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International Edition

Weil Gotshal leads as $3.9bn PE sale ends record hotel group bankruptcy

A raft of US firms have taken roles on the bankruptcy of Extended Stay Hotels, the largest Chapter 11 case ever filed by a US hotel owner, reports The Am Law Daily. The hotel chain operator, which operates 700 hotels throughout the US and Canada, was sold to a private equity consortium last Friday (8 October) in a $3.9bn (£2.5bn) deal after filing for bankruptcy in New York in June 2009.
2 minute read

International Edition

Macfarlanes advises Singapore billionaire on £360m Liverpool counter-offer

Macfarlanes has become the latest law firm to take a role on the protracted Liverpool takeover saga, representing a Singapore billionaire who has lodged an improved bid for the Premier League club. The City law firm is advising Peter Lim, who has made an increased £360m offer after last week losing out to US sports group New England Sport Ventures (NESV), whose £300m bid was accepted by the club's board. The new bid values the club at £320m, with a further £40m made available to purchase new players.
3 minute read

International Edition

Skadden fields team of London and Paris partners on €3bn Renault-Volvo share sale

Skadden Arps Meagher & Flom has taken the lead role on Renault's €3bn (£2.6bn) sale of a majority stake in Volvo, in one of the largest Scandinavian equity deals of the past decade. In a move aimed at meeting its debt reduction goal, French car manufacturer Renault has sold all of its so-called 'B shares' in Sweden's Volvo, which represent approximately 14.9% of the share capital and 3.8% of the voting rights in the company.
2 minute read

International Edition

Grabiner joins Liverpool dream team as takeover dispute heads for courts

One Essex Court heavyweight Lord Grabiner QC is set to represent Liverpool Football Club as the boardroom wrangle over the club's future moves into the courts tomorrow morning (12 October). Grabiner has been instructed to advise Liverpool FC's board alongside magic circle firm Slaughter and May on the proposed £300m sale of the club to Boston Red Sox owners New England Sport Ventures (NESV). One Essex Court's Jamie Goldsmith, son of former attorney general Peter Goldsmith, has also been instructed to provide advice.
3 minute read

International Edition

Carlsberg to refresh adviser line-up with first Euro corporate panel

Carlsberg has kicked off a competitive tender process with a view to creating its first-ever European corporate panel. The review is being led out of Denmark by the drinks company's general counsel and vice president Ulrik Andersen. Carlsberg's current global panel features UK firms Norton Rose, Bond Pearce and Tollers, as well as Swedish law firm Vinge and Denmark's Kromann Reumert, which have all been invited to pitch.
3 minute read

International Edition

Big-ticket M&A boosts Q3 deals but partners remain guarded on upturn

Global M&A activity for the third quarter has risen against 2009, with the European and US markets seeing marked increases in deal volume over the period. A total of 2,599 deals worth a combined $512.4bn (£322bn) were announced during the last quarter, up from 2,421 deals worth $321.3bn (£202bn) during the same period last year, according to the latest figures from Legal Week's exclusive data provider Mergermarket.
3 minute read

International Edition

Slaughters and US law duo advise on Liverpool takeover boardroom battle

A raft of law firms are advising on the potential sale of Liverpool Football Club to Boston Red Sox owners New England Sport Ventures (NESV), amid a boardroom wrangle at the club. Slaughter and May, Weil Gotshal & Manges and Shearman & Sterling are advising the Liverpool board, US owners Tom Hicks and George Gillett and NESV respectively on the proposed takeover.
3 minute read

International Edition

Shearman and Skadden lead on €1.7bn sale of metal packaging co

A duo of US law firms has taken lead roles on a €1.7bn (£1.5bn) deal that will form a new worldwide food packaging group. The deal, which was financed in the high-yield bond market, handed roles to both Shearman & Sterling and Skadden Arps Slate Meagher & Flom. It saw Dublin-headquartered Ardagh Glass buy Dutch metal packaging company Impress Cooperative from private equity house Doughty Hanson. Under the terms of the deal, Ardagh will offer the €1.7bn (£1.5bn) in secured and unsecured notes in both euros and US dollars in order to fund the acquisition.
2 minute read

International Edition

Freshfields advises Wolseley on tax-prompted Swiss move

Freshfields Bruckhaus Deringer has won the mandate to advise FTSE 100 plumbing and heating group Wolseley on its relocation to Switzerland for tax reasons. The magic circle firm advised the longstanding client on the move after the company failed to obtain a "clear enough view" from the coalition Government on its plans with regard to the UK's corporation tax regime.
2 minute read

International Edition

SNR Denton outlines growth strategy with five partner hires as merger goes live

SNR Denton has embarked on an ambitious expansion plan following the new transatlantic firm's formal launch last week. The newly-merged firm - which was formed by the union of City firm Denton Wilde Sapte and Chicago's Sonnenschein Nath & Rosenthal - has said it will launch a Houston office within nine months and is in advanced discussions to enter South America.
2 minute read

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