Pui Guan Man

April 03, 2013 | International Edition

Bird & Bird is representing a group of former Royal Bank of Scotland (RBS) shareholders who today issued an estimated £4bn claim against the bank and a group of its former directors over a 2008 rights issue. Bird & Bird partner Steven Baker is leading the team acting for the shareholders, having taken the work with him in a lateral move from Olswang last year. Baker has instructed Serle Court barrister Philip Marshall QC to pursue the claim in court.

By Pui-Guan Man

2 minute read

April 02, 2013 | International Edition

Stephenson Harwood and Freshfields Bruckhaus Deringer picked up lead advisory roles as Prudential was last week fined £30m by the Financial Services Authority (FSA) over its attempt to take over Asian rival AIA in 2010. The FSA, which was this week replaced by the Financial Conduct Authority and the Prudential Regulation Authority, fined Prudential and censured its chief executive Tidjane Thiam, for failing to inform the FSA at the appropriate time about its $35.5bn (£23.5bn) bid - breaching FSA principles and UKLA listing principles.

By Pui-Guan Man

3 minute read

April 02, 2013 | International Edition

Herbert Smith Freehills (HSF) has launched in Berlin, with recently hired corporate partner Ralf Thaeter set to split his time between the office and the firm's new Frankfurt base. Thaeter, who was recruited from former Herbert Smith alliance firm Gleiss Lutz in February to launch HSF's Frankfurt offering, will also head up the Berlin base, which will focus on corporate and regulatory work.

By Pui-Guan Man

2 minute read

March 27, 2013 | International Edition

Herbert Smith Freehills (HSF) and Pinsent Masons have advised as EDF Energy secured planning consent to build and operate the proposed £14bn Hinkley Point C nuclear power station. The Somerset development, which was green-lit by energy and climate change secretary Ed Davey last week, comprises two nuclear reactors capable of generating up to 3,260 megawatts of electricity. The development consent order also permits EDF to carry out associated development work and includes measures amounting to around £100m to manage the impact of the development.

By Pui-Guan Man

2 minute read

March 26, 2013 | International Edition

Field Fisher Waterhouse has taken the lead role on a £1.6bn deal that has seen a private company take over the running of the UK's search and rescue helicopter operations. The contract, which runs from 2015 to 2026, has been won by the Bristow Group, the US-headquartered parent company of Aberdeen's Bristow Helicopters.

By Pui-Guan Man

2 minute read

March 25, 2013 | International Edition

Withers and Speechly Bircham have confirmed that they are in early stage talks over a possible combination that could create a top 25 firm with revenues of around £170m. The firms issued a joint statement today confirming preliminary discussions are taking place after RollonFriday first reported the pair were talking about a combination on Friday (22 March).

By Pui-Guan Man

3 minute read

March 25, 2013 | International Edition

Weil Gotshal & Manges' City arm saw turnover shoot up by 22% during the 2012 financial year, with the increase in London coming as global revenues stayed static. The New York firm's UK office posted revenues of $110m (£72m), up on $90m (£59m) the previous calendar year.

By Pui-Guan Man

2 minute read

March 21, 2013 | International Edition

Simmons & Simmons has made a double partner hire from K&L Gates' London office, taking on the US firm's UK heads of pensions and employee incentives. Pensions partner Danny Tsang and employment partner Ian Fraser have joined Simmons' City employment and benefits team, taking the total partner count in the group to 10. Tsang has been at K&L Gates since 2007, when he joined from McDermott Will & Emery to launch a London pensions practice for the firm. His practice covers plan restructurings and corporate pensions strategies, as well as pensions aspects relating to corporate transactions, business recovery and restructuring.

By Pui-Guan Man

2 minute read

March 21, 2013 | International Edition

The UK's political leaders this week reached broad agreement over a new system to regulate the press, but many lawyers remain unconvinced of the merits of the proposed reforms. The agreement, announced on Monday (18 March) after lengthy talks that ran into to the early hours of the morning, saw the Conservatives, Labour and Liberal Democrats approve a draft royal charter in the wake of last year's Leveson Inquiry into media standards. Key provisions within the charter include handing the regulator power to direct the nature, extent and placement of corrections and apologies, while publishers that do not sign up to the new regulatory system could be subject to exemplary damages.

By Pui-Guan Man

4 minute read

March 21, 2013 | International Edition

Allen & Overy (A&O) and Slaughter and May have led on a deal that has seen the Royal Bank of Scotland (RBS) give up control of UK insurer Direct Line with a £507m share sale. RBS, which sold a 34.72% share in Direct Line when it listed on the London Stock Exchange last year, has now sold a further 15.3%, reducing its stake in the insurer to just below 50%. A&O City corporate partner David Broadley advised RBS on the sale, while Slaughters corporate partner Andy Ryde provided counsel to Direct Line. Linklaters corporate partner Dan Schuster-Woldan and managing associate James Wootton represented the banks.

By Pui-Guan Man

2 minute read