Bredin Prat, Cleary Gottlieb Steen & Hamilton and Stibbe have joined forces to represent Euronext, which has been at the centre of a multibillion-dollar bidding war by the New York Stock Exchange (NYSE) and Deutsche Börse.
Euronext came under intense pressure last week after the NYSE tabled a $10.2bn (£5.4bn) bid to create the world’s first transatlantic exchange.
The bid came hot on the heels of a share-and-cash offer from Germany’s Deutsche Börse. Euronext shareholders rejected Deutsche Börse’s proposal at the time The Lawyer went to press.
Herbert Smith alliance firm Stibbe has been appointed by Euronext as global coordinating counsel, with corporate partner Jaap Willeumier leading the charge alongside colleagues Joost van Lanschot, Fons Leijten and tax partner Stef van Weeghel.
Cleary is advising on US aspects of the negotiations, with New York corporate partner Victor Lewkow leading the team alongside Paris corporate partner John Brinitzer. Other Cleary lawyers involved include US-qualified London M&A partner William Groll, London competition partner Shaun Goodman and Brussels-based Nick Levy.
Manhattan firm Wachtell Lipton Rosen & Katz is advising regular client the NYSE on its merger bid, led by corporate partner David Karp. O’Melveny & Myers is representing the NYSE’s board of directors, while French boutique Darrois Villey Maillot Brochier and Benelux firm Loyens & Loeff are also advising the NYSE.
Deutsche Börse is being advised by Ashurst corporate head Adrian Clark. Ashurst has managed to keep hold of its longstanding client after losing former corporate chief and relationship partner Chris Ashworth to O’Melveny at the end of last year.
It is understood that the NYSE has pulled out of its talks with the London Stock Exchange regarding a three-way merger with Euronext.