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.
Do or die for Ferrovial on BAA bid The Takeover Panel has issued a put-up-or-shut-up notice to Ferrovial over its potential takeover bid for BAA, insisting the Spanish construction company make its intentions known before 24 April or walk away. Ferrovial, advised by regular counsel Freshfields Bruckhaus Deringer, had its £8.8bn bid rejected by BAA in February, but BAA is understood to be holding out for a higher offer. Herbert Smith corporate partner Gareth Roberts (pictured) is advising longstanding client BAA on corporate aspects of the potential takeover. Meanwhile, Allen & Overy scooped the mandate to advise BAA on the £2bn bond issue that has been at the centre of the potential bid. Clifford Chance is advising Ferrovial's lending banks Citibank and Royal Bank of Scotland (RBS). Linklaters is acting for ABN Amro, Barclays Capital, Morgan Stanley and RBS, which managed BAA's bond issue.
Slaughters' and Milbank's ITV deal is UK first The proposed ITV takeover has set City lawyers' tongues wagging, with Slaughter and May and Milbank Tweed Hadley & McCloy devising a deal that marks the first of its kind in the UK. Milbank and Slaughters are advising a consortium consisting of Apax Partners, Blackstone and Goldman Sachs, which is attempting to take control of ITV. It is proposing a leveraged recapitalisation, whereby it will put £1.3bn into ITV's capital base in return for a 48 per cent stake. Existing shareholders would receive a cash payout. The payout would cost £3.6bn and be funded in a similar way to a leveraged buyout. Under the deal, ITV would remain a publicly traded company. Milbank M&A corporate partner Tim Emmerson and Slaughters corporate chief Chris Saul are the lead advisers on the proposed deal. Lovells head of corporate finance Hugh Nineham is advising ITV. Ashurst private equity head Charlie Geffen is acting for longstanding client Apax.