Slaughters and Freshfields take lead on Lloyds share sale

Slaughter and May and Freshfields Bruckhaus Deringer have taken the lead roles in advising the Government and Lloyds Bank on the sale of a 6 per cent stake in the banking group.

The sale, which raised £3.2bn, is the first stage in the reprivatisation of the high street bank.

Slaughter and May partner Nilufer von Bismarck advised UK Financial Investments (UKFI), the Treasury unit that manages the Government’s stakes in Royal Bank of Scotland (RBS) and Lloyds.

Bismarck took over the lead role from partner Charles Randall, who retired from the firm at the end of August.

Following the financial collapse of 2008, Randall advised HM Treasury on a series of deals to stabilise the entire financial system. In the process he put his firm at the centre of the biggest nationalisation project for decades (13 July 2009).

Bismarck has also been chosen by the Tresury to advise on the impending break-up of the Royal Bank of Scotland (3 July 2013).

Freshfields partners Will Lawes, Mark Austin, Sarah Murphy and Julian Makin are advising bookrunners UBS, BoA Merril Lynch and UKFI privatisation strategy adviser JP Morgan.

The Government reduced its stake in the bank from 38.7 per cent to 32.7 per cent after placing some 4.3m shares at 75p each.

Yesterday The Lawyer revealed that Lloyds had named corporate and M&A head Hugh Pugsley as its new general counsel for group legal, following the promotion of Kate Cheetham to deputy general counsel earlier this year (16 September 2013).