Deals And Transactions Legal News Coverage

International Edition

Top firms land roles on controversial restructuring

By a:1:{i:0;s:1:" ";} | February 25, 2009

A raft of UK and US firms have been handed mandates after chemicals giant LyondellBasell launched Chapter 11 proceedings. Cadwalader Wickersham & Taft has secured a leading role for the company in the US, with financial restructuring group heads Deryck Palmer and John Rapisardi at the helm. In the UK, LyondellBasell is being advised by Clifford Chance, with head of restructuring Mark Hyde taking the lead.

2 minute read

International Edition

Commentary: Corporate advisers show that property is client theft

By Georgina Stanley | February 25, 2009

For real estate lawyers, history seems to be repeating. Looking back two or three years, the much-hyped real estate investment trusts (REITs) turned out to be more of a boon for corporate practices than for real estate teams. And now the ever-increasing tally of property company rights issues is following a similar path. After months of inactivity and reduced deal flow across the property sector, some of the biggest names in the UK market have announced capital raisings worth hundreds of millions of pounds in the last few weeks. British Land, Land Securities and Hammerson have all proposed rights issues in excess of £580m, and speculation is mounting that, given the plummeting value of property portfolios, others will be forced to do the same to avoid breaching covenants. Brixton and Segro are among the names being touted as potential candidates for capital raisings at a time when alternative options, such as raising money through disposals, are few and far between.

2 minute read

Legal Week

Commentary: Corporate advisers show that property is client theft

By a:1:{i:0;s:1:" ";} | February 25, 2009

For real estate lawyers, history seems to be repeating. Looking back two or three years, the much-hyped real estate investment trusts (REITs) turned out to be more of a boon for corporate practices than for real estate teams. And now the ever-increasing tally of property company rights issues is following a similar path. After months of inactivity and reduced deal flow across the property sector, some of the biggest names in the UK market have announced capital raisings worth hundreds of millions of pounds in the last few weeks. British Land, Land Securities and Hammerson have all proposed rights issues in excess of £580m, and speculation is mounting that, given the plummeting value of property portfolios, others will be forced to do the same to avoid breaching covenants. Brixton and Segro are among the names being touted as potential candidates for capital raisings at a time when alternative options, such as raising money through disposals, are few and far between.

6 minute read

International Edition

Travers, Eversheds lead on Lyceum's sale of business to RWE

By a:1:{i:0;s:1:" ";} | February 25, 2009

Travers Smith and Eversheds have advised on Lyceum Capital's sale of Superior Plumbing Installations (SPI) Group to gas and electricity provider RWE npower. The deal, for an undisclosed sum thought to be worth £50m-£60m, saw Travers advise Lyceum and Eversheds advise RWE npower as it seeks to diversify its services. Private equity head Phil Sanderson and tax partner Kathleen Russ led the Travers team for Lyceum, while Birmingham corporate partner Keri Rees led for Eversheds.

1 minute read

International Edition

Dealmaker: William Downs

By a:1:{i:0;s:1:" ";} | February 25, 2009

Hammonds' City corporate head on his own opera hell, ski suits and high regard for John Grisham

4 minute read

International Edition

UK quartet lead on US investment in Countrywide

By a:1:{i:0;s:1:" ";} | February 25, 2009

A raft of top firms have landed roles as private equity group Oaktree Capital Management makes its first major investment in the UK with a proposal to buy a stake in the country's largest estate agency, Countrywide. Slaughter and May, Freshfields Bruckhaus Deringer, Linklaters, Ashurst and US leader Wachtell Lipton Rosen & Katz have all scored roles on the deal, which could see Oaktree purchase a 35% stake in the company for around £75m.The proposed transaction comes only two years after firms including Slaughters and Ashurst advised on Apollo Management's £1bn acquisition of Countrywide during the height of the property boom.

2 minute read

International Edition

Magic circle firms lead on €8.5bn energy buyout

By a:1:{i:0;s:1:" ";} | February 25, 2009

Linklaters and A&O have won roles on an €8.5bn (£7.4bn) energy buyout, a deal which marks the latest evidence of consolidation in the European utilities market. The magic circle firms have taken scored roles on Swedish utilities company Vattenfall's bid for Dutch energy company Nuon, which was announced this week (23 February).The deal is expected to close in the second quarter of this year subject to regulatory approval, with Swedish Government-owned Vattenfall initially taking a controlling 49% stake before taking over the remainder of the company over a six-year period.

2 minute read

International Edition

Slaughters, Freshfields lead on £756m rights issue

By a:1:{i:0;s:1:" ";} | February 20, 2009

Slaughter and May and Freshfields Bruckhaus Deringer have taken the lead roles on the latest rights issue to emerge from the real estate sector. Land Securities - the UK's largest property company - has taken a proposal to its shareholders to raise almost £756m to strengthen the company's balance sheet and protect it against the economic downturn.The Slaughter and May team advising longstanding client Land Securities was led by corporate partner Gavin Brown.

2 minute read

International Edition

CC scoops top spot in 2008 global project finance league

By a:1:{i:0;s:1:" ";} | February 19, 2009

Clifford Chance (CC) has topped the global project finance league tables for 2008 by value, according to new research. Infrastructure Journal's (IJ's) 2008 global rankings of legal advisers on project finance deals show the magic circle firm advised on 47 deals last year, worth $64.5bn (£44.4bn). CC's deal tally included the two largest transactions of 2008 - the $11bn (£7.7bn) Asia Trans Gas pipeline and the $10bn (£7bn) Saudi Kayan Petrochemical Complex, as well as deals such as the Future Strategic Tanker Aircraft (FSTA) project early last year.

3 minute read

International Edition

Links, A&O and Norton Rose maintain standing in much-touted renewables sector

By a:1:{i:0;s:1:" ";} | February 19, 2009

Linklaters topped the value rankings in the growing renewable energy sector, with the firm advising on 13 deals worth $5.87bn (£4.09bn). Research from Infrastructure Journal found there were 230 renewables deals during 2008 - making it the most active single sector by number of transactions - with the deals worth a total value of $37.31bn (£26bn).Linklaters global projects chief Bruce White said: "The fundamentals of energy and infrastructure remain. There are still healthy levels of renewables work and nuclear and thermal power plants are definitely on the agenda."

2 minute read

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