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Cleary Gottlieb, Linklaters Advise On Purchase of Korean Bank Citigroup Inc. has agreed to purchase South Korea’s KorAm Bank in a deal with the potential to be worth up to $2.7 billion. The deal is the first takeover of a Korean bank by a foreign commercial lender. Citigroup will acquire 36.6 percent of Koram currently held by private equity firm’s The Carlyle Group and J.P. Morgan Chase & Co’s Corsair Fund for $999 million. They will then make a tender offer for up to 100 percent of the remaining shares for a total of $2.73 billion. KorAm is the sixth largest commercial bank in Korea, with 222 domestic branches and total assets of $36.8 billion. Citigroup has been in South Korea since 1967 and has a 12 branch network. Together, Citibank and KorAm will create the fifth largest commercial bank in the country. Cleary, Gottlieb, Steen & Hamilton provided representation for The Carlyle Group and J.P. Morgan. Lawyers on the deal included partners Neil Whoriskey, Yong G. Lee, John S. Magney, Paul E. Glotzer; associates Tae Hee Kim, Jee-Young Shin, Leah Brannon, Jason R. Factor; and counsel Steven J. Kaiser. Additionally, local firms on the deal were Kim & Chang and Shin & Kim. Linklaters was legal counsel for Citigroup. Skadden, Arps, Slate, Meagher & Flom provided international M&A advice, and U.S. securities, tax, and employee benefits advice. The Skadden team included partners Eric J. Friedman, Neil M. Leff, Stuart M. Finkelstein, and associates Kenneth A. Dursht, James E. Fitzgerald and Joshua A. Mullin. The Carlyle Group and J.P. Morgan purchased their share of KorAm in November of 2000 for $392 million. They made a 150 percent return on their three and a half year investment. Debevoise, Coudert Handle Deal For German Pharmaceutical Global private equity firm Clayton, Dubilier & Rice have entered into a stock agreement to purchase VWR International, German pharmaceutical maker Merck KGaA’s distribution business for $1.68 billion. West Chester, Penn.-based VWR provides laboratory supplies to industrial, pharmaceutical, educational and government markets. VWR has close to 6,000 employees and 2003 revenues of approximately $2.8 billion. The company was founded in 1852 as a druggist and chemist glassware business. In 1995, Merck KgaA purchased 15 percent of the business then known as VWR Scientific Products Corp and in 1999 acquired the remainder of the company. Debevoise & Plimpton represented Clayton, Dubilier & Rice, led by partner Franci J. Blassberg. Additional members of the team included partners David A. Brittenham, Robert J. Cubitto, David P. Mason, James A. Kiernan, III, Thomas Schuerrle, Dr. Friedrich E. F. Hey; associates Joshua J. G. Berick, Kyra K. Bromley, Wai-Ling Chan, Ch’iu Lien Chang, Connie H. Chung, Christopher P. Del Rosso, Dora Marta Gruner, Peter J. Irwin, Helen Y. Kim, Dr. Jesko Kornemann, Tracey D. Mullings Sung Su Pak, Seth L. Saideman, Meredith B. Silver, Steven A. Dean, Christian R. Doerre and Christof Koester; counsel Judith L. Church and Stuart Hammer; and international counsel James Swank and Philipp von Holst. Coudert Brothers advised longtime client Merck on deal, led by counsel Edwin Spencer Matthews, Jr. and partners James C. Colihan, Jeffrey E. Cohen, Eliab S. Erulkar, Richard R. Reilly, Charles H Wagner, Bertold B�r-Bouyssi�re; and associates Jeffrey E. Ross and Lily J. Wound. The sale of VWR will leave Merck debt-free and give the company the opportunity to expand into the cancer treatment market.

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