Editorial: Mergers & Acquisitions

01 January 2007

This chapter identifies 354 individuals from 57 separate jurisdictions with a proven track record in big-ticket business combinations between large, publicly traded companies.

Several experts that represent private equity groups also appear on the following pages. New York is once again the bestrepresented city with over 10 per cent of all nominees, forming part of a North American contingent that contributes over 24 per cent to the publication. The largest portion of nominees, however, hails from Europe, which boasts 40 per cent of those individuals in the book.

A number of firms straddle the international landscape, none more so than Freshfields Bruckhaus Deringer LLP, which fields 10 individuals from seven separate jurisdictions. William Lawes coheads the firm’s worldwide financial institutions group; he and partner Mark Rawlinson are rated by one source as “two of the best lawyers in the City of London”. Barry O’Brien completes the firm’s strong London triumvirate, his clients include GE, UPS, Mars and Tesco. Freshfields is equally strong in Germany where the “excellent” Andreas Fabritius is well regarded and is said to be “very prominent”, and is also consistently endorsed by some of the practice area’s most prominent individuals. Willibald Plesser is the firm’s joint managing partner for central and eastern Europe and resides in Austria. Plesser’s knowledge of the energy sector was once again noted and he maintains his position as one of the leading lights in Austrian M&A. Sources indicate that Chris Sunt in Brussels is “excellent for banking and finance” and the level of support for his inclusion highlights his strong M&A credentials. The “fantastic” Joaquín Hervada affords the firm a presence in the Spain research and the “multi-talented” Jacky Baudon appears in Russia. Robert Awshworth heads the firm’s Asian corporate practice and is based in Freshfields’ Hong Kong office. With such a strong bench, it is unsurprising that Freshfields is one of the go-to firms for high-end M&A advice.

Clifford Chance LLP has a strong international M&A practice and fields seven lawyers from five jurisdictions. The firm is advising Endesa in the €56 billion counter-offer by E.ON AG to acquire the entire issued share capital of the company – Europe’s biggest M&A transaction in 2006. Adam Signy in London has an “excellent reputation”, particularly for private equity. He advised the Macquarieled consortium, which includes 3i Group, Canada Pension Plan Investment Board and Canada Pension Management, on the rival bid for Associated British Ports. Signy also advised Candover on the acquisition of EurotaxGlass’s Group from HM Capital and minority shareholders. Sources were also full of praise for partner Guy Norman. Seen as “an absolute star” and “quite excellent”, Norman advises the equity funding banks JPMorgan, Barclays, Deutsche Bank and Royal Bank of Scotland on the takeover offer from Xstrata for Falconbridge Limited. Thomas Gasteyer is highly rated in the German market and advised AOL on the acquisition of AOL Germany’s internet access business by Telecom Italia for a price of €675 million in cash. Clifford Chance is also strong in Russia where Marc Bartholomy was consistently brought to our attention. Considered “an excellent operator” he advised the Russian investment and management company ESN Group regarding the disposal of 49.5 per cent of the Russian Trader RusEnergoSbyt to Enel, Italy’s largest power operator, for US$105 million. In Hong Kong, the inclusion of Roger Denny and Jim Baird ensure the firm has more inclusions than any other firm. Denny advised CCMP Capital Asia and Huarun Paints Holdings, while Baird advised ISS on the acquisition of EastPoint Group, the Hong Kong property management company. Richard Locke in Hungary completes the group. Clifford Chance continues to impress with its formidable international contingent.

Linklaters has an enviable international profile in this edition: we feature seven lawyers in five jurisdictions. Senior partner David Cheyne makes our list of the practice area’s high flyers and was acknowledged as “an absolute star” by one prominent source. Matthew Middleditch accompanies Cheyne in the English section of the book and was praised as “excellent” and “a stellar operator”. Thierry Vassogne maintains a “fantastic reputation” in the French capital and with the Paris corporate team advised on the recommended cash offer by L’Oréal for The Body Shop International, as well as the hostile offer on Arcelor by Mittal Steel. The firm is similarly respected in Belgium where it is rated, alongside Allen & Overy LLP, as “the leading M&A firm in Belgium”.

