News
05/20/2010
Heisse Kursawe Eversheds advised Croda on transaction
The International law firm Heisse Kursawe Eversheds has advised Croda International Plc on the sale of its oleo chemicals business in Germany, Croda has agreed to sell its Emmerich site and associated business in Germany to KLK Emmerich G,bH, a subsidiary of the KLK Group, for EUR 60.5 m. As part of the transaction the purchaser will assume IAS19 retirement benefit obligations relating to the business of approximately EUR 35.2 m. such that cash payable at completion will be EUR 25.3 m.
An Anglo-German team advised on the deal, with M&A partners Robin Johnson (London) and Sybille Flindt (Munich) leading. Other members of the team were Wyn Jones (Corporate, Leeds) and Dr Stefan Diemer (Partner, Tax, Munich).
The disposal largely completes Coda's restructuring programme to re-position its oleo chemical operations following the acquisition of Uniqema in 2006.
The Corporate/M&A-team of Heisse Kursawe Eversheds has most recently advised, inter alia, Martindale, Credence, 3M New Ventures, Payzone, Experian, Microsoft, MCH, BAVARIA Industriekapital and Kaukomarkkinat on deals.