Slaughter and May: RBS down, now for Lloyds

A smashing week for Slaughters indeed. Two of its chunky corporate deals have been announced, including Siemens’ €1.7bn sale of its 50 per cent stake in joint venture Nokia Siemens Networks to Nokia, and Carlyle’s buyout of Nottingham packaging business Chesapeake from Oaktree Capital and Irving Place Capital – reportedly worth more than £500m. And all that in a week of rivals’ results announcements in which the City leader will likely have been feeling left out by its traditional policy of keeping quiet on financial performance.

Slaughters took the eye-catching role for Siemens, which gave its last massive M&A mandate to Linklaters late last year for its £1.7bn purchase of Invensys’s rail division, while partner Jeff Twentyman leveraged the firm’s relationship with both Oaktree and Chesapeake to snatch the sell-side role opposite Carlyle adviser Latham & Watkins.

And spare a thought for corporate partner Nilufer von Bismarck, who was no doubt leading a pitch to the Treasury for the advisory mandate on the Royal Bank of Scotland break-up while everyone else was watching Wimbledon. The effort paid off last week with Slaughters confirmed as the Government’s adviser following a competitive process that kicked off shortly after Chancellor George Osborne’s Mansion House speech on 19 June. The contest was open to members of lot 5 of the Government Procurement Service panel, which covers finance and financial regulation.

The job will occupy a large chunk of the Slaughters corporate and finance teams for months to come, and that’s without even thinking about that other major Treasury mandate expected to land in the Slaughters entrance hall very soon. Amid reports that banks are already pitching to advise on the impending sell-off of Lloyds Banking Group, it’s surely only time before von Bismarck and Slaughters shore up that key instruction.