Commentary: The gain in Spain stays mainly on . . .

It is normally assumed that Slaughter and May will whip up something, well, magical in order to keep hold of a client after it merges or is taken over.

Examples of this include the firm holding onto Orange after it was taken over by France Telecom in 2000, which was advised by Norton Rose, and performing a reverse client takeover of Simmons & Simmons’ Walmart, which acquired Asda in 2002.

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