Shardul Amarchand Mangaldas & Co (SAM) is lead counsel for Samvardhana Motherson International Limited (SAMIL) on its proposed acquisition of a controlling stake in Yutaka Giken, a Honda Motor subsidiary. Mori Hamada & Matsumoto acted as SAMIL’s counsel in Japan.
The SAM team comprised partner Rudra Kumar Pandey, counsel Kshitij Arora, senior associate Deepti Pandey, and associates Shrutika Lakhotia, Kunal Gupta, Vaishnavi Singh and Arshit Kapoor.
The due diligence team comprised Pandey and Arora, along with associates Lakhotia, Gupta, Rachit Grover, Satyam Agarwal and Rewa Singhania, and associate trainee Mitakshara Kapoor.
The acquisition would be executed through Motherson Global Investments BV (MGI BV), SAMIL’s wholly owned indirect subsidiary, which had agreed to acquire an 81% shareholding in Yutaka Giken, a Tokyo Stock Exchange-listed subsidiary of Honda Motor.
Deal completion is subject to a tender offer process and the cash consideration for the 81% stake is at around USD184 million.
MGI BV will acquire 11% of Shinnichi Kogyo, in which Yutaka Giken already holds 62%. SAMIL, either directly or through a wholly owned subsidiary, would acquire 100% of the shares and voting rights in Yutaka Autoparts India, which is a private subsidiary of Yutaka Giken, producing engine valves, pistons and clutch plates.
The multi-jurisdictional deal involves nine manufacturing locations — Japan, China, the US, Thailand, Brazil, India, Indonesia, Mexico and the Philippines — and remains subject to merger control approvals in Japan, the US, China, Brazil and Mexico, in addition to the outcome of the tender offer.
Yutaka Giken is a Japan-based auto parts manufacturer, specialising in various components, including torque converters, exhaust systems and brake discs. SAMIL is an Indian automotive parts maker.
