L’équipe de droit communautaire de Cleary Gottlieb fait partie des plus reconnues et des mieux établies en Europe. Elle comprend près de 170 avocats, basés à Bruxelles, Cologne, Francfort, Londres, Milan, Moscou, Paris et Rome. Elle comprend d’anciens membres de la Direction Générale de la Concurrence de la Commission européenne, des services juridiques de la Commission européenne et des juridictions européennes. L’équipe fournit des conseils dans tous les domaines du droit au niveau communautaire et de chaque Etat membre.
Read More »
Nov 14, 2011
Cleary Gottlieb is representing Sony Corporation of America in the EU and international antitrust aspects of the $2.2 billion acquisition of EMI Music Publishing. Sony Corporation of America is part of a consortium that includes Mubadala Development Company PJSC, Jynwel Capital Limited, the Blackstone Group's GSO Capital Partners LP, and David Geffen. EMI Music Publishing, one of the leading music publishing companies in the world, will be managed by Sony/ATV Music Publishing, a joint venture between Sony Corporation of America and the Estate of Michael Jackson.
Jun 28, 2011
Cleary Gottlieb is representing Stanley Black & Decker in its offer to acquire all of the outstanding common stock and warrants of Niscayah, a leading commercial security and monitoring company specializing in electronic security services and solutions based in Stockholm, Sweden, for SEK18.00 per share in cash. The total transaction value, including assumed financial debt, would be SEK7.6 billion (USD$1.2 billion). The independent committee of Niscayah's Board has unanimously recommended that Niscayah shareholders and warrant holders accept the offer. Niscayah shareholders representing approximately 19.5% of Niscayah shares have committed to accept the offer under certain conditions. The transaction is expected to close in September 2011. In May, Securitas AB had launched an offer to acquire Niscayah.
Oct 09, 2011
Cleary Gottlieb is representing long-standing client Dexia in the nationalization, announced on October 9, 2011, of Belgian banking subsidiary Dexia Bank Belgium (DBB). Dexia's 100% interest in DBB will be sold for an initial cash consideration of €4 billion.
Cleary Gottlieb is also advising Dexia on the new sovereign guarantees granted by the French, Belgian and Luxembourg States, as well as on possible further divestments.
Jun 06, 2011
Cleary Gottlieb advised Commerzbank on the U.S. aspects of and the financial disclosures in relation to a two-step, €11 billion capital raising transaction consisting of the issuance of Conditional Mandatory Exchangeable Notes (CoMEN) and a follow-on rights offering. The transaction closed on June 6.
In the first step, the CoMEN were issued and, after a shareholders' meeting in which the necessary capital was authorized, exchanged for Commerzbank shares that the German Financial Market Stabilization Fund (SoFFin) received upon conversion of a portion of its silent participation interest in the bank. These new shares then were eligible to participate in the second-step rights offering.
Commerzbank used the proceeds of the two-step transaction to repay a substantial portion of the funds the bank had received from the German federal government during the financial crisis.
The transaction was the largest share issue of a German bank since the capital increase of Deutsche Bank in September 2010, in which Cleary Gottlieb also represented the issuer.
Feb 18, 2011
Cleary Gottlieb is representing long-time client Lafarge S.A. in relation to its proposed 50:50 joint venture with Anglo American PLC to combine their cement, aggregates, ready-mixed concrete, asphalt and contracting businesses in the United Kingdom, comprising Lafarge's UK operations in Lafarge Cement UK, Lafarge Aggregates and Concrete UK, and Anglo American's Tarmac business, in Tarmac Limited. The transaction was announced on February 18, and is expected to close later this year pending regulatory approvals. Both Lafarge's UK operations and Tarmac will continue to operate independently until obtaining such approvals.
The joint venture will create a significant UK construction materials company with a portfolio of established assets drawing on a complementary geographical distribution of operations and a series of well-known brands. The 2010 combined sales of the two businesses amounted to £1.8 billion with a combined EBITDA of £210 million.
