WongPartnership is advising Indonesia’s PT Indofood Sukses Makmur TBK on its proposed $383 million takeover of Chinese vegetable producer China Minzhong Food Corp. Ltd.
Indofood, a conglomerate of food businesses controlled by the billionaire Salim family, already owns 33.5 percent of China Minzhong and is offering $0.88 a share for the rest of the company. Shares in Singapore-listed China Minzhong have been hit hard in the last two weeks, following a report by U.S. short-seller Glaucus research alleging fabricated sales figures and other accounting irregularities.
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