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International Edition

IPO outlook - finely balanced but still tipping the wrong way

Equity capital markets (ECM) lawyers eyeing up another year of uncertainty must be wondering which will win out in 2011: irresistible force or immovable object? On one hand, you have the building pressure to tap the equity markets from the growing queue of companies that have been put off braving the market for more than two years thanks to tough market conditions. In theory, at some point issuers with solid stories for investors must accept that there will be no quick return to rosy valuations and just get on with it.
4 minute read

International Edition

Linklaters and Wachtell lead on Deutsche Boerse/NYSE merger

Linklaters and Wachtell Lipton Rosen & Katz have taken lead roles on the proposed merger between Deutsche Boerse and NYSE Euronext in a deal that looks set to create world's largest stock exchange by revenue and profits. Linklaters is advising longstanding client Deutsche Boerse on the proposed all-stock tie-up, which would see the merged business jointly based in New York and Frankfurt.
2 minute read

International Edition

Freshfields and A&O lead on London Stock Exchange's Canadian merger

Freshfields Bruckhaus Deringer has taken a lead role advising the London Stock Exchange (LSE) on its merger with TMX Group, which owns and operates the Toronto Stock Exchange. The magic circle firm is fielding a team led by corporate partners Philip Richards and Andrew Hutchings on the deal, which will combine Europe's and Canada's leading diversified exchange groups.
2 minute read

International Edition

Links acts for ArcelorMittal on €3.4bn spinoff

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.
2 minute read

International Edition

Travers recruits first US-qualified partner with CC capital markets hire

Travers Smith has made its first US-qualified partner hire, bringing in Clifford Chance (CC) Milan partner Charles Casassa for its City practice. Casassa is due to join Travers' London corporate practice next month from the Milan office of CC, where he has been a partner since 2008. Casassa specialises in capital markets transactions and also has experience of M&A, structured finance, and acquisition finance.
2 minute read

International Edition

CC and Cleary lead on $500m float as Russian companies size up City market

Clifford Chance (CC) has advised on a planned $500m (£314m) float on the London Stock Exchange (LSE) by a Russian commodities company. The City law firm has advised Siberian-based Koks Group on its intended initial public offering (IPO), with price ranges announced last week (26 January).
2 minute read

International Edition

Wilson Sonsini and Cooley connect for roles on upcoming LinkedIn IPO

US firms Wilson Sonsini Goodrich & Rosati and Cooley have won roles on LinkedIn's upcoming initial public offering (IPO), reports The Am Law Daily. LinkedIn, which had 90 million registered users at the end of 2010, is set to become the first of the major social networking websites to go public. However, the company did not specify a timeframe for the listing in its S-1 prospectus filed with the US Securities and Exchange Commission (SEC) last Thursday (27 January).
2 minute read

International Edition

Linklaters, A&O top volume charts for EMEA debt and equity capital markets

Linklaters and Allen & Overy (A&O) have topped Thomson Reuters' EMEA equity and debt capital markets rankings for the full 2010 calendar year. Linklaters has held its spot at the top of the equity capital markets (ECM) rankings by manager, advising underwriters on 57 deals worth a total of $39.2bn (£24.8bn). The tally equates to four more deals than in 2009 – although the value is down from last year's figure of $53.3bn (£33.7bn) – putting it significantly ahead of its nearest rival by volume, Davis Polk & Wardwell, which advised on just 14 deals.
2 minute read

International Edition

Asia round-up: DLA, White & Case and O'Melveny secure senior lawyers

The former head of the tax practice at leading Chinese law firm King & Wood has joined DLA Piper in Hong Kong, writes the Am Law Daily. Stephen Nelson joined King & Wood's Shanghai office four years ago from Baker & McKenzie, where he had practised for 20 years. Nelson is bucking a recent trend that has seen a number of veteran Western lawyers in China jump from international firms to local ones. He said he hopes to have a broader practice at DLA Piper, focusing on foreign investment into China as well as tax matters.
2 minute read

International Edition

Hogan Lovells recruits 10-strong Frankfurt capital markets team

Hogan Lovells is to bulk up its Frankfurt arm with the hire of a 10-lawyer capital markets team from Willkie Farr & Gallagher, with news of the hires coming as the co-head of the transatlantic firm's employment team departs for Allen & Overy (A&O) in Frankfurt with a three-lawyer team. Willkie partners Michael Schlitt and Susanne Schaefer are set to join Hogan Lovells' Frankfurt office on 1 February, taking an eight-lawyer team including one counsel, two senior associates and two associates with them to the international firm.
3 minute read

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