Morrison & Foerster and Ashurst had the lead roles on a $1 billion strategic alliance between Thai conglomerate Charoen Pokphand Group Co. Ltd. and Japanese trading out Itochu Corp.

The two companies said they will seek out opportunities in non-resources sectors such as food and chemicals in Asia, while also working together on joint initiatives in the animal feed and livestock spaces in China, Thailand and Vietnam.

The deal involves CP Group, which is controlled by Thai billionaire Dhanin Chearavanont, paying $1 billion for a 4.9 percent stake in Itochu. Itochu will then use $795 million of that to purchase a 25 percent stake in CP Group’s Hong Kong-listed agribusiness unit C.P. Pokphand Co. Ltd.

Morrison & Foerster Tokyo partner Randy Laxer and Hong Kong partner Jeremy Hunt led the team advising CP Group, with help from Tokyo partner Mitsutoshi Uchida and Washington, D.C., partner Jonathan Gowdy.

Ashurst Hong Kong partner Robert Ogilvy Watson acted for Itochu on the alliance. Mori Hamada Matsumoto served as Japanese counsel to the company.