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International Edition

Spanish M&A: Two steps forward, one step back

Leveraged buyouts (LBOs) followed by a merger between the purchaser and the target company have been very common in recent years, particularly in the private equity field. Traditionally, there have been doubts over their compatibility with the rules prohibiting financial assistance.
5 minute read

International Edition

Pim Bertels: A new Dutch market demands new skills from advisers

In 2008 the Benelux marketplace was dominated by the global financial crisis. During the second half of the year the crisis spilled over to the real economy. As a result of the significant shortage in financing, as well as the reduced trust in the markets, both the number of strategic mergers and acquisitions and private equity buyouts decreased considerably, compared with 2007.
4 minute read

International Edition

Herbert Smith hires Links trio for Spain launch

Herbert Smith is set to launch in Madrid next month with a triple partner hire from Linklaters' Spanish base. Corporate partner Alvaro Sainz, energy and infrastructure partner Miguel Riano and administration law partner Ignacio Paz will join directly from Linklaters over the next few weeks. In addition, disputes specialist Ignacio Diez-Picazo, who was previously a senior consultant with Linklaters but left the magic circle firm last year, will join as a partner. Herbert Smith London finance partner David Wyles will relocate to Spain to form a management committee for the office alongside Sainz and Riano. He will also build up a local finance practice.
3 minute read

International Edition

Freshfields names new global head of tax

Freshfields Bruckhaus Deringer has appointed a new global head of tax with German partner Stephan Eilers set to reclaim the leadership of the practice. The Cologne-based partner will take over the role from London-based Murray Clayson as of next week (1 May), having previously co-led the practice with City partner Roger Berner from 2002 until Clayson took over in 2005.The practice group leadership is on a four-year rota, with Clayson having been its sole leader during his term.
2 minute read

International Edition

Faegre set for German closure with 15 laid off at 'distressed practice'

Faegre & Benson has announced plans to exit Germany, with the US firm's Frankfurt office to be closed down later this year.The closure will result in 15 lawyers, including seven partners, being laid off. The decision to close the office, which covered corporate, real estate, employment, dispute resolution and trademark law, was made at the beginning of the month, with Frankfurt staff informed on 3 April.
2 minute read

International Edition

Ashurst installs corporate chief as Germany head

Ashurst has re-jigged its German management, with Frankfurt-based Reinhard Eyring taking up a new role as head of Germany. Eyring, who is currently managing partner of the firm's German corporate practice, will take up the new post in June. German real estate head Peter Junghaenel, who is also based in Frankfurt, will take over the role of Germany managing partner from the same date, replacing Simon Beddow, who will relocate to London on 29 May after four years in Germany.
2 minute read

International Edition

Freshfields, Links win €3.5bn Gas Natural roles as rights issues continue to prove rich pickings

Freshfields Bruckhaus Deringer and Linklaters have landed lead roles on Gas Natural's €3.5bn (£3.2bn) rights issue.Freshfields has advised long-standing client Gas Natural, fielding a team led by Madrid corporate partner Armando Albarran and London corporate partners Don Guiney (US law) and Monica McConville.Linklaters advised a group of underwriting banks including Banco Santander, Barclays BNP Paribas, Societe Generale and UBS. The firm's team was led by capital markets partners Inigo Berricano in Madrid and Luis Roth in Paris.
2 minute read

International Edition

Shearman acts for Dow Chemical on $1.7bn sale

Shearman & Sterling has reprised its role for Dow Chemical, advising the company as it agrees to sell Rohm and Haas unit Morton International to a German agrichemicals company for $1.7bn (£1.14bn). The company will use the sale to help finance its $16.5bn (£11.1bn) buyout of Rohm, which closed last week (2 April) - a deal on which it also turned to Shearman.
1 minute read

International Edition

Republic of Ireland: Migration destination

Many large UK corporate groups, such as Shire, UBM, Henderson Group, Charter, Regus, Brit Insurance, Hiscox and WPP to name but a few, have recently migrated their tax domicile to more tax favourable jurisdictions. Many corporate groups with a parent company incorporated in Bermuda or the Cayman Islands have also migrated to other jurisdictions in recent times to avoid suggestions that they are associated with tax havens.
8 minute read

International Edition

Republic of Ireland: Life support

It has hardly escaped the attention of the world's media that Ireland is one of the countries hit hardest by the recent economic downturn. Once boasting the envious label as the 'Celtic Tiger' economy, Ireland has now taken on the reputation of somewhat of a pariah, whose banking system and general economic stability are under threat. Indeed, as a result of the current financial crisis, last month saw the implementation a A750m (£682m) recapitalisation scheme for Ireland's biggest banks after the European Commission confirmed that the scheme is consistent with European Union (EU) state aid.
8 minute read

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