Fri, 24 May 2013
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One of Europe's most anticipated panel reviews has been put on hold after a number of deals tied up Nestlé's legal team this summer.
Nestlé is looking to review its panel of core European advisers, which was last reviewed in 2003. It had planned to undertake a new tender process this summer, but that has now been postponed.
General counsel for Nestlé Trevor Brown said: "The panel review will take place later in the year. Really, since May and June, the focus has been on project work."
Four years ago Freshfields Bruckhaus Deringer, Mayer Brown and Norton Rose won the bulk of Nestlé's work in contracts worth up to SWf5m (£2.05m) a year.
The panel review was part of the company's cost-cutting 'Running Shoes' initiative, which capped its legal spend at 0.13 per cent of revenue.
Big deals, including the $5.5bn (£2.26bn) acquisition of US baby food company Gerber, have meant Nestlé's in-house legal team has not been able to focus on the panel review.
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