X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Whenever a U.S. firm is chosen as lead counsel to act on a bid for a major British company, the market takes note. Skadden Arps Slate Meagher & Flom’s role representing Qatari investment fund Delta 2 on its �12 billion ($24 billion) offer for British supermarket chain J Sainsbury Plc has been London’s most high-profile M&A assignment of recent weeks. U.K. corporate partner Adrian Knight is leading the Skadden Arps team, while Linklaters is advising long-standing client Sainsbury through relationship partners Mark Stamp and David Barnes. Shearman & Sterling’s Peter King is acting for Delta 2′s financial advisers, Credit Suisse. Skadden Arps declined to comment on its involvement, but a source close to the deal confirmed the New York firm’s role. Knight joined Skadden Arps from Shearman & Sterling’s London office last year to give the firm more exposure to the British M&A market. Skadden Arps has generally been successful in picking up European bid work from its stable of U.S. clients, but now the firm also has a burgeoning collection of assignments generated by its European network. Last year, for example, it acted for pan-European steel giant Arcelor S.A. on its $33 billion takeover by rival Mittal Steel NV. The Delta 2 offer is the latest takeover attempt of Sainsbury. Earlier this year, the supermarket chain was the subject of an approach by a private equity consortium led by British buyout house CVC Capital Partners, which was advised by Clifford Chance. The �11.4 billion bid was ultimately abandoned. Another recent high-profile M&A deal was a decidedly all-British affair, with Linklaters and Herbert Smith facing each other across the table on the proposed �8.6 billion ($17.5 billion) tie-up between financial services companies Friends Provident plc and Resolution plc. Herbies has acted for both companies in the past, but opted to act for Resolution on this latest transaction, with corporate partners James Palmer and Malcolm Lombers leading the team. Linklaters’ senior partner David Cheyne and M&A specialist Owen Clay are advising Friends Provident. On the laterals front, Clifford Chance has been busy building up its Eastern European practice with the hire of M&A partner David Griston from CMS Cameron McKenna’s Moscow office. Griston is the latest partner to join Clifford Chance from Cameron McKenna’s highly rated Central and Eastern Europe practice following the recent move of finance specialist Jared Grubb and the move last year of a four-partner real estate team in Poland. Although Cameron McKenna, one of the 15 highest-grossing firms in the United Kingdom, is a strong player in the CEE region, the firm’s profits per partner of �502,000 ($1 million) are dwarfed by those of Clifford Chance, which reported PPP this year of just over �1 million ($2 million). Adopting a decidedly upbeat tone on the latest loss, Cameron McKenna’s managing partner for Central and Eastern Europe Duncan Weston, said: “It’s always a shame to lose colleagues, but it’s an indication of our strength in the region that we are competing head-on with the Magic Circle for talent.” The firm has confirmed its commitment to the region with a new office due to open in September in Kiev, the capital of the Ukraine. This article originally appeared in The American Lawyer, a publication of ALM.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.