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CMS BFL advisor to Otsuka on the acquisition of a 49% stake in Alma SA


The Japanese Otsuka group has acquired a 49% stake in Alma SA, a French leading manufacture and distributor of bottled mineral and spring water. This transaction amounted to Euro750m.

Alma SA is the holding company of the Alma Group which employs 3000 people, owns 34 factories and produces approximately 4 billions of bottles per year. Its main brands include Cristaline, St-Yorre, Vichy Célestins, Chateldon, Courmayeur, Vernière, Pierval, Rozana and Thonon. In 2007 the group turned over Euro783m per year.

The Otsuka Group (over 100 companies) had for its own consolidated sales figures amounting to JPY928.4bn (Euro5.7bn) in 2007. This group operates in 20 countries worldwide and has a staff of 31,000 people. It is notably renowned in Japan for its well-being food as Soyjoy "cereal bars", energizing drinks "Pocari Sweat" or nutritional cakes "CalorieMate".

Otsuka was advised by CMS Bureau Francis Lefebvre Law Firm as to:
Corporate: Jacques Isnard, partner, Sahar Saboori and Bruno Brochet, lawyers
Tax law: Edouard Milhac, partner
Competition law: Olivier Benoit, partner.

They were teamed up with two other CMS member law firms: CMS Adonnino Ascoli & Cavasola Scamoni (Italy) and CMS Cameron McKenna LLP (United Kingdom) as with Arendt & Medernacht from Luxembourg.

Rox Invest as transferor keeping a 51% controlling interest in Alma's capital, a holding company owned by Pierre Papillaud and his family, was advised by Christophe Gassiat, lawyer.

For further information, please contact :
CMS Bureau Francis Lefebvre
Florence Jouffroy / Tel: +33 1 47 38 40 32
Laetitia Mostowski / Tel: +33 1 47 38 40 74
Jacques Isnard, partner / Tel: +33 1 47 38 41 16

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Picture of Edouard Milhac
Edouard Milhac