Shearman & Sterling is advising Barry Callebaut on its acquisition of the Cocoa Ingredients Division of Petra Foods Limited in a transaction valued at US$950 million. The transaction is subject to approval by Petra Foods’ shareholders as well as regulatory authorities. The closing of the transaction is expected in summer 2013.
With annual sales of about CHF 4.8 billion (EUR 4.0 billion/USD 5.2 billion) for fiscal year 2011/12, Zurich-based Barry Callebaut is the world’s leading manufacturer of high-quality cocoa and chocolate—from the cocoa bean to the finest chocolate product. Barry Callebaut is present in 30 countries, operates around 45 production facilities and employs a workforce of about 6,000 people.
Headquartered in Singapore, Petra Foods Limited is one of the world’s major manufacturers and suppliers of cocoa ingredients, as well as a leading regional player in branded consumer confectionery products.
The Shearman & Sterling team was led by London mergers and acquisitions partner Jeremy Kutner and included partners Creighton Condon (New York-Mergers & Acquisitions), Matthew Readings (London-Antitrust/Competition), Jessica Delbaum (New York-Antitrust/Competition), Iain Scoon (London-Tax), Peter Hayes(London-Finance), and Clare Breeze (London-Real Estate); counsel Simon Letherman (London-Tax), Mehran Massih (London-Capital Markets), and Sam Whitaker (London-Executive Compensation & Employee Benefits); and associates George Milton (London-Antitrust/Competition), Jack Mellyn (London-Antitrust/Competition), Jack Prytherch (London-Tax), Richard Porter (London-Mergers & Acquisitions), Karen McCormack (London-Mergers & Acquisitions), Jackson Lam (London-Finance), Sarah Brufal (London-Finance), Monsiree Jirasarunya (London-Finance), Andreas Piepers (Düsseldorf-Mergers & Acquisitions), Stefanie Valta (Frankfurt-Mergers & Acquisitions), Richard Cameron (London-Real Estate), Arthur Ravignon (Paris-Capital Markets), Shirin Tang (Singapore-Mergers & Acquisitions), Tiffany Hill (Singapore-Mergers & Acquisitions); and trainees Savas Manoussakis, Gregory Patton and Robert McClean.
