Freshfields helps draft German state bank law
Freshfields Bruckhaus Deringer has advised the German Government on a draft law which could temporarily allow it to nationalise stricken banks. The magic circle law firm took the lead role alongside German leader Hengeler Mueller. Freshfields global head of corporate Andreas Fabritius advised the German finance ministry on the draft law, with a team co-led by fellow Frankfurt-based corporate partner Gunnar Schuster and Berlin-based regulatory partner Benedikt Wolfers.The Hengeler team, instructed by the German interior ministry, was led by Berlin-based partners Stefan Richter (corporate) and Wolfgang Spoerr (regulatory).
February 25, 2009 at 11:04 PM
2 minute read
Freshfields Bruckhaus Deringer has advised the German Government on a draft law which could temporarily allow it to nationalise stricken banks.
The magic circle law firm took the lead role alongside German leader Hengeler Mueller. Freshfields global head of corporate Andreas Fabritius advised the German finance ministry on the draft law, with a team co-led by fellow Frankfurt-based corporate partner Gunnar Schuster and Berlin-based regulatory partner Benedikt Wolfers.
The Hengeler team, instructed by the German interior ministry, was led by Berlin-based partners Stefan Richter (corporate) and Wolfgang Spoerr (regulatory).
The draft was announced earlier this week but is yet to be passed by the German parliament. If passed, the state could completely take over banks in return for compensation to the shareholders – but only in exceptional cases and as a last resort.
It is understood the German Government wants to use the new law to nationalise ailing bank Hypo Real Estate but its largest stakeholder – private equity house JC Flowers – has not agreed to the deal.
JC Flowers has instructed Sullivan & Cromwell Frankfurt head Wolfgang Feuring. The corporate and capital markets heavy-weight is a former partner Freshfields partner.
Hypo Real Estate was the first German bank to be bailed out by the Government last October. The bank instructed US firm Shearman & Sterling on the E35bn (£31bn) deal led by German co-head Georg Thoma. Linklaters was understood to have taken a role for the lender, while Hengeler advised the consortium of financial institutions that backed the package.
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