Linklaters tops M&A league

The second quarter European M&A results show Linklaters retaining its premier position after the firm notched up an additional 68 deals at a value of $42bn (£27.5bn)

Linklaters has now completed 120 M&A deals at a total value of $76.4bn (£50bn) since the beginning of January.
Linklaters has already acted on some of the more significant European deals in the past six months, such as Allied Domecq's $796m (£521.6m) acquisition of Malibu.
The firm is acting on the largest deal to be announced this quarter, the $18.4bn (£12.1bn) acquisition of Lattice Group by National Grid. Linklaters is advising Lattice, with Ashurst Morris Crisp and Shearman & Sterling, while CMS Cameron McKenna and Leboeuf Lamb Greene & MacRae represent National Grid.
Freshfields silenced its critics by catapulting through the ranks, moving from seventeenth to second place. The firm completed 41 deals in the second quarter at a value of $33.9bn (£22.2bn). Since the beginning of the year, Freshfields has completed 58 deals at a combined value of $41.3bn (£27bn). Freshfields corporate partner James Davis said: “League tables are a better reflection of activity when they cover a longer rather than a shorter period. Clearly, large-scale M&A activity is at a relatively low level, but there's plenty going on and we're producing a good work flow.”
Herbert Smith, with the help of Gleiss Lutz, has moved up the rankings in the last quarter, completing 20 deals at a value of $10.5bn (£6.9bn) in Europe. The completion of Shell's acquisition of Enterprise Oil assisted, with Herbert Smith acting for Enterprise. This was the biggest deal of the last quarter, valued at £3.5bn. Slaughter and May advised Shell, but fell from seventh to ninth position in the tables, despite the fact that the UK represented the most active M&A market in Europe. The firm still managed to complete 22 deals worth $14.9bn (£9.8bn).
Herbert Smith corporate partner Michael Walter said: “The M&A market is coming back in a robust way. We're seeing a far greater deal flow that will eventually push us up through the rankings.”
Norton Rose fell from fourth to sixteenth place, although it completed an additional 14 deals, whereas Allen & Overy increased its deal flow by 48 deals.

UK target or UK acquirer ultimate parent
Rank Legal adviser Ranking value including net debt of target $bn (£bn) Market share Number of deals
1 Linklaters 27.140 (17.786) 31.0 36
2 Allen & Overy 23.493 (15.396) 26.8 33
3 Slaughter and May 14.881 (9.752) 17.0 23
4 Cravath Swaine & Moore 14.163 (9.281) 16.2 3
5 Freshfields Bruckhaus Deringer 13.494 (8.843) 15.4 22
6 Clifford Chance 12.918 (8.466) 14.8 21
7 Hengeler Mueller 11.973 (7.846) 13.7 2
8 Ashurst Morris Crisp 11.853 (7.768) 13.5 41
9 Weil Gotshal & Manges 11.041 (7.235) 12.6 16
10 Sullivan & Cromwell 10.761 (7.052) 12.3 8
 
Source: Thomson Financial. Based on deals completed 01/01/2002-30/06/2002, excluding equity carveouts, open market repurchases and withdrawn deals

European target or European acquirer ultimate parent
Rank Legal adviser Ranking value including net debt of target $bn (£bn) Market share Number of deals
1 Linklaters 76.439 (50.093) 29.7 120
2 Freshfields Bruckhaus Deringer 41.256 (27.036) 16.0 58
3 Shearman & Sterling 39.813 (26.091) 15.5 23
4 Allen & Overy 38.625 (25.312) 15.0 68
5 Clifford Chance 36.950 (24.214) 14.4 59
6 Hengeler Mueller 31.963 (20.946) 12.4 20
7 Cravath Swaine & Moore 29.286 (19.192) 11.4 7
8 Cleary Gottlieb Steen & Hamilton 27.154 (17.795) 10.6 24
9 Slaughter and May 26.902 (17.630) 10.5 33
10 Sullivan & Cromwell 21.054 (13.797) 8.2 25
 
Source: Thomson Financial. Based on deals completed 01/01/2002-30/06/2002, excluding equity carveouts, open market repurchases and withdrawn deals