France: Chinese company ORG Packaging agrees to acquire 60% of AJ Auxerre (Ligue 2)

"ORG Packaging, an important Chinese listed company within the industrial sector of food packaging, confirms today that it agreed with the majority shareholder of AJA Football SAOS, the company AJAXXL Capital SA owned by the Limido family, to purchase 60% of the share capital," announced the Chinese company in a statement posted on the AJ Auxerre (Ligue 2) website, on 05/08/2016.

The bid for 60% of the capital of the club made by ORG Packaging was validated by the AJ Auxerre board on 19/07/2016. This group is 60% owned by Corinne Limido, co-manager of LFC Invest S.à.rl, who became a majority shareholder of AJ Auxerre following the death of her husband Emmanuel Limido on 30/05/2015. The 56-year-old was CEO of LFC Invest S.à.rl (formerly Paris Luxembourg Participations - PLP) who owned AJA XXL, and thus 60% of the capital of AJ Auxerre since April 2014.

The agreement provides for the purchase of 60% of the club's capital for around €6m, and for the Chinese company to invest a minimum of €2m per year for three years after the purchase via a capital increase. The agreement announced on…