Dentons, the world’s largest global law firm, has advised Saudi Arabia’s Farabi Petrochemicals Company on Farabi’s first overseas acquisition. In a strategic move, Farabi has acquired from ISU Chemical Co., Ltd of South Korea a 50% stake in Great Orient Chemical (Taicang) Co., Ltd, a linear alkyl benzene (LAB) production plant based in Taicang, China, through the acquisition of shares in a Singapore-based holding company. Farabi is a global leader in LAB and N-Paraffin production.This acquisition marks Farabi’s entry into chemical production in Asia and allows further growth of sales into the Asian market. Dentons teams across Saudi Arabia, Singapore, China and Hong Kong advised on due diligence, corporate structuring, anti-trust issues, and the drafting and negotiation of the transaction documents.
The project reached a milestone on 16 June, with the signing of the main acquisition documents, and closed on 31 July.
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