Asian agribusiness group company Wilmar has divested its shares in a Moroccan sugar-producing company, with Allen & Overy and Clifford Chance playing key legal advisory roles.
Wilmar, headquartered in Singapore, had earlier this year entered into an agreement with several Moroccan investors to dispose of its entire 30.05% equity shareholding in Cosumar for 5.9 billion Morrocan dirham ($593 million).
The transaction was recently completed after receiving all applicable regulatory approvals, including the merger control clearance.
Cosumar, with a market capitalisation of $1.8bn, is incorporated in Morocco and listed on the Casablanca Stock Exchange. Its principal business is production of sugar, refining of imported raw sugar and distribution of the end products.
On the transaction, Wilmar was advised by Clifford Chance, with a team led by Mustapha Mourahib, managing partner of the Casablanca office and co-head of the firm’s Africa practice.
Allen & Overy advised a pool of Moroccan institutional investors, including MAMDA, CIMR and RCAR, and Sucden Group, which acquired Wilmar group’s entire stake in Cosumar.
A&O’s team in Casablanca was led by partners Hicham Naciri and Yassir Ghorbal.
Both firms have been involved in previous transactions involving Wilmar’s equity in Consumar as far back as 2013.
Clifford Chance advised Wilmar in 2013 when it acquired a stake in Cosumar, via the purchase of part of the stake of Al Mada (formerly Société Nationale d’Investissement) while A&O acted on the transaction as the legal advisor of Al Mada and the Moroccan institutional investors.
