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Italian firm Bonelli Erede Pappalardo has landed the prime role of advising BNP Paribas on its proposed EUR9bn takeover of Italian bank Banca Nazionale del Lavoro.
Milan corporate partners Sergio Erede and Umberto Nicodano are leading the deal along with partners, Andrea Noverese and Claudio Tesauro.
It is understood that BNL has not formally instructed a law firm but its normal advisers are Chiomenti.
BNP Paribas announced its bid for the bank at the end of last week. An agreement has already been signed with Unipol and 12 other shareholders of BNL to acquire a 48 per cent holding in the bank.
BNP Paribas plans to launch an offer foe the remaining 52 per cent. BNP Paribas will fund the acquisition through a EUR5.5bn rights issue and a hybrid capital issue of around EUR2bn. Italian firm Studio Rossi is advising Unipol.
BNP Paribas now has to wait for approval from the Bank of Italy but submitted a Public Offer.
Last year Banco Bilbao Vizcaya Argentaria and Unipol both launched failed bids for BNL. BBVA failed to secure than 50% of the ordinary share capital in BNL while the Unipol acquisition was refused by Bank of Italy.