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  • October 15, 2008 |

    Cleary confirms US bailout plan role rejection

    Cleary Gottlieb Steen & Hamilton has confirmed that it was one of the six firms the Treasury Department considered as candidates for a role as lead adviser on the $700bn (£400bn) bailout plan. Only two of those six firms pursued the work that eventually went to Simpson Thacher & Bartlett. Four of the six law firms have confirmed that the Treasury reached out to them: Simpson, Cleary, Davis Polk & Wardwell, and Wachtell Lipton Rosen & Katz. The two others, including the firm the Treasury turned down, remain unidentified. Two of the most likely candidates - Sullivan & Cromwell and Latham & Watkins - would not comment on the matter. A third, Shearman & Sterling, has not responded to messages.

    1 minute read

  • October 9, 2008 | International Edition

    Banking turmoil sparks wave of takeover work for firms

    The ongoing chaos in the banking sector is continuing to generate roles for firms on both sides of the Atlantic as Benelux financial services group Fortis, Italian bank UniCredit and US bank Wachovia join the ranks of financial institutions striking deals.Linklaters and Cleary Gottlieb Steen & Hamilton have taken the lead roles as France's BNP Paribas takes control of Fortis in a E14.5bn (£11.2bn) deal. A Linklaters team lead by Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is advising Fortis on the deal, which will see BNP Paribas take over the main banking and insurance operations. Cleary Gottlieb has taken the main role for BNP Paribas, fielding a team under Paris corporate partner Pierre-Yves Chabert.Allen & Overy (A&O) also scored a role on the transaction, advising the Dutch authorities. The takeover follows an attempt to bail out Fortis through a E11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the Netherlands. Herbert Smith ally Stibbe won the lead role advising the Belgian Government as it took a minority stake in Fortis, as well as fellow bank Dexia, and advised on the sale of its stake in Fortis to BNP Paribas. Clifford Chance advised the Dutch central bank, De Nederlandsche Bank, on the purchase by the Dutch Government of Fortis's Dutch banking and insurance subsidiaries.Linklaters also advised Fortis on the unsuccessful cash injection, while Cleary Gottlieb advised Dexia, which is to receive a E6.4bn (£5.1bn) injection from the Benelux governments and shareholders. Cleary Gottlieb has also taken the lead for Italian bank UniCredit in its deal to secure up to E6.6 billion (£5.12bn) of funding. The firm's team is being led by Milan partners Roberto Casati, Michael Volkovitsch and Pietro Fioruzzi.Meanwhile, ongoing rescue negotiations for Germany's Hypo Real Estate have generated roles for Shearman & Sterling, advising the bank itself, as well as German independent Hengeler Mueller, which advised a consortium of financial institutions. Linklaters is also understood to have a role for the lender.In the US, Sullivan & Cromwell has taken the lead on negotiations for the rescue of Wachovia, which has seen both Citi and Wells Fargo bidding. Davis Polk & Wardwell is advising Citi on its bid for Wachovia's banking operations for $2.16bn (£1.16bn), while Wachtell Lipton Rosen & Katz is advising Wells Fargo on its bid to acquire all of Wachovia for $15.1bn (£8.7bn).

    1 minute read

  • October 9, 2008 |

    Banking turmoil sparks wave of takeover work for firms

    The ongoing chaos in the banking sector is continuing to generate roles for firms on both sides of the Atlantic as Benelux financial services group Fortis, Italian bank UniCredit and US bank Wachovia join the ranks of financial institutions striking deals.Linklaters and Cleary Gottlieb Steen & Hamilton have taken the lead roles as France's BNP Paribas takes control of Fortis in a E14.5bn (£11.2bn) deal. A Linklaters team lead by Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is advising Fortis on the deal, which will see BNP Paribas take over the main banking and insurance operations. Cleary Gottlieb has taken the main role for BNP Paribas, fielding a team under Paris corporate partner Pierre-Yves Chabert.Allen & Overy (A&O) also scored a role on the transaction, advising the Dutch authorities. The takeover follows an attempt to bail out Fortis through a E11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the Netherlands. Herbert Smith ally Stibbe won the lead role advising the Belgian Government as it took a minority stake in Fortis, as well as fellow bank Dexia, and advised on the sale of its stake in Fortis to BNP Paribas. Clifford Chance advised the Dutch central bank, De Nederlandsche Bank, on the purchase by the Dutch Government of Fortis's Dutch banking and insurance subsidiaries.Linklaters also advised Fortis on the unsuccessful cash injection, while Cleary Gottlieb advised Dexia, which is to receive a E6.4bn (£5.1bn) injection from the Benelux governments and shareholders. Cleary Gottlieb has also taken the lead for Italian bank UniCredit in its deal to secure up to E6.6 billion (£5.12bn) of funding. The firm's team is being led by Milan partners Roberto Casati, Michael Volkovitsch and Pietro Fioruzzi.Meanwhile, ongoing rescue negotiations for Germany's Hypo Real Estate have generated roles for Shearman & Sterling, advising the bank itself, as well as German independent Hengeler Mueller, which advised a consortium of financial institutions. Linklaters is also understood to have a role for the lender.In the US, Sullivan & Cromwell has taken the lead on negotiations for the rescue of Wachovia, which has seen both Citi and Wells Fargo bidding. Davis Polk & Wardwell is advising Citi on its bid for Wachovia's banking operations for $2.16bn (£1.16bn), while Wachtell Lipton Rosen & Katz is advising Wells Fargo on its bid to acquire all of Wachovia for $15.1bn (£8.7bn).

    1 minute read

  • October 8, 2008 |

    Bank turmoil helps elite firms to tighten grip on M&A market

    Top UK and US law firms dominate the latest European M&A rankings for Q3 2008 - a period in which global deal volume fell by 36% compared with the same quarter the previous year. The latest research from Legal Week's data provider, Mergermarket, shows the magic circle taking the top positions by value and volume for European M&A, with New York leaders also featuring highly.