Jean-Pierre Blumberg in Antwerp was praised as “absolutely top drawer” and he was involved in one of the largest private M&A transactions in Belgium of recent years; Unilin Holding’s €2.3 billion sale to Mohawk Industries. Blumberg also advised KBC Bankverzekeringsholding on its €16.5billion merger with parent company Almanij into KBC Group. The firm’s Brussels presence is highlighted by the inclusion of the “excellent” Paul Van Hooghten, who advised the Baert family on the auction sale of its group of companies as well as advising Umicor and Arcelor on the sale of their controlling stake in the Traxys group. Martin Börresen's energy related work was noted. Seen as a “solid practitioner” by local sources, he led the team that advised AB Ångpanneföreningen, on the acquisition of the Nordic technology consulting company Benima from Teleca for a total value of Swedish kronas 525 million (US$76.4 million). The group is completed by the “excellent” Ralph Wollburg who joined the new Düsseldorf office in 2007.

Skadden Arps Slate Meagher & Flom LLP can claim a strong contingent in the publication – nine inclusions in total. As in the previous edition the firm’s powerbase remains New York but it can also point to significant players in the Paris and Hong Kong markets, where Pierre Servan-Schreiber and Nicholas Norris appear respectively. Kenton King continues to impress in California. Highlights include representing publisher Knight-Ridder in its acquisition by the McClatchy Company and representing Nokia Corporation in its acquisition of Intellisync. Skadden Arps is also strong in Chicago where Charles Mulaney leads the charge. Mulaney advised Guidant in its US$27 billion acquisition by Boston Scientific and was variously described as “outstanding” and “amazing”. William Kunkel accompanies Mulaney in the Windy City and is said to be as “among the best in the midwest”. Clients include ABN AMRO, AMCORE Financial, Woodhead Industries and Wrigley. The firm houses an exceptional array of talent in its New York office – Roger Aaron makes it onto our list of the global elite. Aaron represented Alcatel in its US$13.4 billion merger-of- equals with Lucent Technologies and is joined in the publication by the equally wellrespected Peter Atkins. Atkins’s highlights include advising a private equity consortium led by Blackstone in its pending US$17.6 billion acquisition of Freescale Semiconductor. He also advised Mars in its acquisition from Teachers’ Private Capital of Doane Pet Care. Sources noted the “exceptional quality” that Morris Kramer brings to the table – he represented Fairmont Hotels & Resorts in its joint acquisition by Colony Capital and Kingdom Hotels International. David Fox rounds off the firm’s good showing and forms part of what one respondent praised as “an outstanding practice”. Fox represented Scitex Corporation in its US$230 million sale of Scitex Vision to Hewlett-Packard Company. Producing nine of the publication’s leading practitioners, Skadden rightly assumes one of the top spots in this year’s findings.

Sullivan & Cromwell LLP is another US firm with a significant international footprint – both Dominique Bompoint and Gérard Mazet fare well in the French research. A “very bright” Bompoint has represented Goldman, Sachs & Co as financial adviser to Alcatel in its US$13.4 billion acquisition of Lucent Technologies. Mazet represented AXA in the sale of AXA RE to a private equity consortium led by Stone Point Capital LLC. James Morphy leads the firm’s US contingent in the research and appears among our list of the practice area’s most respected individuals. Morphy represented the management of HCA in the US$31.6 billion leveraged buyout of the company by an investor group led by Thomas Frist Sr and Thomas Frist Jr, Bain Capital, Kohlberg Kravis Roberts and Merrill Lynch Global Private Equity – the largest leveraged buyout in history. Rodgin Cohen, chairman of the firm, was also consistently recommended with one prominent source praising him as “absolutely brilliant”. Cohen represented Procter & Gamble compensation committee in the company’s US$57 billion merger with Gillette. With a long list of blue-chip clients, he has also represented Mitsubishi Tokyo Financial Group, Wachovia Corporation, Morgan Stanley and Citigroup to name but a few. Benjamin Stapleton was also consistently recommended to researchers. He represented Barclays Capital in the acquisition of a 40 per cent stake in NGP Energy Capital Management. Joseph Frumkin maintains the firm’s excellent reputation with a strong showing in the research. Frumkin represented AT&T in the US$67 billion acquisition of BellSouth Corporation and was variously praised as “excellent”, “standout” and “a leader”. Boasting four of the Big Apple’s leading lights and a strong international presence to boot, Sullivan & Cromwell underlines its position as one of the most respected M&A firms.

