Pillsbury handles BNP Paribas buyout of Commercial Federal

Pillsbury Winthrop Shaw Pittman has strengthened its relationship with BNP Paribas after advising the French bank on a multi-billion dollar acquisition.


Pillsbury Winthrop Shaw Pittman has strengthened its relationship with BNP Paribas after advising the French bank on a multi-billion dollar acquisition.

The San Francisco-based firm advised BNP Paribas subsidiary BancWest Corporation on its $1.36bn (£750m) cash acquisition of Commercial Federal Corporation.

On 14 June, BancWest announced that its subsidiary Bank of the West was to buy Commercial Federal.

BNP Paribas chief executive officer Baudouin Prot said: “[This deal] is in line with our policy of value-creating transactions in businesses and geographies with strong growth potential where there is limited execution risk.”

The boards of directors of BancWest, BNP Paribas and Commercial Federal have all approved the agreement. However, the deal, expected to close in the fourth quarter of 2005, must be approved by Commercial Federal’s shareholders and is still subject to regulatory approval.

Wachtell Lipton Rosen & Katz is advising Commercial Federal.