Groupe SEB Looks to Strengthen Stake in Chinese Company Supor
February 17, 2011,
ECULLY CEDEX, France-Groupe SEB has agreed to buy a complementary 20 percent stake of the capital of Chinese cookware company Supor from the founding shareholders, which have expressed their desire to sell. Groupe SEB already holds 51.3 percent of Supor's capital.
Through a Share Purchase Agreement, Groupe SEB has agreed to buy from the founding shareholders 115,450,400 shares at a price of RMB30 each, for a total of about RMB3.5 billion, or $525.9 million.
Supor's board of directors approved this transaction yesterday, Feb. 16, and public shareholders will be asked to approve it in a shareholders' meeting on March 4. If approval is obtained, Groupe SEB will have to seek the agreement of the Chinese authorities, namely from the Ministry of Commerce People's Republic of China and the China Securities Regulatory Commission, which will likely require several months.
This complementary acquisition will strengthen the strategic investment completed by Groupe SEB in Supor in 2007.