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AAR acts for Associated British Foods in $1.9 billion deal

26 July 2004

Allens Arthur Robinson acted for Associated British Foods PLC (ABF) in its A$1.9 billion purchase of Burns Philp & Co's global yeast and herbs and spices business.

In one of the largest ever transactions in the bakery ingredients industry, ABF acquired Burns Philp's yeast and bakery ingredients group and its Tone Bros herbs and spices business. The deal is expected to be formally completed by the end of September, subject to relevant regulatory approvals.

ABF is one of Europe's largest food companies, with brands including Ryvita crispbread, Twinings tea and Tip Top bread. It is the parent company of local baker George Weston Foods.

A large team of AAR lawyers worked in tandem with an international team on the deal, which was negotiated principally in New York.

The AAR team was led out of the Sydney office by partners Ewen Crouch and Andrew Finch and managed by senior associate Carl Bicego and lawyer Cesilia Kim.

Andrew Finch said the team was engaged in a comprehensive due diligence exercise on the Australian assets of the bakery ingredients business, with detailed input into the complex global sale agreement.

'It was particularly challenging to coordinate due diligence and contractual negotiations as part of an international team reporting into New York and London,' Andrew said.

'As we got closer to signing, there were a number of intense logistical challenges, not the least of which was the time differences arising from the 32 countries in which the businesses operated.'

 

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Notes for editors.

Allens Arthur Robinson was Best Large Professional Services Firm of the Year and Best Large Law Firm in the 2006 BRW-St.George Client Choice awards, and the Chambers and Partners 2005 Australasian Law Firm of the Year. AAR has been awarded an EOWA Employer of Choice for Women citation by the Federal Government's Equal Opportunity for Women in the Workplace Agency (EOWA). Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with staff based in 14 cities and eight countries across the region. It was founded in 1822.