Regulatory work: Cadwalader and Cleary face off over Ryanair/Aer Lingus, while Links and HSF advise on PPI compensation pot

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In a move being watched with interest by M&A lawyers and competition experts throughout Europe, the Competition Commission (CC) has today (28 August) dealt another blow to Ryanair’s long-held ambitions to buy Aer Lingus by ordering the airline to sell the majority of its 30% stake held in its rival, ruling that the minority stake could allow it to materially influence Aer Lingus in a way that may be anti-competitive.

However, Ryanair has wasted no time in saying it will appeal against the decision, described by Ryanair chief executive Michael O’Leary to the BBC as ‘bizarre and manifestly wrong’. This will meaning more work for Ryanair’s seasoned advisors, Cleary Gottlieb Steen & Hamilton, led by competition partner Nicholas Levy.

Continue reading “Regulatory work: Cadwalader and Cleary face off over Ryanair/Aer Lingus, while Links and HSF advise on PPI compensation pot”

Private equity: CVC gifts Clifford Chance and Cleary Gottlieb with two major European mandates

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Followers of the tussle between UK and US private equity practices for European mandates were this week rewarded with an instruction to both camps by leading buyout house CVC in its acquisitions of Domestic & General and Campbell Soup.

Advent International agreed earlier this week to sell extended warranty company Domestic & General (D&G) to CVC in a deal thought to be worth about $1.2bn, according to The New York Times, although this sum has not been officially disclosed.

Clifford Chance (CC) advised CVC, with a team led by Kem Ihenacho, co-head of the firm’s Africa practice and one of its private equity stars. He was assisted by M&A partner Brendan Moylan and insurance partner Hilary Evenett. Continue reading “Private equity: CVC gifts Clifford Chance and Cleary Gottlieb with two major European mandates”

Another senior departure for Shearman’s Euro practice as Links rebuilds French securities team with high profile hire

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The revolving door at Shearman & Sterling’s European practice was spinning once again today (11 July) with news that capital markets partner Bertrand Sénéchal has quit the US law firm to join the Paris arm of Linklaters.

Sénéchal’s practice covers a broad range of debt and equity securities work. The high profile partner has handled the French and US aspects of several large high-yield and Yankee bond transactions, and has advised major companies like Danone and Schneider Electric, as well as prominent underwriters. Continue reading “Another senior departure for Shearman’s Euro practice as Links rebuilds French securities team with high profile hire”

Calm down, it’s just an IPO

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IPO market set for best year since 2007

While corporate partners continue to protest about the lack of large mandates this year, when it comes to the IPO market, conditions are undoubtedly looking up – for now. The London Stock Exchange has had the best year to date for UK company floats since 2007, with nine flotations to date totalling $4.5bn (£2.86bn), according to Dealogic.

This time last year there had been just one float, raising $48m (£31m).

Stock market volatility remains an issue, with deal lawyers including Norton Rose Fulbright equity capital markets (ECM) partner Mark Lloyd Williams – who advised on the February float of house builder Crest Nicholson Holdings (£553m) – referring to conditions as ‘choppy’ and indicating that the position is kept under review from week to week.

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A&O finance veteran joins Co-op

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Alistair Asher takes on GC role as firm acts on major bank rescue

Securing a major deal and having one of your partners take a senior role with the same client is a nice trick to pull off but Allen & Overy (A&O) appeared to have managed that last month after securing a lead role on the Co-op’s rescue plan and ‘donating’ a veteran partner to the lender’s management team.

On 18 June, A&O confirmed that global financial institutions head Alistair Asher is leaving to join the Co-operative Bank as its new general counsel.

Asher will advise on the restructuring of the mutually owned lender and help speed up its management overhaul under its new chief executive Euan Sutherland. Asher retired on 1 July after 34 years with the Magic Circle firm and took on the new role immediately. The veteran partner had previously advised the Co-op on its 2009 merger with Britannia Building Society.

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Deal Watch: Clutch of US firms including Skadden, Cleary and Kirkland secure high value corporate mandates

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After the slowest opening M&A quarter for a decade the past week saw signs of the forecasted uptick in M&A activity as a clutch of US firms including Skadden, Arps, Slate, Meagher & Flom, Kirkland & Ellis and Cleary Gottlieb Steen & Hamilton secured high value mandates.

In what is said to be the largest Chinese takeover of a US company, Hong Kong-based meat processing giant Shuanghui International Holdings has acquired the world’s largest pork processor, Smithfield Foods, in a deal worth $4.7bn, or $7.1bn including assumed debt. US Paul Hastings led by Hong Kong-based partner Raymond Li advised the buyer alongside LB Global 100 US firm Troutman Sanders, led by corporate partners Mason Bayler, David Myers and Coburn Beck. Smithfield Foods was advised by Simpson Thacher & Bartlett led by M&A partners Robert Spatt and Patrick Noughton and McGuireWoods led by corporate partners David Oakey and James Anderson.

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Deal Watch: Magic Circle advises on headline debt deals as re-financing work keep advisers busy

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In a dire market for new money M&A, debt restructuring continues to be a lifeline for major advisers with Freshfields Bruckhaus Deringer, Linklaters and Kirkland & Ellis securing major mandates in recent days.

The standout mandate of May was the €4.2bn debt restructuring of German real estate group IVG Immobilien, which has generated lead roles for Freshfields and Linklaters alongside US duo Kirkland and Kaye Scholer. Continue reading “Deal Watch: Magic Circle advises on headline debt deals as re-financing work keep advisers busy”

Commerzbank loses bankers’ bonuses appeal

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Commerzbank has today (26 April) lost its appeal in its high-profile four-year battle over unpaid bankers’ bonuses – one of the largest cases against a bank to run since the credit crunch.

Represented by Linklaters, Germany’s second largest bank will have to pay €52m to 104 London-based bankers, unless it obtains leave to appeal to the Supreme Court.

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Clifford Chance partner takes up governance role at Deutsche Bank

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Deutsche Bank today (17 April) announced the appointment of Clifford Chance partner Daniela Weber-Rey as chief governance officer and deputy global head compliance in its Frankfurt office.

Weber-Rey, who is a long-serving corporate partner at Clifford Chance, will join Europe’s biggest bank by assets in June, overseeing corporate governance globally and acting as adviser to the management board on the governance structures and processes of the bank.

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