City trio take centre stage on Barclays' £4.5bn capital raising
Allen & Overy (A&O), Clifford Chance (CC) and Linklaters are among a raft of firms to land roles on Barclays' £4.5bn capital raising. CC has secured the lead role for Barclays, fielding a team under corporate finance partner Guy Nor-man, while a swathe of other firms are acting for investors including the Qatar Investment Authority (QIA) and Sumitomo Mitsui Banking Corporation (SMBC).
July 02, 2008 at 10:48 PM
2 minute read
Allen & Overy (A&O), Clifford Chance (CC) and Linklaters are among a raft of firms to land roles on Barclays' £4.5bn capital raising.
CC has secured the lead role for Barclays, fielding a team under corporate finance partner Guy Nor-man, while a swathe of other firms are acting for investors including the Qatar Investment Authority (QIA) and Sumitomo Mitsui Banking Corporation (SMBC).
The UK banking giant announced this week (25 June) that it was planning to raise the additional capital through a share issue.
Latham & Watkins is acting for the biggest investor, QIA, which has agreed to put up to £1.76bn into the bank. The US law firm is fielding a team for its regular client under London corporate partners Graeme Sloan and Nick Cline.
A&O, meanwhile, has won the lead for the third biggest investor, SMBC, which is investing up to £500m in Barclays. A&O corporate managing partner Andrew Ballheimer is leading a team from the firm's London and Tokyo offices, including London corporate partner Louise Wolfson and banking partner Paul Phillips and Tokyo M&A partners Hidehero Utsumi and Stephen Mathews.
The other investors are Challenger, which is putting in up to £533m, and China Development Bank (CDB) and Singapore sovereign wealth fund Temasek, which have agreed to invest up to £136m and £200m respectively.
Norton Rose corporate partner Martin Scott has taken the lead role for CDB. It is his second role advising the bank on investment into Barclays as he also advised when, along with Temasek, the bank bought into Barclays in 2007 before its failed bid for ABN Amro.
On that investment Temasek turned to Lovells but the fund has this time instructed Linklaters with London corporate partner William Buckley leading the team.
Commenting on the deal, Ballheimer said: "This is a key strategic investment by SMBC. This is a viable alternative to the traditional rights issue."
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