Latham handed role on Bayer’s bid for Schering

Latham & Watkins has scooped the lead advisory role for Bayer on its €16.3bn (£11.4bn) ‘white knight’ agreed takeover bid for German pharmaceutical company Schering.

The deal marks the first major M&A transaction the firm has completed for Bayer, with Hamburg-based corporate partners Joachim von Falkenhausen and Christoph von Teichman leading the team.

London finance partner Chris Hall also advised on banking and debt aspects of the deal.

It is understood Latham secured the lucrative instruction via ties with Bayer’s in-house general counsel Keine Nennungen.

Bayer said it would finance the deal with €3bn (£2.1bn) of existing cash holdings and €2bn (£1.4bn) of convertible bonds and short-term loans provided by Citigroup and Credit Suisse.

Linklaters‘ Frankfurt arm acted for the banks, with Carl-Peter Feick and Stephan Oppenhoff as lead partners. Linklaters London banking partner Gideon Moore also advised on the transaction.

Maximilian Schiessl of Hengeler Mueller took the lead advisory role for Schering along with Peter Wilson of Cravath Swaine & Moore.

The agreed takeover bid trumped a €14.6bn (£10.2bn) hostile bid from Merck, another German pharmaceutical group, last month.