SFC Approves Nanjing New 100 1 Billion 560 Million Acquisition Of British Fraser Department Store

The largest foreign retail direct listing company in China's A shares has been approved and approved by the SFC in August 18th. The new Nanjing group of three groups has been awarded the House of Fraser, the oldest British department store in Britain.

On the evening of August 18th, Nanjing announced that the company received the approval of the China Securities Regulatory Commission on the same day, the former permitted company reorganization plan.

According to the report of Nanjing Xinjiekou department store Limited by Share Ltd's major asset purchase, the equity purchase agreement between Nanjing and Highland Group and / or the counterparty was successfully signed in April 12, 2014.

Under the agreement, the company intends to purchase about 89% of Highland Group by paying cash.

It is an internationally renowned department store group. Its operating entity, Fraser department store, has been operating for over 164 years and is one of the oldest authorized department stores in the UK, chain corporation.

The agreement shows that the basic consideration of paction payment is 155330878 pounds in cash, equivalent to about 1 billion 562 million 255 thousand and 800 yuan.

The deal is China.

The largest listed company in history

At the same time, it is also the largest foreign investment in China's retail industry.

According to the process of cross-border M & A, Chinese enterprises need to go through a series of domestic approval procedures after completing the overseas M & a agreement to complete the project and make payment.

"The approval process is relatively long, but getting the approval of the SFC is the core."

A new hundred management who declined to be named told this newspaper.

He said that after approval, it would need to go through the corresponding process, and the content of the agreement would not change.

People familiar with the paction said that the general cross-border M & a project cycle lasted about a year, the reorganization from suspension to the announcement approved only in less than six months.

According to the stock price before the suspension, the total market value of Nanjing's new hundred is about 4 billion 171 million yuan, and the total assets of the upcoming Highland Group as of January 26, 2013 will be 907 million pounds (about 9 billion 410 million yuan), which is more than twice the market value of Nanjing's new 100 market.

Therefore, from the aspect of Nanjing new hundred, the acquisition will be a "snake swallow elephant".

In the acquisition, Nanjing Xin Bai hired Huatai joint as a financial advisor in the buyer's territory.