The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy (A&O) and Linklaters have played key roles in the restructuring of German company Schaeffler’s debt, paving the way for the ball-bearing producer to merge with auto-parts manufacturer Continental.
A&O was handed the mandate from Schaeffler thanks to a longstanding relationship between the company and A&O Düsseldorf partner Rolf Koerfer.
Known as one of Germany’s leading M&A lawyers, Koerfer joined A&O from Shearman & Sterling last year. He was not part of the A&O team working on the deal as he has been serving as chairman of Continental, which is 90 per cent owned by Schaeffler, since March. Koerfer is expected to step down from that role as soon as a replacement is found, although it is understood he will remain on the board.
The A&O team was therefore led by Frankfurt banking partners Neil Weiand and Walter Uebelhoer.
Linklaters acted for the consortium of five lending banks, which was led by Commerzbank and RBS.
Banking partners Stephen Lucas in London and Marc Trinkaus in Frankfurt led the advice along with corporate partners Stephan Oppenhoff and Jochen Laufersweiler in Frankfurt.
Schaeffler took on e16bn (£14.03bn) of debt at the beginning of this year to finance its acquisition of Continental. It is understood that the banks involved had difficulty syndicating the debt.