Cleary Gottlieb wins role in Fortis bank sale

<a class=Cleary Gottlieb wins role in Fortis bank sale” />Cleary Gottlieb Steen & Hamilton has joined in the acquisition of struggling Benelux bank Fortis, bagging the instruction for BNP Paribas on its €14.5bn (£11.3bn) offer.

The sale of Fortis’ Belgian, Luxembourg and international banking franchises follow an €11.2bn (£8.8bn) cash injection from the Benelux governments.

Fortis has been advised by Linklaters throughout, with Brussels-based partners Jean-Marie Nelissen Grade and Eric Pottier leading (as reported on, 29 September).

The Cleary team acting for BNP Paribas was led by Paris corporate partner Pierre-Yves Chabert, Brussels counsel Laurent Ruzette and Paris associate Amélie Champsaur.

The Belgian government and financial regulators have been advised by Herbert Smith’s regional ally Stibbe and local firms Liedekerke Wolters Waelbroeck Kirkpatrick and Eubelius.

The Netherlands government and the Ministry of Finance were advised by Allen & Overy in Amsterdam, led by M&A partner Tim Stevens. Stevens was assisted by banking partner Victor de Seriere, M&A partner Annelies van der Pauw, notaries Robert Jan Lijdsman and Christiaan Stokkermans, and associates Ellen Cramer-de Jong, Oscar Manders and Sander Schouten.

De Nederlandsche Bank (the Dutch Central Bank), which is working with the Dutch government on the purchase, was advised by Clifford Chance. Amsterdam based finance partner Bas Boris Visser led the team, assisted by finance partner Pieter van Welzen and M&A partners Thijs Alexander and Hans Beerlage.