Guangdong Wencan Die Casting Co., Ltd. completed the acquisition of 38.04% stake in Le Bélier SA.
November 11, 2020
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Guangdong Wencan Die Casting Co., Ltd. (SHSE:603348) made a mandatory takeover bid to acquire 38.04% stake in Le Bélier SA (ENXTPA:BELI) for 94.2 million on December 9, 2019. Guangdong Wencan Die Casting will acquire 2.5 million shares of Le Bélier at an offer per share of 38.18. In a related transaction, Guangdong Wencan Die Casting Co., Ltd. made an offer to acquire 62% stake in Le Bélier SA from Copernic SAS and Philippe Dizier for approximately 250 million on December 8, 2019. The transaction was financed using Wencan s own funds for up to 60% and bank financing secured with Societe Generale and the Industrial Bank of China for the balance. As reported on October 7, 2020, Guangdong Wencan Die Casting has filed a take over bid and will be carried out according to the simplified procedure and its duration will be ten trading days. It will, if necessary, be followed by a squeeze-out procedure, in application of the general regulations of the AMF.
The bid is subject to review by the French Market Authority, regulatory approvals in France and China, AMF, anti-trust clearance from the German and Slovakian competition authorities and the approval by a majority of two thirds of the voting rights of the shareholders of Wencan, it being specified that the controlling shareholders of Wencan, representing approximately 68.18% of the share capital of Wencan have granted irrevocable voting undertaking to vote in favor of the acquisition. AMF expects to approve the mandatory tender offer on October 27, 2020. Transaction was approved by German anti-monopoly regulator. On May 19, 2020, Slovakian anti-monopoly regulator approved the deal. As of June 21, 2020, the Board of Directors of Guangdong Wencan Die Casting approved the transaction. Arnaud Dreuillet of SG Corporate & Investment Banking acted as financial advisor to Guangdong Wencan Die Casting Co., Ltd. (SHSE:603348) in the transaction.
Guangdong Wencan Die Casting Co., Ltd. (SHSE:603348) completed the acquisition of 38.04% stake in Le Bélier SA (ENXTPA:BELI) on November 12, 2020. Guangdong Wencan acquired 2 million shares and now owns 92.98% stake in Le Bélier. Guangdong Wencan intends to acquire the remaining shares through a squeeze out process.
Wencan Group Co Ltd, formerly Guangdong Wencan Die Casting Co Ltd, is a China-based company principally engaged in the research and development, production and sales of automotive aluminum alloy precision die castings. The Company's main products include vacuum pumps, automobile engine blocks, automobile air-conditioning compressors, automobile gearbox housings, automobile steering gear housings and brake parts. Its products are mainly used in automobile engine systems, transmission systems, chassis systems, braking systems, body structures and other auto parts.