Hong Kong, January 31, 2011 – Morrison & Foerster is representing Kirin Holdings Company, Limited (Kirin) (TYO:2503), a leading Japanese company in the global food and beverage market, in a strategic joint venture with China Resources Enterprise (CRE) (HKG:0291), a Hong Kong-based consumer goods company operating in the retail, beer, food and beverage markets throughout China. The joint venture will manufacture and distribute non-alcoholic beverages throughout China.
Kirin and CRE will combine their existing China-based non-alcoholic beverage operations into one joint venture company. Kirin's investment will be approximately US$400 million in this transaction. CRE will bring to the joint venture its extensive distribution network and local managerial expertise, while Kirin will add its diversified product portfolio and strong R&D capabilities. CRE currently operates a sales network of more than 3,000 retail stores nationwide in China.
The transaction team is led by Morrison & Foerster partners Fuyuo Mitomi (Tokyo), Thomas Chou (Hong Kong), Gordon Milner (Hong Kong) and Sherry Yin (Beijing).