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International Edition

Turning up the heat – South Africa's role as a hub for the wider continent

According to many lawyers in South Africa the vibe at the African Mining Indaba – a practically mandatory event in every major local law firm's calendar – was somewhat reserved this year. It is not hard to see why, when taking into account reduced output volumes from the economy's cornerstone mining sector. Onlookers observe that South Africa is facing an onslaught of negative sentiment given the volume of industrial disputes and unrest in the mining sector as well as the imminent presidential election, causing many investors to hold off until a clearer picture emerges. Added to this, the rand has tumbled against the world's major currencies, resulting in a hike in benchmark interest rates. Some lawyers in the jurisdiction have been surprised, then, at the influx of international newcomers in the past year. Linklaters became the first of the magic circle to establish a significant presence on the ground when it sealed an alliance with Webber Wentzel at the end of 2012, while Hogan Lovells forged a tie-up with former Eversheds alliance firm Routledge Modise in December last year, with the latter now trading under the Hogan Lovells brand. Eversheds itself re-entered the South African market at the same time, after signing an agreement with Mahons Attorneys a year after its split with Routledge.
14 minute read

International Edition

Wragges, LG on lookout for global merger following domestic tie-up

Wragge & Co and Lawrence Graham (LG) will seek a global merger once their own tie-up goes live on 1 May. In an exclusive interview with Legal Week, Wragges senior partner Quentin Poole said a merger with an international practice or practices was on the cards. The firms are thought to be interested in the model adopted by Norton Rose Fulbright and Dentons, both of which have expanded rapidly through a series of combinations. "Both firms will be more attractive now we have a bigger proposition in the UK and we are very open minded about a global merger," said Poole.
3 minute read

International Edition

Perfect partner – why Mauritius is an attractive international finance centre

Mauritius, long known as the premier platform for inward investment into India, is increasingly used for Africa-related transactions. The current African boom has been well-documented, including impressive rates of growth and rising foreign direct investment. Opportunities abound in numerous jurisdictions and in a wide variety of sectors such as natural resources, agriculture, infrastructure, energy, mining, telecommunications, logistics, trade and tourism. Lawyers in particular should be aware of the potential benefits of a Mauritius structure in the context of Indian and African investments. Relevant contexts to be borne in mind include investment holding, private equity and funds, with related areas including banking and finance (including aircraft finance) and insurance. The country is among the leading sources of foreign direct investment into India. The strength of the double taxation avoidance (DTA) treaty was a boon to investment into India as the country enjoyed robust economic growth particularly since the turn of this century.
9 minute read

International Edition

White & Case and CC lead on ICBC's $770m acquisition of Standard Bank

White & Case and Clifford Chance (CC) have landed the advisory mandates on Industrial and Commercial Bank of China's (ICBC) $770m (£635m) acquisition of a majority stake in South Africa's Standard Bank.
3 minute read

International Edition

The compass points south – how do in-house legal teams in Africa rate their external advisers?

Ian Isdale, group company secretary and general counsel of leading African food and consumer goods company Tiger Brands and immediate past president of the Corporate Lawyers Association of South Africa, is putting it mildly when he says: "There has been a heightened interest in Africa and in the next five years I don't see that interest waning." Recent years have seen a host of UK and US law firms – ranging from Norton Rose Fulbright and Linklaters to Hogan Lovells and even Slaughter and May – attempting to come up with ways to penetrate a market where activity levels have remained buoyant, despite economic challenges elsewhere in the world. So with law firms and corporates increasingly turning their attention south, Legal Week Intelligence has, for the first time, extended its flagship Client Satisfaction Report to Africa, to uncover the key trends affecting in-house legal teams in the continent and their satisfaction with external legal advisers
15 minute read

International Edition

Qatar World Cup GC Longmate replaced by deputy

World Cup organising body the Qatar 2022 Supreme Committee has replaced Andrew Longmate as its acting general counsel in a shake-up of its in-house legal team.
2 minute read

International Edition

Akin Gump advises on ground-breaking $1.2bn Israeli-Palestine gas deal

Akin Gump Strauss Hauer & Feld has taken a major role on the first contract to export gas from offshore Israel to a company in Palestine. The US firm's London office is representing Palestine Power Generation Company (PPGC) in a $1.2bn (£730m) deal to buy 4.75bn cubic meters of natural gas from the Leviathan gas field over a 20 year period.
2 minute read

International Edition

Former Dewey boss Davis resurfaces as CEO of Emirate investment office

Steve Davis, the former chairman of collapsed law firm Dewey & Leboeuf, has resurfaced as acting CEO to the Investment and Development Office of the government of United Arab Emirate Ras al Khaimah.
2 minute read

International Edition

Orrick sets sights on Africa for 2014

Orrick Herrington & Sutcliffe is planning to open in Africa next year in a bid to tap Chinese outbound investment into the country and bolster its existing African practice, run out of Paris. The US firm, which currently has 15 international offices located across Europe and Asia but no presence in Africa, hopes to open in first half of 2014, though it is yet to decide on a location for the new base.
3 minute read

International Edition

Greenberg advises on $325m Bob Diamond-backed Africa fund

Greenberg Traurig Maher has taken the lead role on the fund raising and initial public offering (IPO) of Atlas Mara, a cash shell founded by former Barclays chief executive Bob Diamond.
2 minute read

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