Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Slaughter and May is gearing up for a hostile takeover battle after picking up a new billion-pound client, C&N Touristic, the German travel group that bid £1.3bn for Thomson Travel.Slaughters picked up the work after C&N Touristic’s financial advisers recommended the firm.Led by corporate partner Robert Stern, the firm is understood to have referred the German aspects of the deal to its best friend in Frankfurt, Hengeler Mueller Weitzel Wirtz. Slaughters will come face-to-face with a team from Allen & Overy (A&O) led by corporate partner David Wootton who is advising his long-standing client Thomson. Freshfields is advising the financial advisers to the deal, Commerzbank and Lazards. And Clifford Chance’s banking practice is advising Commerzbank as lender to the deal.The bid from C&N – a joint venture between Lufthansa and retailer Karstadt formed in 1998 – was made on 4 April, but was rejected by Thomson on the grounds that it was financially insufficient. Thomson rejected the offer, despite having recently undergone a boardroom upheaval provoked by a series of profit warnings.There have been suggestions that Thomson will accept a higher bid such as 150p a share, which would value the company at £1.5bn. But if Thomson continues to resist, C&N could turn hostile. A successful deal would create the largest tourism group in Europe with combined sales of £6bn and pre-tax profits of £190m.The bid is the latest example of a wave of consolidation in the European travel industry. In 1998, German travel and industrial group Preussag acquired Thomas Cook. Last year, UK company Airtours and Switzerland-based Kuoni launched rival bids for First Choice Holidays. Both bids failed. And last month C&N began talks to acquire French travel company Havas Voyages.

This premium content is reserved for
Law.com International Subscribers.


  • Customized news by region including UK, Asia, Europe, Latin America, Middle East, Africa, and North America
  • Cutting-edge research such as UK Top 100, China 45, and Asia 50
  • Get the inside track on the biggest breaking stories that delve deep into the issues behind the headlines
  • Comprehensive coverage of the dynamic legal market from people moves to the major international jurisdictions
  • Global view into how legal tech, business of law, in-house and regulatory environments are intersecting worldwide

Already a subscriber?


Law.com International Newsletters & Briefings

Sign Up Today and Never Miss Another Story.

Sign up for an unlimited number of complementary newsletters, alerts, and International Briefings. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 American Lawyer Media International, LLC. All Rights Reserved.