National power

National Power’s demerger has been a year in the making. The idea of splitting off the company’s domestic concerns from its international operations was floated in September 1998.

Linklaters & Alliance, long-time adviser to National Power, conducted a feasibility survey with Schroders Salomon Smith Barney on the possibility of a demerger.

Corporate partner Tim Clarke led a team which not only had to cope with the logistical problems of a demerger, but Linklaters had the chance the flex its US muscles by acting on the listing of Innogy, which houses the spun-off domestic concerns of National Power on the London and New York stock exchanges.

National Power has been renamed International Power, and will retain its UK and US listings. The companies began trading on 2 October, and while International Power shares fared well, Innogy didn’t exactly set the world alight.

Towards the end of the deal, which became public on 21 August, Linklaters split its team into two areas, with corporate partner Charlie Jacobs leading a group advising Innogy. Corporate partner Michael Sullivan oversaw International Power.