Gide misses out on airports privatisation

Cleary Gottlieb Steen & Hamilton, Darrois Villey Maillot Brochier and Linklaters have scooped the lead roles on the partial privatisation of the French state-owned airport operator Aéroports de Paris (ADP).

But in stark contrast to recent French privatisations, there is no role for Gide Loyrette Nouel this time around.

Cleary Gottlieb partner Andrew Bernstein is leading the work for ADP, while Darrois Villey’s François Sureau and Hervé Pisani are acting for the state.

Cleary Gottlieb previously acted for Gaz de France (GDF) when it was partially privatised in November 2005.

Linklaters is advising the banking consortium of Calyon, Citigroup, HSBC Holdings and Morgan Stanley. In doing so the firm is also reprising its role on the GDF IPO.

Gide’s absence from the deal is surprising given its recent form in securing the mandate from the state on the IPOs of GDF, Electricité de France and the French motorways system, as well as on the proposed merger between GDF and Suez.

The IPO is due to take place in a fortnight and is likely to raise at least EUR1bn (£685m). The French government plans to sell about a third of its stake in the company.