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Khaitan, Clifford Chance knit Chinese Jiangsu's $537m buy of Swiss Oerlikon, with Freshfields

Khaitan & Co and Clifford Chance advised Chinese textile machinery manufacturing company Jiangsu Jinsheng in its CHF 500m or Rs 2,940 crore ($537m) buy of the textiles business of Swiss engineering company Oerlikon which was advised by FreshFields Bruckhaus Deringer.

Khaitan & Co Mumbai partner Rabindra Jhunjhunwala and Clifford Chance Munich partner Stephanie Tetz acted for the Jinsheng group owned by Chinese investor Pan Xueping on the acquisition of the business which docketed a quarter of Oerlikon’s 2011 revenue, according to Bloomberg.  

Oerlikon possesses a number of Indian subsidiaries, according to a press release from Khaitan & Co.

Jinsheng will take over the 3,800 employees part of Oerlikon’s textile components business and operate under the name of Saurer – the company which Oerlikon had acquired in 2007 to first have a textiles business, Clifford Chance said on its website.

Freshfields Dusseldorf corporate partners Stephan Waldhausen and Gregor von Bonin acted for Oerlikon which is the world’s largest maker of textile machinery. This sale, according to Bloomberg, is Oerlikon’s biggest divestment yet, doubling its value since last year.

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