Allen & Overy's Italian desk advises on £2.4bn takeover

Allen & Overy's new London-based Italian desk has acted on what it claims is one of the most significant deals ever in Italy.

The Italian desk, which was set up at the end of last year, advised Mediobanca on its £2.4bn funding of the takeover of Italian chemical giant Montedison by industrial and insurance group Compart.

Other banks that have agreed to underwrite the loan are Barclays, Banca Commerciale Italiana, Banca di Roma, Banca Nazionale del Lavoro, Banca Monte dei Paschi di Siena, Banca Popolare di Milano, Cariplo, Commerzbank, Credit Agricole Indosuez, Sanpaolo Imi and UniCredito Italiano.

All of them are thought to have used their in-house departments to push the deal through.

The A&O team was led by partner and head of the London-based Italian desk Giancarlo Castorino. He was assisted by senior associate Andrea Arosio.

Castorino says: "This is an incredibly important deal in the Italian marketplace and the first major financing that the newly established Italian desk in London has advised on.

"A&O is the only law firm involved in this incredibly valuable transaction."