    1 minute read

  • October 7, 2008 | International Edition

    Linklaters and Cleary lead on Fortis takeover

    Linklaters and Cleary Gottlieb Steen & Hamilton are continuing to cash in on the turmoil in the global banking markets, with the pair taking leading roles as BNP Paribas' takes control of Fortis.Linklaters is advising stricken Benelux financial services group Fortis on the €14.5bn (£11.2bn) deal, announced today (6 October), which will see BNP Paribas take over the main banking and insurance operations of Fortis. Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is leading the team for the magic circle firm.

    1 minute read

  • October 7, 2008 |

    Linklaters and Cleary lead on Fortis takeover

    Linklaters and Cleary Gottlieb Steen & Hamilton are continuing to cash in on the turmoil in the global banking markets, with the pair taking leading roles as BNP Paribas' takes control of Fortis.Linklaters is advising stricken Benelux financial services group Fortis on the €14.5bn (£11.2bn) deal, announced today (6 October), which will see BNP Paribas take over the main banking and insurance operations of Fortis. Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is leading the team for the magic circle firm.

    1 minute read

  • October 2, 2008 |

    Linklaters beats rivals to top of global M&A rankings for Q3 2008

    Linklaters has stormed to the top of the latest M&A rankings as clients continue their flight to quality for big-ticket mandates.Mergermarket tables for the first three-quarters of 2008, which are provided exclusively to Legal Week, put the magic circle law firm far ahead of its rivals by value for global, European and UK M&A, with Linklaters advising on 184 deals to date worth $602.3bn (£335bn). Over Q3 the firm has seen a stream of mandates coming from the credit crunch - winning roles on deals including the proposed takeover of HBOS by Lloyds TSB and Bank of America's takeover of Merrill Lynch. It is also advising on the largest deal of the quarter - InBev's unsolicited bid for rival drinks company Anheuser-Busch.The mandates mean Linklaters' quarterly tally has a higher value at $238.3bn (£134bn) than in both Q2 2008 and Q3 2007.Linklaters corporate partner Matthew Middleditch told Legal Week: "We have been lucky that our broad base of clients has been active this year. Given the uncertain climate, quite how much longer activity will continue is uncertain for everyone."The rankings demonstrate clients turning to top-tier law firms during the economic crisis. By value the rankings are dominated by leading international players such as the magic circle, Sullivan & Cromwell, Skadden Arps Slate Meagher & Flom and Cleary Gottlieb Steen & Hamilton. All have significantly outperformed the wider M&A market. Q2 saw 3,407 deals announced globally worth $686.6bn (£380bn) while Q3 fell to 2,352 worth $735.3bn (£408bn).With the credit crunch already claiming global banking institutions such as Lehman Brothers, Merrill Lynch and Washington Mutual as well as HBOS and Bradford & Bingley in the UK, firms are preparing for a further flurry of bank-related M&A activity. Freshfields head of corporate Barry O'Brien said: "There is no question we will see more work arising from financial institutions. The regulated balance sheets have not been as robust as people assumed and I would expect to see further financial services consolidation in the future."

    1 minute read

  • October 2, 2008 |

    Law firms land B&B, Dexia and Fortis roles

    A raft of leading law firms have landed roles on the latest bank bailouts with Bradford & Bingley (B&B), Dexia and Fortis all agreeing rescue deals this week.Herbert Smith, Freshfields Bruckhaus Deringer, Slaughter and May and Ashurst all won major roles on the £40bn nationalisation of B&B. Herbert Smith advised longstanding client B&B, fielding a team under London corporate chief Michael Walter. Slaughters, fielding a team under London corporate partner Charles Randell, acted for the UK Government, which nationalised the bank on Monday (29 September). Freshfields advised Bank of England on its role overseeing B&B, with partner Michael Raffan leading the team.Ashurst advised Banco Santander-owned Abbey on its acquisition of B&B's £20bn deposit business, which includes 200 branches. As the banking crisis spread to continental Europe, Herbert Smith ally Stibbe won lead roles advising on the state bailouts of Belgian banking leader Fortis and Dexia. The firm is advising the Belgian Government, which has taken minority stakes in both of the troubled banks. The firm is acting opposite Cleary Gottlieb Steen & Hamilton for Dexia, which is to receive a E6.4bn (£5.1bn) injection from the governments of Belgium, France and Luxembourg and shareholders. Linklaters took the lead for Fortis on its E11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the Netherlands.

    1 minute read

  • September 30, 2008 |

    Herbert Smith ally leads on Belgian bank bailouts

    Herbert Smith's Dutch ally Stibbe has bagged lead roles advising on the state bailouts of Belgian banking leaders Fortis and Dexia. The firm is advising the Belgian Government, which has taken minority stakes in both of the troubled banks. Stibbe's Brussels office has played the lead role on both transactions with corporate partners Olivier Clevenbergh and Marc Fyon and finance partner Ivan Peeters advising.

    1 minute read

  • September 30, 2008 |

    Weil Gotshal heads up new $2.15bn Lehman sell-off

    After selling off $1.75bn (£970m) in assets to Barclays, bankrupt giant Lehman Brothers is to sell much of its money management business, including its asset management unit, Neuberger Berman, to Bain Capital and Hellman & Friedman for about $2.15bn (£1.19bn) in cash, reports The American Lawyer.The Neuberger business is among the biggest outstanding issues for Lehman. Weil Gotshal & Manges, Lehman's bankruptcy counsel, is handling the deal on Lehman's end. A twelve-partner team from Boston-based firm Ropes & Gray advised longstanding client Bain on the acquisition.

    1 minute read