Linklaters and A&O head up Schaeffler's €12bn debt restructuring
Linklaters and Allen & Overy (A&O) have taken lead roles on the €12bn (£10.3bn) debt restructuring of ball-bearing manufacturer Schaeffler, in a move which could lead to a merger with auto-parts manufacturer Continental. Linklaters advised a consortium of five lending banks comprising UBS, Royal Bank of Scotland, UniCredit, Commerzbank and LBBW, with London and Frankfurt-based banking partners Stephen Lucas and Marc Trinkaus leading the team.
August 20, 2009 at 11:22 AM
2 minute read
Linklaters and Allen & Overy (A&O) have taken lead roles on the €12bn (£10.3bn) debt restructuring of ball-bearing manufacturer Schaeffler, in a move which could lead to a merger with auto-parts manufacturer Continental.
Linklaters advised a consortium of five lending banks comprising UBS, Royal Bank of Scotland, UniCredit, Commerzbank and LBBW, with London and Frankfurt-based banking partners Stephen Lucas and Marc Trinkaus leading the team.
Meanwhile, A&O advised Germany's Schaeffler, with German banking partner Neil Weiand leading a team alongside corporate partner Alexander Veith and banking partners Walter Uebelhoer and Thomas Neubaum.
Other firms involved in the financing include the German offices of Willkie Farr & Gallagher and Latham & Watkins, which provided additional advice for consortium members Commerzbank and LBBW respectively.
Willkie Farr fielded a team including Frankfurt-based corporate and tax partners Michael Schlitt and Patrick Meiisel. The Latham team included Munich partners Andreas Diem (banking) and Thomas Fox (tax) and Hamburg banking partner Frank Grell.
The debt restructuring should clear the path for a merger between Schaeffler and Continental. Schaffler bought a 90% stake in Continental in 2008 – in one of the first hostile take-privates of a DAX-listed company by a private company.
A&O has ties with Continental through corporate partner Rolf Koerfer, who is the company's chairman. He is due to step down from the chairman role once a replacement has been found.
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