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Freshfields advises Knauf on takeover and privatisation of Chiyoda Ute in Japan

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised German construction materials group Knauf International GmbH (‘Knauf’) on its takeover bid and privatisation of Chiyoda Ute Co., Ltd. (‘Chiyoda’), a Japan-listed manufacturer of gypsum boards. The value of the deal is approximately ¥7.7bn (approximately US$59.2m).

The move is a highly strategic one for Knauf: despite the company’s international footprint and leading market position, it did not have a significant presence in Japan in the past. Freshfields’ advice included structuring the public tender offer and subsequent group reorganisations, as well as documenting and implementing the deal.

The multi-jurisdictional Freshfields team advising Knauf was led by Head of Japan Practice and M&A partner Takeshi Nakao, with support from partner Jochen Ellrott, counsel Marcus Wolter, and associates Naoki Matsushita, Ethan Arles Donovan and Hironori Shimogishi.