Law firms land B&B, Dexia and Fortis roles
A raft of leading law firms have landed roles on the latest bank bailouts with Bradford & Bingley (B&B), Dexia and Fortis all agreeing rescue deals this week.Herbert Smith, Freshfields Bruckhaus Deringer, Slaughter and May and Ashurst all won major roles on the £40bn nationalisation of B&B. Herbert Smith advised longstanding client B&B, fielding a team under London corporate chief Michael Walter. Slaughters, fielding a team under London corporate partner Charles Randell, acted for the UK Government, which nationalised the bank on Monday (29 September). Freshfields advised Bank of England on its role overseeing B&B, with partner Michael Raffan leading the team.Ashurst advised Banco Santander-owned Abbey on its acquisition of B&B's £20bn deposit business, which includes 200 branches. As the banking crisis spread to continental Europe, Herbert Smith ally Stibbe won lead roles advising on the state bailouts of Belgian banking leader Fortis and Dexia. The firm is advising the Belgian Government, which has taken minority stakes in both of the troubled banks. The firm is acting opposite Cleary Gottlieb Steen & Hamilton for Dexia, which is to receive a E6.4bn (£5.1bn) injection from the governments of Belgium, France and Luxembourg and shareholders. Linklaters took the lead for Fortis on its E11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the Netherlands.
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