Shearman & Sterling has taken the lead role on Germany’s first high profile rescue deal – advising on the €35bn (£27bn) bailout of Hypo Real Estate.
The loan, which was cleared by the European Commission last night (2 October), has also generated roles for Hengeler Mueller and Linklaters.
Shearman advised Hypo Real Estate with German co-head Georg Thoma leading assisted by fellow Duesseldorf M&A partners Alfred Kossmann and Hans Diekmann and Munich-based banking counsel Winfried Carl advising.
Linklaters is also understood to have a role for the lender.
Meanwhile Germany independent Hengeler Mueller has taken the lead role for the consortium of financial institutions backing the package.
The firm is fielding a team led by Frankfurt corporate and M&A partner Burkhardt Meister, working with in-house lawyers from the banks.
Hypo Real Estate Group, a commercial real estate lender, is made up of Hypo Real Estate Holding and German subsidiaries Hypo Real Estate Bank, Real Estate Bank International and Depfa Deutsche Pfandbriefbank as well as Irish bank Depfa.
Hypo bought Depfa last year for €5.7bn (£4.5bn) in what was then the largest-ever corporate acquisition in Ireland. That time, Freshfields Bruckhaus Deringer bagged the role for Hypo while Shearman & Sterling in London and Germany acted for Depfa.
The German bailout comes in the same week that local governments were forced to bailout Dexia and Fortis bank, while UK lender Bradford & Bingley was nationalised.
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