Freshfields hits the fast lane with Porsche deal

City heavyweights Allen & Overy (A&O) and Freshfields Bruckhaus Deringer have bagged the lead roles on the increase of Porsche’s stake in Volkswagen.

Porsche’s move to increase its stake from 27.3 per cent to 30.9 per cent will trigger a mandatory bid for Volkswagen, valuing the company at €35bn (£23.77bn).

The London and Frankfurt offices of A&O advised banks including ABN Amro, Barclays and Merrill Lynch on the €35bn loan to fund Porsche’s acquisition.

London partner Stephen Kensell and Frankfurt partner Dr Neil George Weiand are leading the nine-lawyer A&O team.

Freshfields’ Frankfurt office is advising Porsche. Corporate partners Christoph von Bulow and Thomas Bucker are leading the team, which includes US corporate partner Sarah Murphy in London.

A&O’s European offices are enjoying a busy few weeks.

The firm has won a role advising ABN Amro on its proposed £80bn merger with Barclays.

A&O also acted on Germany’s largest private equity deal of 2007, advising Charterhouse on the €2.4bn (£1.63bn) acquisition of Ista International from CVC Capital Partners.