Cleary Gottlieb has previously advised Lafarge in connection with its $15 billion acquisition of Orascom Building Materials Holding S.A.E. in 2008, its €1 billion+ capital increases in 2003 and 2009, and its first SEC-registered bond offering totalling $2 billion in 2006.
Oct 26, 2010
Cleary Gottlieb won the confirmation of the reorganization plan of Truvo Group's U.S. holding companies, less than four months after the Chapter 11 cases were commenced in the United States Bankruptcy Court for the Southern District of New York. The October 26 ruling cleared the way for the Truvo Group to consummate a restructuring of approximately $1.9 billion of debt of U.S. and European members of the Truvo Group. The plan became effective on November 30, 2010.
The plan relies on a novel use of an intercreditor agreement's enforcement sale provisions to release European subsidiaries that are not Chapter 11 debtors, enabling the European subsidiaries to avoid the adverse impact of a formal European proceeding. Initially the reorganization plan was supported by senior lenders but faced opposition from an official committee of junior creditors. Ultimately, these disputes were resolved and the plan was overwhelmingly supported by all creditor classes entitled to vote. The restructuring involved intense cooperation between lawyers located in New York, Brussels and London.
Dec 16, 2009
On December 16, 2009, the European Commission announced concessions by Microsoft Corporation in two investigations relating to abuses of Microsoft's dominant position in PC operating systems that excluded competing products in web browsers, server software, and productivity applications. More specifically, the Commission has today published the final text of:
- a Commitment Decision requiring Microsoft to provide all Windows users with real choice in web browsers
- a Public Undertaking requiring Microsoft to make interoperability information available for a range of server products (including email and collaboration servers), for Office, and for .Net, as well as to comply with certain obligations with respect to Open Standards.
Cleary Gottlieb has been successfully advising and representing IT companies and trade associations in both aspects of this case. Previous milestones, in which Cleary Gottlieb was also involved, were the 2004 Commission Decision requiring disclosures of work-group server interoperability information and unbundling Windows Media Player, and the 2007 judgment of the European Court of First Instance upholding those decisions and establishing the precedent.
Oct 28, 2009
In October 2009, Cleary Gottlieb confirmed its pre-eminent position in the French banking sector by participating in all four transactions to facilitate the repayment of French government investments in capital securities of French banks.
The transactions started with a €4.3 billion rights offering by BNP Paribas, in which Cleary Gottlieb acted as deal counsel. The offering was made to finance the repayment of preferred shares that BNP Paribas issued in 2009 to SPPE (Société de Prise de Participations de l’Etat), the vehicle created by the French State in 2008 in connection with its bank capital investment program.
Société Générale followed with a €4.8 billion rights offering in which Cleary Gottlieb acted as counsel to Underwriters. The offering was made in part to finance repayment of subordinated notes and preferred shares that Société Générale issued to SPPE in 2008.
Cleary Gottlieb acted as counsel to BPCE (the lead bank of the Banque Populaire – Caisse d’Epargne group) in a €750 million issue of deeply subordinated notes. The transaction allowed BPCE to refinance part of the deeply subordinated notes that it issued to SPPE in 2008 and 2009.
Cleary Gottlieb again acted as issuer’s counsel in connection with three issues of deeply subordinated notes by Crédit Agricole (€550 million, £300 million and $1 billion), which refinanced the subordinated notes issued to SPPE by Crédit Agricole in December 2008.
Cleary Gottlieb has been a leader in innovative transactions for French banks for many years, acting on share offerings, hybrid capital securities, debt issuances and exchange offers, and mergers and acquisitions for the leading banks in the French market. The firm acted for BNP Paribas, Crédit Agricole and Natixis (an affiliate of BPCE) in connection with SPPE’s first capital securities investments in December 2008.
