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International Edition

Sullivan's City arm takes lead role on $2bn Rio Tinto sell-off

Sullivan & Cromwell's London office has sealed its second deal for Rio Tinto in little more than a month, advising on the $2bn (£1.2bn) disposal of four packaging business units of its subsidiary Alcan. The mining giant is offloading Alcan's tobacco and drugs packaging units as well as its European and Asian food packaging arms to Australian group Amcor.
2 minute read

International Edition

CC and Freshfields help VW and Porsche tie the knot

Clifford Chance (CC) and Freshfields Bruckhaus Deringer have advised Volkswagen and Porsche as the two European car icons took the first step in creating a combined company that could challenge Toyota's dominance in global auto sales. Under the terms of the new merger agreement, VW will initially spend $4.7bn (£2.9bn) to acquire a 42% stake in Porsche as the first step in a long-term combination that will be finalised by 2011. Volkswagen will issue new stock in 2010 to fund that purchase.
2 minute read

International Edition

CC corporate crime trio join DLA Piper in Germany

DLA Piper has hired a three-lawyer corporate crime team from Clifford Chance (CC) in Germany, including Frankfurt-based partner Juergen Taschke. Taschke will join DLA Piper's Frankfurt office on 1 September along with two associates.
2 minute read

International Edition

Memery Crystal lines up alongside Freshfields on £532m takeover deal

London boutique Memery Crystal has won a role opposite Freshfields Bruckhaus Deringer on the £532.1m acquisition of Emerald Energy by China's Sinochem. The firm is a longstanding adviser to FTSE 250 company Emerald Energy and is fielding a team of lawyers led by London corporate partner Andrew Titmas on the deal. The mandate sees the firm advising opposite Freshfields, which was drafted in to act for state-owned Sinochem on Sinochem Resources UK's recommended acquisition of Emerald Energy, which is still awaiting shareholder approval.
2 minute read

International Edition

A&O wins Lloyds role on £235m investment management sell-off

Allen & Overy (A&O) has landed the lead role for Lloyds Banking Group on the sale of its Insight Investment Management subsidiary to Bank of New York Mellon for £235m. The magic circle firm was drafted in to advise Lloyds on the deal, which comprises Insight's external fund management operation, fielding a team led by corporate partner Alistair Asher.
2 minute read

International Edition

Ashurst set to lose senior partner quartet from Milan office

Ashurst is set to lose four partners in Milan, including the local office's two leaders. Daniele Raynaud, who heads the Milan office, and Riccardo Agostinelli, Milan managing partner, are both set to leave the top 10 City firm. In addition, finance partner Lorenzo Vernetti and corporate partner Stefano Roncoroni are also departing. According to Ashurst, Agostinelli and Vernetti are leaving to join one firm, while Raynaud and Roncoroni will join another, although their destinations are unknown.
2 minute read

International Edition

Macfarlanes and Lovells head up £25m Friends Reunited sell-off

City heavyweights Macfarlanes and Lovells have scored advisory roles on ITV's sell-off of social networking site Friends Reunited for just £25m. Macfarlanes corporate partner Nicola Richards has advised the acquirer, online technology and publishing business brightsolid, and its Dundee-based owner DC Thomson, which is one of Scotland's biggest privately-owned media and publishing groups.
2 minute read

International Edition

Mishcons finalises redundancy consultation with 16 staff laid off

Mishcon de Reya has completed its second redundancy consultation with 16 people losing their jobs. The consultation, which concluded in July, has seen eight support staff lose their jobs alongside eight fee earners in the firm's corporate and real estate groups. No salaried partners were affected by the redundancies.
2 minute read

International Edition

Herbies wins role on Resolution's £1.86bn Friends Provident takeover

Herbert Smith is the latest firm to land a role advising on the recommended £1.86bn takeover of Friends Provident by Resolution. The top 10 City firm is advising Resolution's banks, including Credit Suisse and Lazard, on the recommended acquisition, which was announced today (11 August).
2 minute read

International Edition

Weil Gotshal and Bakers lead on €250m private equity sell-off

Weil Gotshal & Manges and Baker & McKenzie have taken lead roles on the €250m (£212.2m) private equity disposal of two European food distribution companies. South African trading and distribution company Bidvest is to acquire the Czech Republic's Nowaco and Poland's Farutex from funds associated with JP Morgan, and managed by CCMP Capital Advisors, and from Bancroft Private Equity.
2 minute read

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