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International Edition

Commentary: Capital markets lawyers cross fingers for return of public float

Will they, won't they? And if they do, when? Initial public offerings (IPOs), still the bellwether for market confidence, have been all but absent in 2009. As such, for many lawyers, the real test of whether recovering markets can deliver deals will be if 2010 can make good on the predictions that the IPO market will reopen for business.
3 minute read

International Edition

ECM lawyers gear up for IPO market revival

Equity capital markets (ECM) partners are preparing for a wave of main market initial public offerings (IPOs) after seeing listings all but dry up in 2009. So far this calendar year there have been just three IPOs on the main market of the London Stock Exchange raising £416m, compared with 32 IPOs raising £6bn in 2008. London's Alternative Investment Market has also seen a dearth of activity, with just five IPOs in 2009 compared with 38 during 2008.
2 minute read

International Edition

Ashurst and Macfarlanes called in on LXB's £100m AIM float

Ashurst and Macfarlanes have taken headline roles on a rare initial public offering (IPO) on London's Alternative Investment Market (AIM) worth £100m. The deal saw LXB Retail Properties float on the exchange, which has seen activity levels plummet during the downturn.
2 minute read

International Edition

CC capital markets partner Roith joins London managing partner race

Clifford Chance (CC) capital markets partner Stephen Roith has joined the race to become the firm's new London managing partner, becoming the third name put forward for the coveted role. Roith was nominated last week for the position and joins finance chief Mark Stewart and capital markets chief David Bickerton in the hotly-contested election.
2 minute read

International Edition

Linklaters partner to set up London base for CEE spin-off firm

Linklaters' former head of capital markets, Nick Eastwell, has joined Central and Eastern Europe (CEE) firm Kinstellar as a senior consultant to set up a base in the City. Eastwell will work part-time for the CEE outfit, which was founded by a group of former Linklaters equity partners in November 2008 when the magic circle firm split from its offices in Budapest, Bratislava, Bucharest and Prague.
2 minute read

International Edition

Dewey takes top role on Aviva's US listing

Dewey & LeBoeuf has won a lead role advising insurance giant Aviva on its New York Stock Exchange (NYSE) listing. The world's fifth-largest insurance group, formerly known as Norwich Union in the UK, will make a secondary listing on the NYSE on 20 October and trade under the symbol AV.
2 minute read

International Edition

A&O recruitment drive continues with Skadden partner hire

Allen & Overy (A&O) has made its second hire in the space of week after bolstering its London equity capital markets practice with a hire from a US rival. Robert Williams joins the magic circle firm's partnership today (5 October) from Skadden Arps Slate Meagher & Flom, where he has been a partner for ten years.
2 minute read

International Edition

Deutsche relations in spotlight after White & Case departures

White & Case is working to renew its relationship in London with key client Deutsche Bank, after six partners with links to the client left the firm's banking and capital markets practice in 18 months. Since key relationship partner Mike Goetz quit for Freshfields Bruckhaus Deringer in March 2008, a further five partners linked with Deutsche have left in London - putting the connection under strain. At its height the relationship was thought to be worth around $25m (£16m) a year to the firm's London office.
2 minute read

International Edition

Quartet of firms lead on second-largest IPO of the year so far

Four international firms have landed roles on Metallurgical Corporation of China's (MCC's) initial public offering (IPO) - the second-largest listing of the year so far. The $5.2bn (£3.2bn) raised from the sale of shares on the Shanghai and Hong Kong exchanges makes MCC the second-largest IPO this year after the $7.4bn (£4.6bn) raised by China State Construction Engineering Corporation in July.
2 minute read

International Edition

Cleary Gottlieb wins headline role on €4.3bn BNP Paribas rights offering

Cleary Gottlieb Steen & Hamilton has won a mandate as deal counsel to BNP Paribas on its €4.3bn (£3.9bn) rights offering launched today (29 September). The Wall Street firm's Paris office fielded a team led by capital markets partners Pierre-Yves Chabert and John Brinitzer.
2 minute read

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