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International Edition

Herbert Smith wins role on record IPO of Chinese banking giant

Herbert Smith has won a role on what is set to be the world's largest-ever initial public offering (IPO) as the Agricultural Bank of China (AgBank) goes public. The UK top 10 firm is advising the underwriting banks on the landmark listing, which was initially valued at as much as $30bn (£20.2bn), although market estimates have since been tempered by a drop in China's stock market, with a figure of $23bn (£15.5bn) now thought to be more likely.
2 minute read

International Edition

Slaughters and Norton Rose head up Resolution's £2.75bn AXA bid

Slaughter and May and Norton Rose have taken lead roles on the potential £2.75bn takeover of AXA's UK life assurance business by Resolution. Slaughters is advising Resolution, the owner of life insurance giant Friends Provident, on its bid for AXA's UK life and savings operations which, if it confirmed, will be funded in part by a pre-emptive £2bn rights issue by Resolution.
2 minute read

International Edition

Freshfields and Linklaters take lead roles on RBS's sale of UAE assets

Freshfields Bruckhaus Deringer has advised Abu Dhabi Commercial Bank (ADCB) on its acquisition of the Royal Bank of Scotland's (RBS) retailing business in the United Arab Emirates (UAE), marking the first purchase of its kind by a UAE bank. The deal, which is valued at around $100m (£67.5m), is subject to UAE Central Bank approval.
2 minute read

International Edition

Linklaters and Dickson Minto lead on £1.6bn merger of property trusts

Linklaters and Dickson Minto are among a raft of firms to have won roles on the £1.6bn merger of F&C Commercial Property Trust (FCPT) and the UK Commercial Property Trust (UKCPT). The deal, which was agreed last week (9 June) and is due to close by August, will create the sixth-largest UK-listed property company, with a market capitalisation of approximately £1.6bn.
2 minute read

International Edition

White & Case and Bakers take top roles on $12bn Kazakh bank restructuring

White & Case and Baker & McKenzie have taken lead roles on the $12.2bn (£8.4bn) restructuring of Kazakhstan's BTA Bank in the wake of the lender's nationalisation last year. BTA was advised by White & Case, with the US law firm fielding a team headed up by banking partners Francis Fitzherbert-Brockholes and Stuart Matty.
2 minute read

International Edition

Public sector to feel the pinch as Government tackles deficit

Interesting, challenging, tough - words everyone working in the private sector has become used to over the last two years. But its now the turn of lawyers covering the public sector to dig up the austerity-related euphemisms as the new coalition Government pushes on with its plans to reel in the UK's yawning budget deficit. As Paul Gilbert, chief executive of consultant LBC Wise Counsel, comments: "The private sector and big corporates have been through high-profile redundancies and cuts - now it is the public sector's time to see the squeeze."
3 minute read

International Edition

Herbert Smith leads on News Corp's multi-billion BSkyB takeover bid

Herbert Smith has secured a lead role advising BSkyB on News Corporation's bid to purchase the remaining share capital in the satellite broadcaster, valuing the company at more than £12bn. Allen & Overy (A&O) and Skadden Arps Slate Meagher & Flom are advising News Corp on its bid to take full control of BSkyB by acquiring the remaining 60.1% of shares in the company, with BSkyB today rejecting an initial offer of £7 a share.
2 minute read

International Edition

Dealmaker: Matthew Dening

Sidley structured products partner and tragic Wolves reject Matthew Dening counts the 'colleague cost'...
4 minute read

International Edition

Weil leads on French private equity firm's billion-pound IPO exit

Weil Gotshal & Manges has taken a lead role advising on the DKK12.4bn (£1.4bn) initial public offering (IPO) of Danish food company Chr Hansen. The Weil Gotshal team advising on the flotation was headed up by capital markets partners James Cole and Peter Schwartz, assisted by associates Jesse Zigmund, Aparna Ravi and Augustine Bourne.
2 minute read

International Edition

A&O advises alongside US trio on $1.3bn software company stake sale

Allen & Overy (A&O) has taken a lead role alongside a trio of US firms on a $1.3bn (£900m) deal which will see tech company Misys offload its healthcare software portfolio in the US. The deal, which also handed roles to US firms Sidley Austin, King & Spalding and Winston & Strawn, will see Misys sell the majority of its 55% stake in US healthcare software company Allscripts to rival provider Eclipsys.
2 minute read

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