Freshfields tops German M&A rankings over three years; firm advises on 40% more deals than nearest rival

Freshfields Bruckhaus Deringer has dominated the German M&A market over the past three years, according to data from Mergermarket.

Figures show the magic circle firm advised on nearly 40% more German M&A deals over the past three years than its nearest rival, with roles on 278 deals since 14 September 2006. This compares with second-placed Clifford Chance (CC) on 199 deals and third-placed CMS on 178 transactions.

Freshfields also tops the rankings by value, working on deals worth E229.2bn (£207bn) over the past three years, including the three biggest deals of the period – Schaeffler's bid for Continental, HeidelbergCement's bid for Hanson and the Scania/MAN merger bid.

Slaughter and May's German ally, Hengeler Mueller, has ranked second by value, advising on 149 deals worth E153.1bn (£138.5bn), with Linklaters, CC and Allen & Overy (A&O) making up the top five.

Freshfields' German corporate head Marius Berenbrok said the success came on the back of longstanding relationships with companies including Porsche and Deutsche Bahn and was further boosted by a 'bluechip drive' launched in 2007. The firm has also moved to significantly reduce the leverage ratio in its German practice, dropping from 3.3 associates per partner to 2.8 as a result of the recession.

Berenbrok commented: "It is a combination of many factors, but we have one of the broadest and deepest corporate practices in Germany."

Hengeler corporate partner Rainer Krause said: "Freshfields' position in the table is based on sheer size. For us, our efficiency and low leverage is what makes our standing."

Freshfields has also picked up a lead mandate after Merger- market's research was conducted, advising VEM on the sale of generic pharmaceutical giant Ratiopharm, which was launched last week (17 September).

The business is part of the debt-ridden conglomerate of late German business tycoon Adolf Merckle.

Separately, UK law firm Hammonds has launched a dispute resolution practice in Berlin with the hire of Faegre & Benson's Frankfurt managing partner Horst Daniel. The US firm announced in April that it was pulling out of the German market.