Linklaters took the lead role for two U.K. banking giants that announced plans to sell banking units and make other adjustments to the economic crisis, according to The New York Times and U.K.-based Legal Week. The banks made very different decisions, particularly regarding whether to increase the government’s ownership stake in each institution.
Lloyds Banking Group announced its plans Tuesday to raise 21.5 billion pounds ($35 billion) through a rights offer and a debt exchange. Lloyds opted to raise the money mostly through private channels rather than tap the British government for a further capital investment, says the Times. The government already owns a 43 percent stake in Lloyds. Freshfields Bruckhaus Deringer will advise the underwriters in the Lloyds rights issue, Legal Week reports.
