Deal Detail


Kansai's successful hostile takeover bid for Freeworld Coatings

Tokyo Stock Exchange listed Kansai’s Paint Co. (“Kansai’s”) has been successful in its hostile takeover bid for the JSE listed Freeworld Coatings Limited (“Freeworld”). 

The Competition Commission granted its conditional approval on the 18th April 2011. On the assumption that the Freeworld board decides not to “appeal” the ruling of the Competition Commission (as it is entitled), all that is now left is the mechanical process of implementing the transaction. It is our understanding that this is the first successful hostile takeover in South Africa (both domestic and cross-border) and also the first hostile takeover bid by a Japanese company, both within and outside Japan. 
 

Lawyers Involved:

Assisted By:

Charles Valkin, Amelia Motsepe-Vukeya, Jennifer Nettleton, Jessica Staples, Maryanne Angumuthoo, Tsakani Mhlanga, Nombulelo Beauchamp, Sibongile Solombela, Andrew Whiting, Twaambo Muleza, Franci Heunis, Gaby Sher, Mili Soni, Gomolemo Kekesi, Claire Avidon and Claudia Azzarito.

 
 
   

 

In association with Bowman Gilfillan Africa GroupMember of Lex MundiMember of Employment Law Alliance