Linklaters has taken the lead role on ArcelorMittal's €3.4bn (£2.9bn) demerger of its stainless and speciality steels businesses, which was approved by the company's shareholders last month (25 January).

Linklaters advised longstanding client ArcelorMittal on the capital raising, which saw the businesses spun off into a new company called Aperam. As a result of the move, approximately 78 million new shares in the company have been allocated to existing shareholders.

The magic circle firm fielded a team led by corporate partner Charlie Jacobs (pictured), who worked with lawyers in the firm's London, Luxembourg, Paris and Amsterdam offices.

The team included US-qualified corporate partner Mike Bienenfeld and managing associate David Avery Gee, as well as Luxembourg corporate partner Tom Loesch, Paris corporate partner Pierre Tourres and Amsterdam-based corporate partner Alex Harmse.

Aperam shares are now listed on the Luxembourg Stock Exchange, Euronext Amsterdam and Euronext Paris. The multijurisdictional Linklaters team worked closely with Arcelor's in-house team, as well as Goldman Sachs, the underwriters on the deal.

Jacobs commented: "Many companies float off their subsidiaries and keep control selling off 25% – here [Arcelor] did a complete demerger and spun it out to its underlying shareholders. This was a large complex demerger accompanied by several simultaneous listings involving many of our offices."

The news comes after several large mandates for the magic circle firm, including a lead corporate role for The Carlyle Group on the buyout giant's £450m acquisition of Integrated Dental Holdings last month.