Baker & McKenzie has scooped the lead advisory role on the agreed £650m cash offer by L’Oreal and Body Shop.
The firm won the instruction from long-term client The Body Shop. L’Oreal is also a Baker & McKenzie client, but the French cosmetics giant waived the conflict to allow the firm to act on the deal.
The Body Shop corporate relationship partner Bernd Ratzke led the Baker & McKenzie team along with James Burdett. Associate Robert Adam, who has just returned from secondment to the Takeover Panel, also advised on the deal.
“This was a deal that was just so exciting to be a part of,” Ratzke said. “The Body Shop is 30 years old and it seems to have come to the view that it is ready to part of a bigger organisation with a global brand portfolio.”
L’Oreal has instructed Linklaters corporate partner Richard Godden on the deal.
Last month the French cosmetics giant was forced to make an announcement about its interest in The Body Shop by the Takeover Panel, after The Body Shop’s shares rose by more than 10 per cent.