Allen & Overy advises M&C on the sale of Treofan Holdings
13 August 2018
Allen & Overy has advised Italian holding company M&C S.p.A. ("M&C") with its registered office in Milan on the sale of its majority shareholding of 98.75 percent in Treofan Holdings GmbH ("Treofan Holdings") to a company of the Indian B.C. Jindal Group.
Following the sale of Treofan's North American business, Treofan Americas, to Canadian CCL Industries Inc. in the beginning of July 2018, which was also accompanied by Allen & Overy, the transaction is part of a share deal and includes all remaining group companies of Treofan Holdings.
Subject to the required antitrust clearances, the transaction is expected to close before the end of the first quarter of 2019.
Treofan Holdings GmbH, headquartered in Raunheim, Hesse, manufactures biaxially oriented polypropylene films (BOPP films) for packaging, labels and technical applications. The company has approx. 800 employees, operates three production sites in Germany and Italy and distributes its products in more than 90 countries worldwide.
The B.C. Jindal Group is a global leader in the manufacture of speciality biaxially oriented polypropylene films and has production sites in India, Europe and in the United States. The Group employs a total of approx. 3,000 employees.
The Allen & Overy team included partners Dr Astrid Krüger (lead), Dr Alexander Veith (both corporate/M&A), Dr Walter Uebelhoer (banking and finance), Dr Gottfried E Breuninger (tax law, all Munich) and Dr Jens Matthes (IP, Düsseldorf), the counsel Dr Dirk Schade (tax law), Dr Ilja Baudisch (banking and finance, both Munich), Dr Max Landshut (corporate/M&A), Dr René Galle (antitrust, both Hamburg) and Dr Udo H Olgemöller (public law, Frankfurt), senior associate Dr Lukas Rengier (corporate/M&A), associates Tobias Hugo (corporate/M&A) and Dr Jörg Weber (banking and finance) and transaction support lawyer Julia Hennig (corporate/M&A, all Munich).