Deal Watch: DuPont/Dow Union Looms as GE Continues to Unload
Am Law 100 transactional lawyers are wringing their hands over a potential $120 billion chemical industry tie-up for the holidays, as General Electric continues keeping its outside counsel busy on a spate of divestitures by the conglomerate.
December 10, 2015 at 12:07 PM
7 minute read
As Am Law 100 transactional lawyers wring their hands over a potential $120 billion tie-up between Dow Chemical Co. and E.I. du Pont de Nemours & Co. to create a global chemical giant, several other completed deals in a range of industries—coffee, energy, hospitality—sought to close out what has been a record-breaking year for M&A.
Meanwhile, General Electric continued a torrid year of dealmaking this week as reports emerged that the Fairfield, Connecticut-based conglomerate is poised to sell off its Japanese commercial-leasing business for $4.7 billion to Sumitomo Mitsui Financial Group, which this summer agreed to pay $2.2 billion for GE's private equity financing unit.
In late November, GE also said it would sell a U.K. home lending portfolio valued at about $5.9 billion—as part of the company's continued offloading of GE Capital—to an investment consortium of funds managed by The Blackstone Group, TPG Special Situations Partners and CarVal Investors. Magic Circle firm Allen & Overy has taken the lead for GE on that transaction, according to U.K. publication The Lawyer, with the acquiring consortium tapping British firm Berwin Leighton Paisner.
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