Clifford Chance and Shearman & Sterling advised on Japanese diversified industrial company Mitsui’s 70% acquisition of Celanese Corporation’s European food ingredients business, Nutrinova Netherlands, valued at USD472.5 million.
Celanese will hold the remaining 30% stake in Nutrinova and the transaction is expected to close within the fiscal year ending March 2024.
Thel transaction involves four jurisdictions, Japan, Germany, the Netherlands and the US.
Clifford Chance partner Natsuko Sugihara led the team, advising Mitsui on numerous aspects of this deal from M&A, IP, compliance, tax, employment, antitrust, commercial contracts and environmental to real estate and trade regulations.
Sugihara, and partners Benjamin Sibbett, Matthew Warner and Jeroen Thijssen counselled on M&A matters. The following partners advised on various issues: Michiel Sunderman on tax, Ines Keitel on employment and Dimitri Slobodenjuk on antitrust. Partner Gunnar Sachs led the contract and compliance team, while partner Thomas Voland counselled on environmental, real estate and trade regulations.
Shearman & Sterling global managing partner George Casey and partner Heiko Schiwek represented Celanese in this transaction.
Having identified wellness ecosystem creation as a key strategic initiative, Mitsui will develop Nutrinova’s food and nutrition business. After 13 years of co-operation with Celanese in energy, chemicals and the food industry, this investment marks Mitsui’s expansion of its global footprint.
Nutrinova is noted for its functional ingredients to produce low caloric and carbohydrate foods, especially the widely used high-intensity sweetener acesulfame potassium and food preservative sorbic acid.
