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International Edition

Weil Gotshal and Wachtell take top roles on $18.5bn Sanofi takeover bid

Weil Gotshal & Manges is advising Sanofi-Aventis on its $18.5bn (£12bn) takeover bid for US biopharmaceutical company Genzyme, reports The Am Law Daily. The French pharma giant approached Genzyme earlier this summer for talks about a possible merger, before making an offer in late July, the value of which was revealed this Sunday (29 August).
2 minute read

International Edition

Dealmaker of the Week: A&O's Eric Shube

At a signing ceremony in Zurich on Wednesday (25 August), pharmaceutical giant Novartis finally closed a deal to take over a 77% stake in eyecare company Alcon held by Nestle. Novartis's quest had started two and a half years ago, and the event marked a big win for the company. Since setting its sight on Alcon in 2008, about $40bn (£26bn) in cash has changed hands between Novartis and Nestle. Another $11bn (£7bn) is currently on the table in Novartis's merger bid for a remaining 23% stake held by Alcon's minority shareholders. If Novartis succeeds at acquiring those remaining shares, as is expected, it is likely to become the largest merger in Swiss history.
5 minute read

International Edition

Slaughters, Wragges and Eversheds on target on tenpin bowling takeover

Slaughter and May, Wragge & Co and Eversheds have taken lead roles on AMF Bowling's £27m acquisition of tenpin bowling rival Hollywood Bowl. Slaughters advised longstanding client AMF on the £27m purchase from Mitchells & Butlers, which owns a large portfolio of entertainment venues around the UK. The transaction creates one of the UK's largest tenpin bowling companies, with annual sales of more than £60m.
3 minute read

International Edition

A&O relocates City partner to Hong Kong to lead Asia-Pacific corporate

Allen & Overy (A&O) has relocated London partner Gary McLean to Hong Kong to take on the new role of Asia-Pacific head of corporate. The role was created in order to co-ordinate the firm's corporate presence throughout Asia and Australia. Global corporate co-head Sietze Hepkema commented: "The relocation underlines the firm's commitment to its presence in Greater China. Since the expansion of our Australian platform we needed someone to coordinate the effort across the region.
2 minute read

International Edition

Hammonds set for transatlantic tie-up with US firm Squire Sanders

Hammonds is in advanced stages of merger talks with US firm Squire Sanders & Dempsey. Management at the two firms have held discussions about a merger over recent months, with the plan announced to their respective partnerships today (25 August). The process is currently in the due diligence stage, with the intention of confirming the merger on 1 January 2011 if the talks proceed successfully.
3 minute read

International Edition

Hammonds/Squire Sanders – a promisingly defensive deal

You don't have to strain too hard to find parallels between news today of Hammonds' merger talks with top 60 US practice Squire Sanders & Dempsey and the tie-up between Denton Wilde Sapte and Sonnenschein Nath & Rosenthal. The size of the prospective union, which would create a global top 50 practice with revenues of well over $625m (£403m), is closely comparable to SNR Denton, which itself goes live next month. In both cases the US suitor is much larger and more profitable than its UK partner - though all of these firms have generally lagged their peers in terms of profits. Market position is also broadly comparable, even if Dentons obviously brings much more City muscle to its union than Hammonds has ever achieved.
5 minute read

International Edition

Slaughters and Links lead on HSBC's multi-billion South Africa bank bid

Linklaters and Slaughter and May are advising on HSBC's proposed acquisition of a controlling stake in South Africa's Nedbank, a deal which could be worth up to R49.9bn (£4.4bn). Linklaters is acting for HSBC on its exclusive talks with Nedbank majority investor Old Mutual, with the magic circle firm's team led by corporate partner Robert Cleaver.
2 minute read

International Edition

Slaughters and Links lead on HSBC's multi-billion South Africa bank bid

Linklaters and Slaughter and May are advising on HSBC's proposed acquisition of a controlling stake in South Africa's Nedbank, a deal which could be worth up to R49.9bn (£4.4bn). Linklaters is acting for HSBC on its exclusive talks with Nedbank majority investor Old Mutual, with the magic circle firm's team led by corporate partner Robert Cleaver.
2 minute read

International Edition

Wilson Sonsini set to launch new base in Hong Kong with Milbank hire

Wilson Sonsini Goodrich & Rosati has announced plans to open a Hong Kong office with a hire of a new partner from Milbank Tweed Hadley & McCloy, reports The Am Law Daily. Weiheng Chen, formerly a counsel in Milbank's Hong Kong and Beijing offices, will join leading Silicon Valley firm Wilson Sonsini as a corporate and securities partner and co-head of the China practice.
2 minute read

International Edition

MoFo and Wilson Sonsini lead on Intel's $7.7bn McAfee takeover

US duo Morrison & Foerster and Wilson Sonsini Goodrich & Rosati have secured lead roles on computer chip giant Intel Corporation's $7.7bn (£4.9bn) purchase of antivirus software maker McAfee, writes The Am Law Daily. The purchase, which was announced on Thursday (19 August) will enable the chip maker to expand on the security services it provides, a "fundamental component of online computing," according to Intel's statement. It marks Intel's biggest effort to expand beyond chip making to date.
2 minute read

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