Slaughter and May has scooped an instruction over Freshfields Bruckhaus Deringer to advise Australian logistics operator Brambles Industries on its plan to quit the London Stock Exchange and release at least A$2.8bn (£1.2bn) to shareholders through share buybacks.
Brambles is a regular client of Freshfields, but Slaughters won the lead UK advisory role after the dual-listed company instructed Australian best friend Allens Arthur Robinson on the Australian legal aspects.
Slaughters corporate partner Nigel Boardman said the firm may have been appointed due to its lead role on the Shell restructuring late last year. “We may have got the instruction after working on the Royal Dutch Shell restructure, but obviously, for whatever reason [we were appointed], we’re pleased,” he said.
Freshfields did not return calls for comment.
The restructure includes the sale of Brambles’ remaining Cleanaway waste management units. The German Cleanaway business was sold in October and Merrill Lynch claims the Australian and UK units could raise as much as A$1.7bn (£730m).
A new Australian-listed company will be created as part of the restructure.