French law firm Gide Loyrette Nouel (GLN) has advised Semmaris, the management company of the famous Rungis International Market in Paris, regarding the establishment of a joint venture with Shenzhen Agricultural Products Company.
Rungis International Market is the largest wholesale market in the world for fresh products, while Shenzhen Agricultural Products is a Chinese company engaged in the production and processing of agricultural products and the establishment of wholesale markets in China.
The joint venture, to be known as Shanghai Rungis Market Management, will oversee the development, construction, operation and management of new wholesale agricultural produce markets in China. Semmaris will hold 33.4% of the joint venture, which will be based in Shanghai. The newly created entity is expected to facilitate trade between French and Chinese food producers and wholesalers, giving Semmaris entry into the Chinese wholesale food market for the first time.
Shanghai Rungis Market Management will operate its first market in Nanning, capital city of the southern province of Guangxi.
GLN assisted Semmaris in the negotiations and the incorporation of the joint venture, including the preparation of all relevant legal documentation. The GLN team was led by partner David Boitout.
