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Baker & McKenzie and Cravath Swaine & Moore have taken lead roles on the multi-billion takeover of chemicals company Nalco Holding Company by Ecolab, a leading developer of cleaning products.
The US deal sees Ecolab buy the Illinois-based Nalco for $5.4bn, with the deal value rising to $8.1bn including the debt assumed. As part of the transaction, Nalco shareholders are given the option to receive shares in Ecolab.
Bakers advised Ecolab with a team led by Chicago corporate partner Dieter Schmitz as well as partners Craig Roeder and Edward Harrison, supported by a number of Chicago lawyers.
Tax partner Thomas May and compliance partner Paul McNulty in Washington DC also advised, as did Frankfurt employment partner Guenther Heckelmann.
Cravath M&A partners Scott Barshay and George Schoen acted for Nalco alongside executive compensation and benefits head Eric Hilfers and tax partner Michael Schler.
Ecolab, which has instructed Schmitz for some 25 years, was also advised in-house by general counsel James Seifert and associate general counsel and corporate compliance officer Michael McCormick.