Freshfields Bruckhaus Deringer and Herbert Smith are advising on building supplies company Wolseley’s upcoming £1bn rights issue.
In the latest of a glut of cash calls by listed companies, Freshfields head of corporate Mark Rawlinson is understood to be advising Wolseley, while Herbert Smith is understood to have been instructed by the underwriting banks.
Wolseley, which has debts of around £3bn, has lost around 90 per cent of its value since June 2007 on the back of declining profits in the US market. Freshfields retained its position as Wolseley’s main corporate adviser following a panel review last year.
