After years of attempts by Brussels to tighten up Europe’s data privacy rules in the face of US lobbying, yesterday (13 May) the European Court of Justice (ECJ) achieved that effect by backing a ‘right to be forgotten’ against Google, in a blow for the search engine and advisers Cleary Gottlieb Steen & Hamilton. Continue reading “‘The right to be forgotten’: Google led by Cleary dealt a blow by ECJ’s privacy ruling”
Holcim/Lafarge merger and Vivendi’s SFR acquisition lead the way
Corporate partners are forecasting the next big European M&A wave after deal values this quarter shot up, partly on the back of ready debt finance and growing market confidence. Such conditions have supported a run of lucrative mandates, including the €40bn merger in April of cement companies Holcim and Lafarge and the acquisition of Vivendi’s phone unit SFR by cable group Altice for a total value in excess of €17bn.
Cleary Gottlieb Steen & Hamilton, Linklaters and Freshfields Bruckhaus Deringer were among a host of firms advising on Holcim’s combination with Lafarge, a deal that, subject to regulatory approval, will create LafargeHolcim, the world’s biggest cement maker.
Magic Circle giant Clifford Chance (CC) has scored a key advisory role on Volkswagen’s (VW’s) $9.2bn offer for a remaining stake in Swedish truck company Scania.
CC, a longstanding adviser to the German automobile manufacturer, is leading on the German and US legal aspects of the offer, led by Frankfurt-based M&A partner Wolfgang Richter and banking partner George Hacket. Leading Nordic firm Roschier is also advising VW on Swedish law matters. Continue reading “Clifford Chance leads on VW’s $9.2bn offer for remaining shares in Scania”
Fresh from its run of lateral hires from Berwin Leighton Paisner (BLP) in London, Jones Day has made two prominent European partner hires, as Clifford Chance’s (CC) Frankfurt-based automotive head Johannes Perlitt joins the firm’s corporate practice while the head of EU product regulatory practice at McKenna Long & Aldridge in Brussels, Ursula Schliessner has also joined the firm as a partner. Continue reading “Jones Day hires CC Frankfurt head of automotives and McKenna Long Brussels regulatory partner”
Advisers benefit as investors target industrial assets
The shift towards global industrial real estate portfolios as an asset class last month saw Clifford Chance (CC) advise newly-formed SEGRO European Logistics Partnership (SELP) on its €472m acquisition of a portfolio of prime development land in Germany, Poland and France from funds managed by Tristan Capital Partners.
The CC team leading the deal included global head of real estate Adrian Levy, alongside London real estate partner Mark Payne and fellow City-based head of real estate tax David Saleh.
Herbert Smith Freehills (HSF) today (3 February) took a further step towards building up its German capability following the collapse of its alliance with Gleiss Lutz and Benelux firm Stibbe with the hire of former Baker & McKenzie partner Mathias Wittinghofer to launch its disputes practice in Frankfurt.
A specialist in banking and finance disputes, as well as post-merger and acquisition disputes, Wittinghofer will become part of HSF’s global banking litigation and investigations practice. The dual German and English-qualified attorney’s client base includes banks, private equity firms and major corporations. Continue reading “Growth in Germany for HSF as it launches disputes practice in Frankfurt”
As latest payout confirmed to Lehman’s creditors, total US and UK costs soar to $2bn
Clifford Chance is among the creditors of the European operations of Lehman Brothers set to receive a windfall after administrator PwC announced a total payout of $7.8bn, the latest in a series of payments made to creditors of the former US investment bank as it nears the end of its mammoth winding-up process.
According to one partner at the Magic Circle firm, the payment could be as much as £10m and a spokesperson for PwC said creditors are likely to receive payment before the end of the calendar year.
Lehman Brothers filed for Chapter 11 bankruptcy in September 2008, listing $639bn of assets against $613bn of outstanding debt but within days creditors filed claims of $1.2trn, double its assets.
The latest move by CMS to enhance its international offering lies at the cross roads between Europe and Asia, with the Global 100 firm today (7 Nov) announcing that it is to launch an office in Istanbul – the latest western firm to open in one of the world’s fastest-growing economies.
As partners Döne Yalçin and John Fitzpatrick relocate to Istanbul to lead the new venture, the office will offer services in project finance and infrastructure work, with further plans to expand in the fields of energy, capital markets, and M&A. Continue reading “West meets East – CMS latest to announce Istanbul office launch”
Aviation lawyers expect further consolidation within the airline industry as Aegean Airlines was on Wednesday (9 October) given the all clear to buy troubled Olympic Air, led by White & Case and Baker & McKenzie.
The European Commission (EC) took the first-time step of reversing its earlier decision to block an acquisition attempt in 2011, approving the buyout from investment group Marfin. Continue reading “Aviation: Further consolidation predicted as Aegean acquisition of Olympic approved”
European M&A: Big ticket summer mandates scooped by Allen & Overy; Clifford Chance; Freshfields and Macfarlanes
Despite corporate partners attesting to a summer lull (if only by their absence from the office), the past month brought with it a number of headline European M&A deals, including a €17bn (including €9.8bn of net debt) bid for Dutch telecoms company Koninklijke KPN (KPN), which turned to Allen & Overy (A&O)’s Netherlands office on the deal.
The bid by Mexican billionaire Carlos Slim’s telecoms company América Móvil for the remaining 70% in KPN saw longstanding adviser A&O field a team led by Dutch corporate partner Jan Louis Burggraaf.
Clifford Chance, led by Amsterdam M&A partner Hans Beerlage, advised América Móvil alongside Cleary Gottlieb Steen & Hamilton, led by New York capital markets partner Nicolas Grabar and corporate partners Neil Whoriskey and Amy Shapiro.