Vinge has advised Ovako Group in connection with the acquisition of the entire issued share capital in BE (Shanghai) Steel Trading Co., Ltd from BE Group AB (publ). The transaction is subject to approval by the relevant public authorities in China.
Ovako is a leading European producer of engineering steel for customers in the bearing, transport and manufacturing industries. The company has 11 production sites and a number of sales companies in Europe and the USA. Sales in 2012 amounted to EUR 937 million and the company had 3,040 employees. The total production capacity is 1.3 million tonnes of steel per year. The potential acquisition is intended to accelerate Ovako’s plans to establish a service centre in China in order to support Ovako’s customers in Asia by providing specific, niche products.
Vinge’s team advising Ovako Group consisted of partner Henrik Wenckert and associate Nina Farrahi. Partner Qun Gu advised on issues relating to China and Chinese law.