Freshfields, Linklaters act on £2.2bn Centrica rights issue
City rivals Freshfields Bruckhaus Deringer and Linklaters have landed lead roles advising on Centrica's £2.2bn rights issue.Linklaters has been instructed by long-time client Centrica on the fund raising, which will back a potential acquisition of a 25% stake in British Energy (BE). Corporate partners Owen Clay and John Lane are acting alongside Centrica general counsel Grant Dawson.Meanwhile, Freshfields was brought in to advise the underwriters, which comprised a consortium of seven banks - Goldman Sachs, Credit Suisse, UBS, BNP Paribas, Royal Bank of Scotland, HSBC and Barclays Capital. The magic circle firm fielded a team under City corporate partners Simon Witty and Monica McConville.
November 12, 2008 at 11:46 PM
2 minute read
Magic circle firms take lead on a deal that is set to back Centrica's British Energy stake
City rivals Freshfields Bruckhaus Deringer and Linklaters have landed lead roles advising on Centrica's £2.2bn rights issue.
Linklaters has been instructed by long-time client Centrica on the fund raising, which will back a potential acquisition of a 25% stake in British Energy (BE). Corporate partners Owen Clay and John Lane are acting alongside Centrica general counsel Grant Dawson.
Meanwhile, Freshfields was brought in to advise the underwriters, which comprised a consortium of seven banks – Goldman Sachs, Credit Suisse, UBS, BNP Paribas, Royal Bank of Scotland, HSBC and Barclays Capital. The magic circle firm fielded a team under City corporate partners Simon Witty and Monica McConville.
The deal continues a long line of work Linklaters has handled for the utility giant, including being drafted in to advise on Centrica's initial interest in BE earlier this year. Centrica was among a raft of energy firms – also including E.ON, RWE and Iberdrola – which were interested in taking a stake in BE back in March.
However, in August this year, French giant EDF emerged as the winning bidder for BE in a £12bn takeover. Herbert Smith secured the lead role for EDF, with Clifford Chance instructed for BE. The deal also saw Lovells instructed to advise on the financing, with White & Case advising the lending banks out of its Paris office. Sullivan & Cromwell advised Gleacher Shacklock in its capacity as adviser to BE.
Slaughter and May is advising the Government – which owns a 35% stake in BE – on the takeover.
In the past Centrica has also turned to firms including Slaughters, Herbert Smith and Eversheds.
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