CMS Bureau Francis Lefebvre and Jones Day act as advisors on the acquisition of General Motors Strasbourg SAS by Punch Metals International NV - a deal that will save 1,000 jobs
CMS Bureau Francis Lefebvre acted as an advisor to Punch Metals International in its acquisition of General Motors Strasbourg from the General Motors group. The acquisition includes a supply contract with the General Motors group guaranteeing orders for 2013 and 2014, and a cooperation and supply agreement with German parts manufacturer ZF, a global leader in transmissions systems, for the development of an eight-speed gearbox from 2014, which guarantees the sale of at least 590,000 transmissions from 2015 to 2017.
Consequently, Punch Metals International has budgeted for at least €150 million of capital spending in the next two years, for new equipment and improvements to existing infrastructure.
The agreements between GM, ZF, and Punch Metals International were shaped by a workout agreement masterminded by Claude-Maxime Weil and approved by the Commercial Chamber of the Strasbourg High Court on January 3.
Belgian automotive equipment manufacturer Punch Metals International has five sites in Europe, including two in France, and employs 440 people.
Punch Metal International was advised on legal and tax issues by CMS Bureau Francis Lefebvre, with Jacques Isnard, Partner, Alexandra Rohmert and Chantal Jordan, advising on corporate matters, Alain Herrmann, Partner, advising on employment law matters, Denis Redon, Partner, and Mélanie Comert advising on competition law matters, and François Hellio, Partner, and Johann Roc’h providing advice on tax issues.
General Motors’ advisor for legal and tax issues was Jones Day, with Laurent Assaya, Of Counsel, Tatiana Baudry and Adeline Pétré advising on corporate matters, Jean-Michel Bobillo and Gabriel Ferran advising on employment law matters, Frédéric Gros, Partner, and Sophie Chevallier advising on financing matters, Eric Barbier de la Serre, Partner, and Eileen Lagathu advising on competition law matters, David Desforges advising on environmental issues and Vincent Agulhon, Partner, and Loïc Védie providing advice on tax issues.
General Motors’ financial advisor was Barclays, New York (Brian Giulani and Michael Calabrese).
ZF was advised by Emil Epp from Epp & Kühl.
[In a press release, the Minister for Productive Renewal welcomed the agreement reached between GM and the buyer of the site. “This agreement will protect the 989 jobs at the site as well as providing for the production of a new ZF eight-speed gearbox from 2015.”]
For more information, please contact:
- CMS Bureau Francis Lefebvre
Florence Jouffroy, Marketing and Communication Director
Laetitia Mostowski, External Communication Manager
[email protected], [email protected]
+33 1 47 38 40 32 / 40 74
- Jones Day
Francine Rey, Paris Business Development & Communications Manager
+ 33 1 56 59 38 47
- Agence Ogilvy PR
Violaine des Courières / Amandine Viguié -
[email protected] / [email protected]
+33 1 53 67 12 70 / 12 76