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International Edition

Slaughters and Linklaters take lead roles on $12bn Barclays debt sell-off

Slaughter and May and Linklaters are among a host of top firms advising as a group of former Barclays bankers set up an offshore company to manage $12.3bn (£7.4bn) of the bank's most toxic debt. In addition to the magic circle duo, Skadden Arps Slate Meagher & Flom, Sullivan & Cromwell and Cadwalader Wickersham & Taft have all won roles in the creation of Protium Finance, a new hedge fund registered in the Cayman Islands.
2 minute read

International Edition

Freshfields and A&O lead on Lloyds and Gladedale Homes debt-for-equity swap

Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken lead roles on a debt-for-equity swap between house builder Gladedale Homes and Lloyds Banking Group. The deal will see Lloyds take priority shares in Gladedale in return for writing off roughly £500m of debt. The debt came on to Lloyds' books through its acquisition of HBOS last year.
2 minute read

International Edition

High-profile sale of Aquascutum hands roles to trio of law firms

A trio of law firms have advised on the high-profile sale of iconic clothing brand Aquascutum to fashion entrepreneur Harold Tillman. Dechert was called in to advise Tillman, with the firm fielding a team led by London corporate partner Geoffrey Walters. Tax partner David Gubbay, property partner Barry Thorne and intellectual property (IP) counsel Renzo Marchini assisted.
2 minute read

International Edition

Commentary: The gloom lifts but recovery seems to be the hardest word

After all the talk about how much hinged on September, for M&A lawyers the post-summer kick-off couldn't have gone much better. Nine out of 10 economic indicators have been pointing north for the last month, the FTSE 100 last week broke back through 5,000 - marking a five-month revival - and this month has seen a string of notable bids. In particular, Kraft's £10.2bn unsolicited offer for Cadbury's, which threw up roles for Clifford Chance (CC) and Slaughter and May, was exactly the kind of deal needed to give the market a lift after nearly 15 months of strategic buyers sitting on their hands. Add in the joint venture talks between T-Mobile and Orange - CC again and Norton Rose - and it seems a growing number of trade buyers are calling the bottom of the market. This potentially clears the way for non-distressed M&A activity to revive after the enforced stasis since the collapse of Lehman Brothers a year ago.
3 minute read

International Edition

Dealmaker: Ciaran Carvalho

Nabarro real estate partner Ciaran Carvalho on sink-or-swim deals and nauseating Christmas parties...
4 minute read

International Edition

SJ Berwin takes lead for French drug company on Pfizer development deal

SJ Berwin has won the lead role on a French-American pharma deal, strengthening its relationship with French drug company NicOx. The City law firm won the mandate to advise NYSE Euronext Paris-listed NicOx as it bought back rights to develop and market an innovative eye disease drug from US pharma giant Pfizer.
2 minute read

International Edition

A&O and BLP advise on 20-year lease as Nomura moves to City

Allen & Overy (A&O) and Berwin Leighton Paisner (BLP) have landed key advisory roles as Japanese investment house Nomura prepares to move in to new premises in the City. The pair have advised on a 20-year lease arrangement, likely to be the largest UK office letting in 2009, which gives Nomura a six-year, rent-free period on the newly constructed Watermark Place building near Cannon Street.
2 minute read

International Edition

Commentary: Scottish firms - uncertain and unsettled, but what is next step?

Let's give the management of Dundas & Wilson and McGrigors the benefit of the doubt regarding assertions that their recent note-swapping meeting didn't cover more radical possibilities. Nevertheless, the reaction that the discussions have provoked is striking, and illustrative of the unsettled mood in Scotland's normally staid legal market, with some partners at both firms believing the pair are planning something dramatic.
4 minute read

International Edition

Dealmaker of the Week: Morton Pierce of Dewey & LeBoeuf

Three months ago, Dewey & LeBoeuf's M&A chair, Morton Pierce, was called in to Disney's Burbank offices...
3 minute read

International Edition

CC and Slaughters lead on rejected £10.2bn Cadbury bid

Clifford Chance (CC) and Slaughter and May are advising as US food giant Kraft Foods attempts to takeover Cadbury. Cadbury announced today (7 September) that it had rejected a £10.2bn offer made by Kraft at the end of August, however the US company is still committed to reaching a deal.
2 minute read

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