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International Edition

Freshfields acts on high-stakes India mobile deal

Freshfields Bruckhaus Deringer has secured a major role on talks between Indian mobile phone provider Bharti Airtel and South Africa's MTN over a cross-shareholding deal that could lead to a full merger. Freshfields is advising MTN, with a team led by partners Bruce Embley, Pratap Amin and Simon Weller. Freshfields has handled a number of matters for MTN including the company's $5.53bn (£3.6bn) acquisition of Dubai-based Investcom in 2006.South African practice Webber Wentzel, which has offices in Johannesburg, Cape Town and London, is local counsel to MTN.
2 minute read

International Edition

Lovells and Camerons secure roles on £730m Polish brewing mandate

Lovells and CMS Cameron McKenna have taken lead roles in the latest of a string of deals for SABMiller, as the brewing giant expands in the Polish market in a £730m deal. Lovells advised key client SABMiller on the acquisition of the outstanding minority interest in Polish subsidiary Kompania Piwowarska. SABMiller, which now has full ownership of the Polish firm, bought the remaining 28.1% stake from investment firm Kulczyk Holding in exchange for 60 million new SABMiller shares.
2 minute read

International Edition

£640m recycling project sees Pinsent Masons and Eversheds take lead roles

Eversheds and Pinsent Masons have won key roles on a 20-year £640m waste management and recycling project. Eversheds advised Merseyside Waste Disposal Authority (MWDA) in partnership with Halton Borough Council on its contract with French utility giant Veolia Environmental Services, which will see the group develop a flagship materials recovery facility at Gilmoss in Liverpool and refurbish 16 household waste recycling centres. Under the deal, Veolia will also take over operation of four existing transfer stations servicing waste collection authorities.
1 minute read

International Edition

Commentary: What history says will happen to firms' financial results in 2009

How do you gauge the performance of law firms in any given year? For what it's worth, at Legal Week our starting point is historical data. The early-1990s recession isn't much help, as figures back then were comparatively scarce, and firms were totally different animals. But there are reliable numbers on major firms from the previous decade. Looking back at the last cyclical downturn, we can get a sense of how the top 50 perform in slower deal markets. In 2001-02, the group as a whole saw revenue growth slow to 8.6%, while average profits per equity (PEP) fell 0.9%. In 2002-03, revenue growth slowed to 5.1%, while on average profits fell 1.1%. Revenue growth was at its slowest the following year, at 4.6%, but by then firms had cut costs, so profits rose by 6%. From 2004, the market took off.
3 minute read

International Edition

Dealmaker: Nick Angel

With a name like Nick Angel, he should have been a PI - instead, he heads Ashurst's restructuring team
4 minute read

International Edition

Top US firms in driving seat on GM bankruptcy

A quartet of US firms are advising General Motors on what could be the biggest bankruptcy filing in US history, reports The Am Law Daily.Weil Gotshal & Manges business finance and restructuring partner Stephen Karotkin is heading the firm's team advising GM on negotiations with lenders, union members and the US Government.Meanwhile, Dewey & LeBoeuf business solutions and governance practice leader Martin Bienenstock is advising GM on aspects of the automaker's proposed Section 363 sale in the bankruptcy court. The Dewey team includes M&A partner Gary Apfel in Los Angeles and bankruptcy and restructuring partner David Cleary in Chicago.
2 minute read

International Edition

Shearman takes lead on $1.2bn Novartis buyout

Shearman & Sterling has advised longtime client Novartis on its $1.2bn (£757m) acquisition of the generic cancer drug business of EBEWE Pharma, reports The Am Law Daily. Corporate partner Harald Selzner, who is based in Duesseldorf, led the firm's team on the deal.Shearman has represented Swiss-based pharma giant Novartis on several previous deals, including its $8.4bn (£5.3bn) acquisition of generic drug makers Eon Labs and Hexal in 2005. Wachtell Lipton Rosen & Katz also advised Novartis on that deal.
2 minute read

International Edition

Addleshaws connects with Tiscali on Carphone Warehouse purchase

Addleshaw Goddard has scored a leading role acting opposite a raft of firms on Carphone Warehouse's £236m acquisition of the UK operations of internet services business Tiscali. The national law firm advised Tiscali on the deal, which will see Carphone Warehouse subsidiary TalkTalk acquire Tiscali UK to take the broadband provider's customer base to more than 4.25 million people.
2 minute read

International Edition

CC, Slaughters and Davis Polk take on top roles on £510m Taylor Wimpey fundraising

Clifford Chance (CC), Slaughter and May and Davis Polk & Wardwell have all won roles advising on troubled house builder Taylor Wimpey's £510m fundraising. The fully underwritten placing, which is subject to shareholder approval this month, will cut the company's debt by around one-third. Slaughters reprised its role for regular client Taylor Wimpey, with corporate partner Jeff Twentyman leading the firm's team. Davis Polk advised the house-builder on US aspects, with London-based corporate partner Nigel Wilson advising.
2 minute read

International Edition

Commentary: Great lawyers don't always equal successful bankers

Given current market conditions, the number of partners leaving the law to join the world of finance are unsurprisingly thin on the ground, but last week's news that former Lovells restructuring partner Matthew French is set to join Nomura as co-head of EMEA restructuring has revived the perennial question of how successful lawyers are after moving into commercial roles at banks.
3 minute read

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