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International Edition

Dealmaker: Jeremy Cross

SJ Berwin's finance chief Jeremy Cross on pointless posturing and why he'll never pilot a chopper
3 minute read

International Edition

Linklaters and Cleary lead on Lafarge and Anglo American UK joint venture

Linklaters and Cleary Gottlieb Steen & Hamilton are advising on a joint venture (JV) between Anglo American and French industrial giant Lafarge which is set to create a UK building materials businesses with total sales of £1.8bn. The proposed deal is a 50:50 JV combining the companies' UK cement, aggregates, ready-mixed concrete, asphalt and contracting businesses. The parties said that the tie-up had been sparked due to complementary geographical distribution of operations.
2 minute read

International Edition

A&O and Skadden take top roles on Shell's $1bn Africa shareholding sale

Allen & Overy (A&O) and Skadden Arps Slate Meagher & Flom have won the lead mandates on Shell's $1bn (£617m) sale of parts of its African business. The deal, which comes as Shell moves to sell off non-core operations, will see oil trader Vitol and private equity firm Helios Investment Partners acquire the majority of Shell's shareholdings in its downstream businesses in Africa.
2 minute read

International Edition

I should CoCo - the reg cap market gig to die for

Everyone in the City, it seems, agrees that the demand will be huge - but who will service it? The demand in question is the rapid development of a new generation of securities designed to allow banks to bolster their financial strength under the new Basel III standards. Linklaters last week secured bragging rights after taking a lead role on Credit Suisse's much-touted $8bn (£4.9bn) issue of contingent conversion capital instrument notes (dubbed CoCos) - a new form of convertible bond designed to switch to equity if the issuing bank suffers agreed levels of financial stress. The Credit Suisse deal was structured as a $6bn (£3.7bn) private placement to two large investors and a $2bn (£1.23bn) open auction, which was heavily oversubscribed. Though several banks have used CoCos - notably Lloyds and Rabobank - the Credit Suisse bond is the first time such securities have been fully compliant as core capital under Basel III standards, which start to phase in from 2013.
4 minute read

International Edition

Dealmaker: Steven Cottee

LG restructuring partner Steven Cottee tells of his bake-off victory and encourages good dental hygiene...
3 minute read

International Edition

Eversheds leads on sale of Sugar Puffs owner to Finnish company

Eversheds has taken a lead role on the £82m purchase of Sugar Puffs parent company Big Bear Group by a Finnish food business. The top 10 UK firm advised Raisio, an existing client of the firm, on its purchase of the Big Bear, which owns well-known brands including Honey Monster, Sugar Puffs and Fox's Confectionery. Eversheds head of food Robin Skelton took the lead role on the deal, which closed earlier this month (4 February).
2 minute read

International Edition

A&O, Slaughters and Baker Botts win top roles on $2.8bn GE acquisition

Allen & Overy (A&O) and Slaughter and May have scored roles on a multibillion-pound cross-border deal in the energy sector. The $2.8bn (£1.7bn) transaction will see the UK-based Wood Group sell off its well support division to US industrial giant General Electric (GE). The deal, announced yesterday (14 February), saw A&O win both the US and UK mandates for GE, while Texas energy specialist firm Baker Botts advised Wood Group in the US, with Slaughters advising in the UK.
2 minute read

International Edition

Wragges wins debut corporate role for Premier Foods on £182m deal

Wragge & Co has won a first-time corporate instruction from Premier Foods, advising the UK's largest food producer on the £182m sale of its tinned grocery business to rival Princes. The sale sees Princes, which is owned by Japanese trading company Mitsubishi Corporation, take over Premier's 1,600-staff Canned Grocery Operations arm, which includes brands such as Crosse & Blackwell, Fray Bentos, Farrows and Smedley's.
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

Latham and Simpson Thacher lead on AOL's $315m Huffington Post buyout

Latham & Watkins and Simpson Thacher & Bartlett have taken lead roles on the $315m (£195m) sale of online news aggregator The Huffington Post to global media giant AOL, reports The Am Law Daily. AOL will pay $300m (£186m) in cash, while the remainder of the payment will come in the form of stock, according to a statement announcing the deal. The acquisition, which is expected to close early in the second quarter of 2011 at the latest, creates a new media group that the companies expect will draw 270 million unique global visitors each month.
2 minute read

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