Nippon Paint Automotive Coatings (NPAC), a subsidiary of Nippon Paint Holdings, has completed an RMB350 million (USD52 million) acquisition of additional shares in five Chinese automotive coatings companies. DeHeng Law Offices acted as NPAC’s counsel.
The five are NBC companies in Nanjing, Guangzhou, Changchun, Tianjin and Wuhan and had been consolidated subsidiaries of NPAC by 60 per cent ownership. NPAC wholly owns the five after purchasing the remaining shares.
Nippon Paint Group is the third biggest in its market and plans to expand in China via this transaction.
DeHeng mainly advised on getting permission from the Anti-Monopoly Bureau. Its team was led by Shanghai-based partner Steven Zhang and Beijing-based partner Hu Tie, with support from associates Nie Bomin, Fu Yunqing and Wang Ti.