Lovells acts worldwide

CITY firm Lovell White Durrant has just finished a major company flotation involving due diligence work in no less than 31 countries.

Up to 50 of Lovells' lawyers took part in the deal, and the firm worked closely with other firms around the world.

Masterminded from Lovell's London offices, and the Tenneco in-house lawyers in the US, the firm also pulled in its Tokyo, Beijing, Prague and Hong Kong offices.

The job involved seven months working for Tenneco and Albright & Wilson, both long-standing clients, on Tenneco's disposal of its Albright & Wilson chemicals division by way of flotation on the London Stock Exchange.

The flotation valued Albright & Wilson at u470 million at the offer price and produced a market capitalisation of u507 million on the first day of trading.

Corporate partners Charles Penney and Hugh Nineham led the Lovells' team. “The job involved liaison with local lawyers, whom we instructed on Tenneco's behalf,” says Penney. “We effectively had to deal with everywhere in the world except Africa and the Middle East.”