this year.
CP All, the local operator of 7-Eleven convenience stores, is controlled by Thailand’s richest man Dhanin Chearavanont, who is gunning to push deeper into the country’s buoyant $80 billion retail market. Just two months ago, Dhanin completed a deal to buy a $9.4 billion stake in Ping An Insurance Group of China from HSBC.
Baker & McKenzie represented CP All in every stage of the acquisition, including arranging the acquisition financing and advising on the tender process, was led by Bangkok partners Thinawat Bukhamana and Kitipong Urapeepatanapong with support from partners Theppachol Kosol and Chaveewan Likhitwattanachai in Bangkok, James Huang in Singapore and Mike Jansen in Amsterdam.
Clifford Chance lawyers in Amsterdam, Hong Kong and Thailand represented the seller, while Allen & Overy’s Hong Kong office and Hunton & Williams in Bangkok represented the mandated lead arrangers and lenders.
In 2011, Baker & McKenzie represented Thailand’s PTT Chemical on its $5.5 billion purchase of PTT Aromatics & Refining.
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