Banking turmoil sparks wave of takeover work for firms
The ongoing chaos in the banking sector is continuing to generate roles for firms on both sides of the Atlantic as Benelux financial services group Fortis, Italian bank UniCredit and US bank Wachovia join the ranks of financial institutions striking deals.Linklaters and Cleary Gottlieb Steen & Hamilton have taken the lead roles as France's BNP Paribas takes control of Fortis in a E14.5bn (£11.2bn) deal. A Linklaters team lead by Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is advising Fortis on the deal, which will see BNP Paribas take over the main banking and insurance operations. Cleary Gottlieb has taken the main role for BNP Paribas, fielding a team under Paris corporate partner Pierre-Yves Chabert.Allen & Overy (A&O) also scored a role on the transaction, advising the Dutch authorities. The takeover follows an attempt to bail out Fortis through a E11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the Netherlands. Herbert Smith ally Stibbe won the lead role advising the Belgian Government as it took a minority stake in Fortis, as well as fellow bank Dexia, and advised on the sale of its stake in Fortis to BNP Paribas. Clifford Chance advised the Dutch central bank, De Nederlandsche Bank, on the purchase by the Dutch Government of Fortis's Dutch banking and insurance subsidiaries.Linklaters also advised Fortis on the unsuccessful cash injection, while Cleary Gottlieb advised Dexia, which is to receive a E6.4bn (£5.1bn) injection from the Benelux governments and shareholders. Cleary Gottlieb has also taken the lead for Italian bank UniCredit in its deal to secure up to E6.6 billion (£5.12bn) of funding. The firm's team is being led by Milan partners Roberto Casati, Michael Volkovitsch and Pietro Fioruzzi.Meanwhile, ongoing rescue negotiations for Germany's Hypo Real Estate have generated roles for Shearman & Sterling, advising the bank itself, as well as German independent Hengeler Mueller, which advised a consortium of financial institutions. Linklaters is also understood to have a role for the lender.In the US, Sullivan & Cromwell has taken the lead on negotiations for the rescue of Wachovia, which has seen both Citi and Wells Fargo bidding. Davis Polk & Wardwell is advising Citi on its bid for Wachovia's banking operations for $2.16bn (£1.16bn), while Wachtell Lipton Rosen & Katz is advising Wells Fargo on its bid to acquire all of Wachovia for $15.1bn (£8.7bn).
October 09, 2008 at 01:59 AM
21 minute read
The original version of this story was published on Law.com
Linklaters and Cleary Gottlieb Steen & Hamilton have taken the lead roles as France's BNP Paribas takes control of Fortis in a E14.5bn (£11.2bn) deal. A Linklaters team lead by Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is advising Fortis on the deal, which will see BNP Paribas take over the main banking and insurance operations.
Cleary Gottlieb has taken the main role for BNP Paribas, fielding a team under Paris corporate partner Pierre-Yves Chabert.
Allen & Overy (A&O) also scored a role on the transaction, advising the Dutch authorities.
The takeover follows an attempt to bail out Fortis through a E11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the Netherlands. Herbert Smith ally Stibbe won the lead role advising the Belgian Government as it took a minority stake in Fortis, as well as fellow bank Dexia, and advised on the sale of its stake in Fortis to BNP Paribas.
Clifford Chance advised the Dutch central bank, De Nederlandsche Bank, on the purchase by the Dutch Government of Fortis's Dutch banking and insurance subsidiaries.
Linklaters also advised Fortis on the unsuccessful cash injection, while Cleary Gottlieb advised Dexia, which is to receive a E6.4bn (£5.1bn) injection from the Benelux governments and shareholders.
Cleary Gottlieb has also taken the lead for Italian bank UniCredit in its deal to secure up to E6.6 billion (£5.12bn) of funding. The firm's team is being led by Milan partners Roberto Casati, Michael Volkovitsch and Pietro Fioruzzi.
Meanwhile, ongoing rescue negotiations for Germany's Hypo Real Estate have generated roles for Shearman & Sterling, advising the bank itself, as well as German independent Hengeler Mueller, which advised a consortium of financial institutions. Linklaters is also understood to have a role for the lender.
In the US, Sullivan & Cromwell has taken the lead on negotiations for the rescue of Wachovia, which has seen both Citi and Wells Fargo bidding. Davis Polk & Wardwell is advising Citi on its bid for Wachovia's banking operations for $2.16bn (£1.16bn), while Wachtell Lipton Rosen & Katz is advising Wells Fargo on its bid to acquire all of Wachovia for $15.1bn (£8.7bn).
Keep abreast of all the latest post-Lehman developments in our Legal Week Wiki special.
The takeover follows an attempt to bail out Fortis through a E11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the
Meanwhile, ongoing rescue negotiations for Germany's Hypo Real Estate have generated roles for
In the US,
Keep abreast of all the latest post-Lehman developments in our Legal Week Wiki special.
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