Davis Polk & Wardwell has advised Thai food and agriculture company Charoen Pokphand Foods Public Co. Ltd. on its purchase of a controlling stake, worth $2.2 billion, in an affiliated animal feed producer.
The deal is essentially a corporate reorganization to bring Hong Kong-listed C.P. Pokphand Co. Ltd.–a maker and supplier of animal feed to farms in China–under the central management of Bangkok-based Charoen Pokphand Group Co. Ltd., which will have a 74-percent stake after the transaction. Both Charoen Pokphand and C.P. Phokphand are controlled by Thai-Chinese magnate Dhanin Chearavanont.
