Corporate

Européenne de Froid et Services, MC International Group’s holding company, sold to Johnson Controls for euro164m (£101m). The management and Charterhouse, Advent and CDC Equity Capital – all owners of Européenne – advised by Ashurst Morris Crisp (Thomas Forschbach). Johnson Controls advised by Herbert Smith.

Tibbett & Britten sells its Axial automotive business to AutoLogic Holdings for a total consideration of £59.5m. Tibbett & Britten advised by Denton Wilde Sapte (Anthony Alexander, Helen Cleaveland). AutoLogic advised by Lovells.

Reckitt Benckiser sells Reckitt’s (Ireland) to Standard Brands (Ireland) for euro45m (£27.7m). Reckitt Benckiser advised by Matheson Ormsby Prentice (Edward Miller). Standard Brands advised by SJ Berwin.

E.ON, Germany’s biggest utility, buys Powergen for £9.6bn in cash and assumed debt. E.ON advised by Slaughter and May (Charles Randell), Cleary Gottlieb Steen & Hamilton (Edward Greene), LeBoeuf Lamb Greene & MacRae (Tia Barancik) and Steptoe & Johnson (Lon Bouknight). Powergen advised by Freshfields Bruckhaus Deringer (Peter Streatfeild), Jones Day Reavis & Pogue (Peter Clarke) and Sullivan & Cromwell (Joseph Frumkin).

People’s Bank sells its UK credit card and consumer credit business to Citigroup International for £368m. People’s Bank advised by Cleary Gottlieb Steen & Hamilton (Andrew Curran). Citigroup advised by Clifford Chance (John Healy).