Slaughters takes lead on steel merger
City firm reasserts itself as main adviser to Corus Group working on proposed £3bn merger with CSN
July 24, 2002 at 08:03 PM
2 minute read
Slaughter and May has reasserted its position as lead adviser to the Corus Group, formerly British Steel, by advising on its proposed £3bn merger with Brazilian steel producer Companhia Siderugica Nacional (CSN).
The strength of Slaughters' relationship with Corus was questioned in April when the steel giant turned to Lovells to advise it on the £900m disposal of its aluminium business.
However, this latest deal brings confirmation that Corus remains close to Slaughters, which advised on the privatisation of British Steel back in 1988 that created the company.
Slaughters corporate partner Andy Ryde, the firm's main client contact, is leading the team advising Corus.
"The firm would expect to get instructed for large international deals by the company," Ryde said. "It is the slowest M&A market for 10 years or more and it is a lot quieter at the moment than it has traditionally been at the firm, so it is nice to get this deal."
Clifford Chance is advising long-term client CSN, led by New York-based corporate partner Anthony Oldfield.
"The New York office has advised CSN for many years, but it is too early to say who will advise the new merged company," Oldfield said.
The deal, which was announced last week, will create a company with a market capital of more than £3bn and sees two significant players in the industry join forces. Corus is one of Europe's market leaders in carbon steel, which will come together with CSN, one of the world's lowest cost steel producers.
The merger is still subject to regulatory clearance from numerous bodies in both countries and is expected to be closed in the first quarter of next year.
The instruction will give Slaughters' M&A ranking for the second half of 2002 a welcome kick-start. The firm came only 14th in Mergermarket's European table for the first half of the year.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllSkadden to Close in Shanghai and Make Cuts to China Corporate Practice
DWF Group's Canadian Firm Set to Add Fourth Office With 16-Lawyer Montreal Team
UK Law Firms Face £75M Money Laundering Investigations Alongside Russia Scrutiny
3 minute readTrending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2A&O Shearman Adopts 3-Level Lockstep Pay Model Amid Shift to All-Equity Partnership
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5A RICO Surge Is Underway: Here's How the Allstate Push Might Play Out
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250