UK giant Allen & Overy (A&O) has teamed up with Austrian firm CMS Strommer Reich-Rohrwig Karasek Hainz to advise steel company Voest Alpine on the largest rights issue in Austria for 18 months, in a major deal for the local capital markets.

The leading UK firm advised global co-ordinator UBS Warburg on Voest Alpine’s $191m offering out of its Frankfurt and London offices.