Slaughter and May is preparing to handle the UK's first full nationalisation since the 1970s following the announcement this week that the Government plans to take control of Northern Rock.The decision to reject two private sector bids for the ailing mortgage lender will come as a blow to a number of City firms, including Allen & Overy, which was advising Virgin Group, the front-runner to acquire the bank.The news leaves Slaughters, which is fielding a team under partner Charles Randell, working on an unprecedented corporate takeover under intense scrutiny. The bid, which will be backed by emergency legislation, will notably have to avoid falling foul of European Commission rules on state aid and is also likely to face a legal challenge from Northern Rock shareholders.
February 21, 2008 at 12:49 AM
1 minute read
The original version of this story was published on Legalweek
Slaughter and May is preparing to handle the UK’s first full nationalisation since the 1970s following the announcement this week that the Government plans to take control of Northern Rock.
The decision to reject two private sector bids for the ailing mortgage lender will come as a blow to a number of City firms, including Allen & Overy, which was advising Virgin Group, the front-runner to acquire the bank.
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