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International Edition

Freshfields and Cleary take top roles on €9.8bn Deutsche deal

Freshfields Bruckhaus Deringer and Cleary Gottlieb Steen & Hamilton have won lead roles on Deutsche Bank's plans to raise €9.8bn (£8.1bn) to bolster its balance sheet and complete its proposed takeover of Deutsche Postbank. The bank has instructed Cleary to advise on the capital raising, with Frankfurt-based capital markets partner Ward Greenberg and securities partner Hanno Sperlich leading the team.
2 minute read

International Edition

US duo lead for Terra Firma and Citi as judge sets trial date for £4bn EMI dispute

The dispute between Terra Firma and Citigroup over the buyout house's £4bn acquisition of EMI Group can proceed to trial, a US judge has ruled. The private equity giant has alleged that Citi inflated the value of EMI by not revealing that rival bidder Cerberus had withdrawn from the auction. Terra Firma claims that this was a key factor in its bid of 265p a share for the music publishing company.
2 minute read

International Edition

SJ Berwin partners await update on Proskauer merger plans

SJ Berwin is expected to decide whether to push through with US merger plans in the next few weeks after taking time out to consider the potential merger with Proskauer Rose over the summer. SJ Berwin partners had expected that the lengthy merger discussions could reach the next stage last week, when the firm's strategy committee held its first meeting back after summer holidays. However, the committee did not reach a conclusion about how to progress the discussions, and no formal proposal has yet been put to the partnership.
2 minute read

International Edition

Candover's fate marks the year of wine and vinegar

Depending on where you sit, for private equity lawyers the announcement that Candover Investments is to go into run-off could be taken as either painfully symbolic of the humbling of Europe's buyout community or symbolic of nothing at all. These are confusing times for private equity advisers, who are trying to find their direction in a year frequently, if somewhat hopefully, described as a "great vintage" for buyouts. Even if such sentiments are pushing it a bit, the logic is understandable. Private equity has traditionally done its best deals in terms of investment returns when the market is down, largely because the acquisitions that get done in tough times only get done if they have a compelling logic rather just than the backing of oodles of cheap debt.
3 minute read

International Edition

Reed Smith ships in Holman partner for City deal team

Reed Smith has boosted its Europe, Middle East and Africa (EMEA) corporate practice with the hire of partner Samantha Roberts from Holman Fenwick Willan. At Holman, where she spent over 13 years, Roberts was a partner in the corporate, projects and finance department and headed up the firm's ports and terminals industry focus group. Her practice focuses on UK and cross-border M&A and joint venture arrangements.
2 minute read

International Edition

Latham launches corporate jargon iPhone app for deal lawyers

Latham & Watkins has launched a new iPhone application which provides deal lawyers easy access to a digital glossary of financial, legal and regulatory jargon, reports The Am Law Daily. The new app, called The Book of Jargon, offers free access to more than 750 definitions of corporate and finance slang and terminology.
3 minute read

International Edition

Freshfields takes antitrust role on $1.5bn Hewlett-Packard acquisition

Freshfields Bruckhaus Deringer has won a role alongside Gibson Dunn & Crutcher on Hewlett-Packard's $1.5bn (£972m) acquisition of security software maker ArcSight, reports The Am Law Daily. Russell Hansen, the partner-in-charge of Gibson Dunn's Palo Alto office, is leading the US firm's team on the deal, while Freshfields partner Alan Ryan and senior associate Martin McElwee are serving as European antitrust counsel.
2 minute read

International Edition

Freshfields wins Vodafone M&A role on $6.6bn China Mobile stake sale

Freshfields Bruckhaus Deringer has taken the lead role on Vodafone Group's $6.6bn (£4.3bn) sale of its 3.2% stake in China Mobile, reports The Am Law Daily. Vodafone will return about 70% of the proceeds to shareholders through a stock repurchase, with the remaining balance used to pay down debt.
3 minute read

International Edition

Takeover surge prompts busy summer for deal finance teams

Europe's leading deal finance teams are forecasting a revival in activity after advisers benefited from a recent flurry of debt-financed takeovers. Firms to have secured large acquisition finance mandates in recent weeks include Allen & Overy (A&O), Linklaters, Latham & Watkins and Clifford Chance (CC).
3 minute read

International Edition

New rules shake up dynamics of Swiss takeovers

Swiss law offers two ways to acquire control of a locally-listed company: public tender offers and statutory mergers. Under the new takeover rules, which entered into effect on 1 January 2009, shareholders holding at least 2% of the voting rights of the target company have the right to become a party to the proceedings before the takeover board (TOB) and to challenge the TOB's orders and bring appeals to the Financial Markets Supervisory Authority (FINMA) and the Federal Administrative Court.
3 minute read

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