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  • September 12, 2013 |

    Wall Street weighs up the world – are New York's elite committed to competing on a global level?

    In 1989, only seven million Americans owned a passport – a derisory 3% of the US population and a figure that was oft-brandished by scornful Europeans. Since then the situation has improved markedly, with a far more respectable 110 million of the country's 313 million citizens holding a valid passport at the last count. That still lags the 70% of British passport-holders, but the change shows a US that has taken up full residence in the global village – an unavoidable response to the emergence of rival economic powerhouses such as China.

    1 minute read

  • September 12, 2013 |

    Latham and Davis Polk check out Tesco sale of US Fresh & Easy chain

    Davis Polk and Latham & Watkins have taken the lead roles on Tesco's sale of its US Fresh & Easy chain to investment firm Yucaipa. The supermarket giant has been looking to offload the loss-making business for some while, with the deal seeing Tesco loan the new business around £80m.

    1 minute read

  • September 12, 2013 |

    Davis Polk and Simpson Thacher check in for $1.25bn Hilton IPO

    Davis Polk & Wardwell and Simpson Thacher & Bartlett have advised on hotel operator Hilton Worldwide's plans for an initial public offering (IPO). The hospitality company, which is owned by private equity firm Blackstone Group, is hoping to raise up to $1.25bn (£790m) through the listing, the proceeds of which will be used to pay down debt and for general corporate purposes.

    1 minute read

  • September 11, 2013 |

    Hong Kong opens second round of higher rights of audience applications

    The Hong Kong Law Society is this month accepting the second round of applications from solicitors for higher rights of audience (HRA) following new legislation introduced last year allowing non-barristers to appear in court. Solicitors from local and international law firms have been given one month from 1 September to apply for advocacy rights, with most required to undergo a litigation training programme overseen by the College of Law.

    1 minute read

  • August 27, 2013 |

    Skadden, K&L Gates lead as Baidu takes stake in group-buying site

    Skadden Arps Slate Meagher & Flom and K&L Gates were lead advisors as Chinese social networking company Renren agreed to sell shares of its Groupon-like subsidiary Nuomi Holdings to Chinese internet search giant Baidu. The deal, which remains subject to approval, will see Baidu take a 59% equity interest in Nuomi for a purchase price of $160m, giving it a bigger share of China's fast-growing group-buying market.

    1 minute read

  • August 16, 2013 |

    Ex-Herbert Smith Asia disputes head to join Linklaters as exits continue

    Linklaters has made a key hire for its Hong Kong litigation team with the addition of Herbert Smith Freehills' former Asia disputes head Gavin Lewis. Lewis, who is top rated for China disputes and contentious regulatory work, is expected to join the magic circle firm's Hong Kong base in November or December this year, bringing the total number of disputes partners in the office to to four.

    1 minute read

  • August 1, 2013 |

    Davis Polk rejects $1.4m headhunter claim over Hong Kong hires

    Davis Polk & Wardwell has dismissed a $1.4m lawsuit filed against it by Asian legal recruiter Alan Metz in New York on the grounds that his claims are "entirely without merit" and "fail as a matter of law". The US firm, which is being represented by disputes attorney William Gyves from Epstein Becker & Green, said it never accepted Metz's offer of recruiting services for the hire of former Clifford Chance Hong Kong litigators Martin Rogers and James Wadham last year, and is therefore under no legal obligation to pay him.

    1 minute read

  • July 25, 2013 |

    Davis Polk and Sidley act on China search engine giant's $1.9bn app store purchase

    Davis Polk & Wardwell and Sidley Austin have taken the lead roles on China search engine giant Baidu's $1.9bn (£1.2bn) buyout of app store 91 Wireless. Baidu is set to purchase the entire share capital of the Chinese app distributor as it seeks to boost its profile in the mobile internet market. Under the terms of the transaction, Baidu will buy a 57.41% stake in the company from parent and online game developer Netdragon and the remaining equity interest from other shareholders.

    1 minute read

  • July 18, 2013 |

    H1 2013 M&A review

    Halfway into the year, Legal Week looks back at the best deals from the past six months, with mandates for Davis Polk & Wardwell and Sullivan & Cromwell.

    1 minute read

  • July 11, 2013 |

    M&A activity levels continue to languish – but lawyers cling to hopes of deal revival

    "It's clear Europe is under-delivering, and it can't stay down for much longer." Speaking to Legal Week at the beginning of the year, Cravath Swaine & Moore EMEA M&A head Richard Hall expressed a view that many deal lawyers have shared for some time now. However, the months since have seen transaction activity levels across Europe fall lower still, with total H1 deal value down 23% on last year and deal volumes down 12% to 5,854 – the worst half-year for European M&A since 2010. The second quarter of 2013 was particularly sluggish, with just 1,140 deals, marking the quietest quarter for European M&A by volume since Q1 2010...

    1 minute read