The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
Freshfields Bruckhaus Deringer has landed a plum role acting for a consortium of bidders on its ongoing negotiations over the possible acquisition of energy giant Drax.
Partners Will Lawes and Karen Fountain are understood to be leading the work for consortium BCHP, which comprises energy solutions provider Constellation Energy and private equity firms Blackstone, Perry Capital Management and Hellman & Friedman.
Last week, the Drax board rejected a £2.2m offer from the consortium, but said it was continuing to engage with the bidders in an effort to improve the valuation. The company is also pursuing a refinancing programme due to culminate in an IPO on 15 December.
As revealed by The Lawyer (4 July 2005), Norton Rose is acting for Drax, with Allen & Overy (A&O) representing existing and new lenders to the company. Linklaters is acting for financial adviser Deutsche Bank.
Linklaters, alongside Latham & Watkins, is also acting for Goldman Sachs and Credit Suisse, the lending banks to the consortium.
In 2003, Drax's £1.3bn debt restructuring landed UK firms millions of pounds in fees. A&O picked up £10m in fees, while Norton Rose was paid £6m and the bondholders' counsel Milbank Tweed Hadley & McCloy netted £2m. Norton Rose was instructed after Drax's US parent AES, represented by Slaughter and May, withdrew from the process.