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.