Skip to main content
news
The logo of Itochu Corp is seen outside the company's headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai

 

Nagashima Ohno & Tsunematsu is advising Japanese trading house Itochu Corp on its 182.6-billion-yen ($1.24 billion) offer to take full control of sportswear maker Descente, which is being represented by Mori Hamada & Matsumoto.

Anderson Mori & Tomotsune is counselling the special committee set up by Descente, which has licensed brands such as Le Coq Sportif, Munsingwear and Umbro and is heavily focused on the South Korean market, to assess Itochu’s takeover bid.

According to Reuters, Itochu has amassed a 40 percent stake in Descente, setting the stage for a rare hostile takeover in Japan's consensus-driven market.

A stake of more than one-third gives Itochu veto power over acquisitions and other strategic decisions, Reuters added, noting that the company will also have a greater say in nominating Descente's board members.

 

TO CONTACT EDITORIAL TEAM, PLEASE EMAIL ALBEDITOR@THOMSONREUTERS.COM

Related Articles

9 firms advise on milestone $8.2 bln cross-border insurance deal

by Sarah Wong |

Global law firms Debevoise & Plimpton, Kirkland & Ellis and Herbert Smith Freehills are acting for Bermuda-based insurer Resolution Life on its $8.2 billion sale to Japan’s Nippon Life Insurance, the largest overseas acquisition by a Japanese insurer to date.

Top international firms act on landmark $7.1 bln ESR take-private deal

by Nimitt Dixit |

Global law firms Freshfields, Latham & Watkins, Kirkland & Ellis, Paul, Weiss, Rifkind, Wharton & Garrison and Cleary Gottlieb Steen & Hamilton have steered an offer to take the Hong Kong-listed ESR Group private in a deal valued at $7.1 billion.

Fangda, KWM act on HKAA’s $592 mln acquisition of Zhuhai Airport stake

Fangda Partners has advised the Hong Kong Airport Authority (HKAA) on its agreement to purchase a 35 percent stake in Zhuhai Airport for approximately $592 million, with King & Wood Mallesons representing the seller, Zhuhai Transportation.