Magic circle duo take lead roles on Tesco-Carrefour tie-up talks
Freshfields advises longstanding client Tesco on strategic alliance with Europe's biggest retailer
July 04, 2018 at 07:11 AM
2 minute read
Freshfields Bruckhaus Deringer and Clifford Chance (CC) are advising on Tesco's strategic alliance with French retail giant Carrefour.
News of the alliance, which was announced on Monday (2 June), comes amid merger talks between supermarket rivals Sainsbury's and Asda, a deal that could create a new business with revenues of more than £51bn and a combined UK market share greater than that of Tesco.
The Tesco-Carrefour alliance, which is set to be formally agreed within the next two months, will enable both companies to drive down purchasing costs and strengthen relationships with suppliers.
Tesco has turned to longstanding adviser Freshfields, which is fielding a City team led by corporate partner Claire Wills and M&A partner David Sonter, as well as partners Alastair Chapman and Chris Barratt who are advising on antitrust and finance respectively.
Freshfields also acted for Tesco on its £3.7bn acquisition of wholesale food producer Booker Group in February, with CC advising Booker.
Meanwhile, CC is advising Carrefour, Europe's largest retailer, on the negotiation and regulatory aspects of the alliance. The magic circle firm's Paris-based team is being led by antitrust partner David Tayar.
Carrefour employs about 375,000 people in 12,300 stores across more than 30 countries, and last year's sales were worth €88.2bn (£78bn).
News of the proposed Asda-Sainsbury's merger first broke in late April. Slaughter and May is advising Asda owner Walmart, while Linklaters is leading for longstanding client Sainsbury's. Gibson Dunn & Crutcher is handling competition issues for Walmart and Asda.
Last August, Sainsbury's appointed a line-up of law firms to its panel including Addleshaw Goddard, BLM, Cleaver Fulton Rankin, CMS, Lewis Silkin, Linklaters, Mason Hayes & Curran, Shepherd and Wedderburn, TLT and Winckworth Sherwood.
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