Freshfields and Skadden take lead roles on £4.3bn drinks can company takeover
The acquisition will face regulatory hurdles but clearance is expected in the first half of 2016
February 19, 2015 at 09:57 AM
2 minute read
Freshfields Bruckhaus Deringer and Skadden Arps Slate Meagher & Flom have grabbed the lead adviser roles on the world's two largest drink can manufacturers' £4.3bn takeover deal.
The two firms have also been joined by Slaughter and May and US antitrust boutique Axinn Veltrop & Harkrider as US-based Ball Corporation's offer to acquire the entirety of UK rival Rexam's share capital, valued at 610p a share, was approved by the boards of both companies today.
If the deal – which still needs signing off from shareholders and EU and US competition authorities – goes ahead, the new company will turnover around $15bn (£9.7bn) annually.
The Freshfields team advising Rexam is being led by London managing partner Julian Long alongside recent New York recruit Mitchell Presser. Tax partner Colin Hargreaves and pensions partner Dawn Heath are also providing advice.
Skadden is acting for Ball. The firm's team includes Chicago M&A partners Charles Mulaney Jr. and Shilpi Gupta alongside London M&A partner Michael Hatchard and London corporate partner Scott Hopkins.
Ball has also called in Slaughters competition partners John Boyce, Claire Jeffs and Jordan Ellison to advise on the EU competition aspects of the deal.
Ball's lead antitrust adviser is Axinn Veltrop.
Davis Polk & Wardwell London corporate partners Will Pearce and Nick Benham and New York partner John Butler acted for Greenhill & Co, the lead financial adviser to Ball, on the deal.
The two companies expect to receive regulatory clearances in the first half of 2016.
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