Global law firm Clyde & Co, via its China joint law venture Clyde & Co Westlink JLV, is pleased to announce that it acted for VTTI Terminals I B.V. in its recent acquisition of 50% of the shares in Odfjell Terminals (Dalian) Ltd from Odjfell SE for an announced purchase price of US$59 million.
Odfjell Terminals (Dalian) Ltd is a major tank terminal operator in northern China (oil products and chemicals). Clyde & Co's team was led by Consultant Michael Cripps.
Commenting on the acquisition, Cripps says: "This acquisition marks VTTI's entry into the China market, and reflects the confidence felt by many businesses in the swift recovery and continued opening-up of the Chinese economy. We believe the latter part of 2020 will see significant cross-border M&A activity in China".
Chair of Clyde & Co's International Trade & Commodities Practice Group Marko Kraljevic comments: "This transaction reflects our firm's deep-rooted expertise in the oil trading space across the supply chain, combining legal knowledge with a commercial approach".