Shearman & Sterling and Bredin Prat have taken lead roles on French dairy and water company Danone's €3bn (£2.6bn) rights issue.

The company, whose flagship products include Evian, Activia and Actimel, launched a public offering in France and Switzerland yesterday (1 June) accompanied by an international private placement in a bid to reduce its debt.

Shearman's Paris office advised Danone, led by corporate partner Bertrand Senechal and capital markets partner Robert Treuhold. Bredin Prat also advised Danone, led by capital markets and M&A partner Olivier Saba and M&A partner Benjamin Kanovitsch, who is the firm's relationship partner for Danone.