May 13, 2009
BNP Paribas Group has successfully completed its acquisition of Fortis Bank, making BNP Paribas the largest bank in the Eurozone by deposits. The final aspects of this extremely complex transaction, which involved government bodies and financial supervisory authorities across several jurisdictions, negotiations with the European Commission, and fierce litigation by opponents of the transaction, closed on May 13 after eight months.
In the transaction, Cleary Gottlieb represented BNP Paribas in its acquisitions of approximately 75% of Fortis Bank and a majority stake in Banque Générale du Luxembourg, and on the acquisition of 25% of Fortis Insurance Belgium by Fortis Bank, as well as the simultaneous defeasance of a portfolio of structured products from Fortis Bank worth about €11.5 billion.
The firm fielded a large team spanning multiple offices, including Paris, Brussels, London, New York and Washington, and practice groups, including corporate, finance, regulatory, competition and tax.
Nov 21, 2008
Cleary Gottlieb is representing the German Savings Bank Association (“DSGV”) with respect to back guarantees granted by DSGV and other major German banking associations and financial institutions to the Federal Republic of Germany in connection with a €50 billion rescue package arranged by the German Federal Government and various significant financial institutions for the Hypo Real Estate Group.
In 2007, Cleary Gottlieb advised DSGV on the acquisition of Landesbank Berlin Holding AG (formerly “Bankgesellschaft Berlin”).
Top Two Global Competition Review Elite Firm
Global Competition Review (2011)
European Legal Team of the Year
Legal Week’s British Legal Awards (2009, 2010)
Best Legal Advisor in Central & Eastern Europe
Global Finance (2011)
Antitrust Law Firm of the Year
TopLegal Awards (2010)
Corporate Law Firm of the Year
Belgian Legal Awards (2010)
European Loan of the Year
(ArcelorMittal’s $6 billion forward starts)
International Financing Review (2010)
European M&A Deal of the Year
(PartnerRe’s acquisition of Paris Re)
International Financial Law Review (2010)
EMEA Equity Issue of the Year
(HeidelbergCement’s €4.4 billion offering)
International Financing Review (2010)
EMEA Structured Equity Issue of the Year
(ArcelorMittal’s €1.25 billion convertible offering)
International Financing Review (2010)
“[Cleary Gottlieb] has market-leading presences in strategic European locations – the UK, France, Germany, Italy and Russia – and employs teams of versatile lawyers who offer strong expertise in multiple practice areas. ‘A top-notch capital markets firm.’ … ‘They value their clients, big or small. … Consistently high quality – their HR is fantastic at hiring only the best people. They have a culture of people who work hard and are very smart.’”
Chambers Global (2011)
“Peers and clients agree that this firm remains a leader in competition and European law across the region. ... ‘The quality of the work and the responsiveness are outstanding.’ ... ‘The network of offices in key countries, combined with the varied expertise of the Brussels office, makes this firm ideal for any transaction in Europe involving multiple jurisdictions.’”
Chambers Europe (2011)
“Cleary Gottlieb Steen & Hamilton LLP demonstrates ‘high technical expertise,’ the team’s outstanding reputation in transactional tax matters is due to ‘excellent tax technicians’ who produce a ‘constant high quality of work.’”
Tax Directors Handbook (2010)
“Cleary features in Europe’s major financial centers as a first-rate offering on the equity side. The French team’s derivatives expertise is as warmly received as its equity work and the group is a favorite for transatlantic clients. The German group’s efforts earn similar ratings and it has lately demonstrated its expertise in renewable energy matters, as well as handling mainstream deals. … ‘They have some very talented people; they use their network in a very intelligent way and can find innovative solutions.’”
Chambers Global (2010)
“It is widely accepted that Cleary Gottlieb is ‘the only U.S.-headquartered law firm able to cut it with the magic circle for capital markets work across Europe.’ Indeed, the sheer quality of the lawyers is nothing short of legendary, with one source remarking: ‘They are all outstanding, and excellence is their global language.’”
Chambers Global (2009)
|
|