COBALT advised AB Rokiškio sūris on the acquisition of 10% of its shares valued more than EUR 7m by global dairy giant Fonterra.
“We see the strategic investment by a global company, which it confirmed after its lengthy scrutiny across the East European market, as a sign of trust both in us as a business partner and the Baltic market alike,” according to the press release citing Dalius Trumpa, Chairman of the Board of Rokiškio sūris.
Dalius Trumpa comments that Fonterra is the first strategic rather than financial investor in the history of Rokiškio sūris who will make long-term results and sustainable development a priority.
To implement the investment, Rokiškio sūris issued 3.586 million new ordinary registered shares, constituting 10% of the company’s investment capital. The agreed share issue price was equal to EUR 7.1m, i.e. EUR 1.98 per share.
Fonterra is a New Zealand-based dairy company uniting more than 100 000 dairy farms and co-operatives, with EUR 14bn in annual revenue and net profit in excess of EUR 700m over the past financial year. Fonterra is the world’s largest exporter of dairy products.
COBALT team drafted the share purchase agreement and other transaction documents, represented Rokiškio sūris in negotiations and advised on all other transaction-related matters. The team was comprised of Lithuania office Managing Partner Dr Irmantas Norkus, Partner Dr Juozas Rimas, and Senior Associate Inga Mažvilaitė.