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International Edition

Editor's comment: Consolidate, later

Considering how much they like to talk about globalisation, lawyers have some contradictory ideas regarding the concept. Take this week's Big Question poll on transatlantic mergers, which finds a clear - if not overwhelming - consensus that there is a need for consolidation in the legal industry. There is also a feeling that the newly-confirmed merger between Denton Wilde Sapte and Sonnenschein Nath & Rosenthal will create a stronger proposition for large clients. In fact, three out of four respondents believe the deal would, to some extent, create a stronger platform for clients compared to the legacy practices in isolation.
3 minute read

International Edition

Midlands duo seal merger deal to create new £24m practice

Midlands firms Shakespeare Putsman and Needham & James have announced a merger deal which is set to create one of the region's largest practices. The new firm's combined Birmingham base will be known as Shakespeare Putsman, although the existing Needhams offices in Stratford upon Avon, Shipston on Stour and Moreton in Marsh will continue to trade under the Needham & James brand.
2 minute read

International Edition

Freshfields and Ashurst take lead roles on £864m ABB bid for Chloride

Freshfields Bruckhaus Deringer and Ashurst have taken lead roles on engineering giant ABB's £864m bid for FTSE 250 power company Chloride Group. Freshfields corporate partners Barry O'Brien and Piers Prichard Jones are leading the firm's team advising ABB on the offer, which will potentially set off a bidding war with US manufacturing company Emerson Electric, whose 275p per share offer was rejected two weeks ago.
2 minute read

International Edition

Winckworth acts on £14bn claim by Lloyds shareholders over HBOS deal

Winckworth Sherwood is advising a group of Lloyds Banking Group shareholders on their legal action over the handling of the takeover of HBOS by Lloyds Bank TSB. The Lloyds Action Now group claim they were misled over a £25.4bn emergency Bank of England loan to HBOS in October 2008, and have sent demands for compensation to the Treasury, former Lloyds chairman Sir Victor Blank and current chief executive Eric Daniels.
2 minute read

International Edition

Debevoise and Wachtell take top roles on billion-dollar Kroll sale

Debevoise & Plimpton and Wachtell Lipton Rosen & Katz have taken lead roles on Altegrity's $1.13bn (£780m) purchase of risk consultancy Kroll, reports The Am Law Daily. Debevoise advised Altegrity with a team led by M&A partner Kevin Rinker alongside finance partner Paul Brusiloff, intellectual property partner Jeffrey Cunard, employee benefits partner Jonathan Lewis, and tax partner Peter Schuur.
2 minute read

International Edition

Dorsey adds partner to London corporate team with Latham hire

Dorsey & Whitney has boosted its London corporate practice with the hire of Latham & Watkins partner Chris McFadzean. McFadzean, who made partner at Latham in 2003, is also a former partner at Linklaters, where he worked in Singapore, Hong Kong and London.
2 minute read

International Edition

SJB takes £450m buyout fund role as PE market shows signs of recovery

SJ Berwin has advised on a £450m private equity deal that has seen Phoenix Equity Partners defy market conditions to close an oversubscribed buyout fund. Phoenix is a longstanding client of SJ Berwin and the firm also advised on its last buyout fund formation in 2006. Phoenix targets the UK mid-market with a varied portfolio of investment in brands including Britain's largest branded handbag supplier Radley + Co, Thai restaurant chain Busaba Eathai and automotive supplier Andrew Page.
2 minute read

International Edition

Rawlinson's Red Knights shelve Manchester Utd bid as price tag rises

The Red Knights - the group of City financiers which includes Freshfields Bruckhaus Deringer London corporate head Mark Rawlinson - have put their billion-pound bid for Manchester United on hold. In a statement, the group said that it was only interested in purchasing the Premiership club at a "sensible" price after news recently emerged that the club's current owners had rejected a £1.5bn offer from a Middle Eastern investor last year.
2 minute read

International Edition

M&A advisers on alert as Panel announces review of takeover rules

The Takeover Panel has announced that it will review the UK's rules on corporate acquisitions amid mounting political pressure to reduce the influence of short-term investors. The move, which has been closely followed by City professionals, was welcomed by business secretary Vince Cable, who argued that short-term speculators such as hedge funds should not determine the outcome of corporate bids.
3 minute read

International Edition

Ashurst private equity partner duo set to join Kirkland in the City

Kirkland & Ellis has hired highly-rated private equity partners Gavin Gordon and David Arnold from Ashurst, Legal Week can reveal. The duo are set to join Kirkland's City office, marking the US firm's first major investment in London since 2008. It is understood that Kirkland has offered seven-figure pay deals to the pair, who are expected to be tied into a six-month notice period at Ashurst.
3 minute read

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