Has Gide Loyrette Nouel lost its grip on work for the French state as it continues its privatisation programme? The firm had advised on the IPOs of Gaz de France (GDF), EDF and the French motorways system, but failed to win the same role as the state carried out a partial privatisation of Aéroports de Paris (ADP).
Instead, Darrois Villey Maillot Brochier François Sureau and Hervé Pisani have muscled in - an unsurprising choice for the state, as Darrois is a supremely well-connected firm.
Meanwhile, Linklaters reprised its role on the GDF IPO by advising the banking consortium of Calyon, Citigroup, HSBC Holdings and Morgan Stanley.
Predictably, Cleary Gottlieb Steen & Hamilton completed the lineup of advisers, acting for ADP.