New York

Both Skadden and Sullivan & Cromwell face stiff opposition in New York and unsurprisingly the largest portion of nominees practise there. Any breakdown of the area would not be complete without mention of the “amazing” Martin Lipton of Wachtell Lipton Rosen & Katz – the chapter’s most highly nominated individual. Wachtell highlights the strength in depth it offers by contributing an unparalleled nine US-based individuals to the final publication, five more than its nearest local rival. David Katz is said to be “quite exceptional” and he represented Office Depot in its acquisition of Allied Office Products as well as Lucent Technologies in its acquisition by Alcatel. Andrew Brownstein adds further weight to the firm’s reputation. Lauded as an “exceptional talent” by one source, Brownstein acted for ConocoPhillips in its US$35.6 billion acquisition of Burlington Resources. Co-chairman of the firm’s executive committee, Daniel Neff maintains an “excellent reputation” and among other matters he is representing American International Group, The Carlyle Group, Goldman Sachs Capital Partners, Richard Kinder and Management and Riverstone Holdings LLC in the pending US$22 billion acquisition of Kinder Morgan. The “legendary” Richard Katcher continues to impress, having represented Engelhard in its US$5.6 billion acquisition by BASF, while respondents were full of praise for Edward Herlihy who represented Golden West Financial in its US$25.5 billion acquisition by Wachovia. Pamela Seymon is another highly regarded Wachtell partner, who has represented clients in significant transactions such as MCA in its sale to Matsushita Electric Industrial and USA Interactive in its purchases of Ticketmaster, Expedia and Hotels.com. The “fantastic” Patricia Vlahakis continues to fare well in the research with yet another impressive showing. Vlahakis represented Colgate-Palmolive in its acquisition of Tom’s of Maine and is joined in the publication by Adam Emmerich, who has represented companies such as Kimco Realty, J Crew Group and Morgans Hotel Group, to name but a few, and his inclusion rounds off another impressive showing for the firm one source praised as “the very best in the business”.

Cravath Swaine & Moore LLP has increased to four its contingent in the chapter thanks to the high regard in which Faiza Saeed is held. “Effective and pleasant to deal with”, Saeed is said to be “great and destined to be a star”. Highlights include representing DreamWorks SKG in connection with its acquisition by Paramount Pictures. “Superstar” Richard Hall remains one of the practice area’s leading lights, and among other matters this year he represented Weyerhaeuser in connection with its US$3.3 billion merger of its fine paper products business with Domtar. Alan Stephenson was also consistently endorsed. Recognised as “a mega name in the field” and “simply brilliant” by one prominent corporate counsel, he represented Renal Care Group in connection with its US$4 billion acquisition by Fresenius Medical Care. Allen Finkelson, one of New York’s most high profile practitioners, completes the quartet. He represented Chevron in 2005 in connection with its successful US$18 billion bid in the takeover battle with CNOOC to acquire Unocal, and helps the firm retain its excellent reputation.

Simpson Thacher & Bartlett LLP also boasts four nominees in New York. An unparalleled three of these appear in our breakdown of the most highly nominated individuals – Charles Cogut, Richard Beattie and John Finley – giving further weight to one client’s assertion that “Simpson Thacher have a deep benchstrength and are excellent across the board for top quality M&A advice.” Cogut, head of the mergers and acquisitions practice group and leader of the firm’s renowned worldwide private equity practice, was described by one respondent as “quite simply fantastic” and is well known for his supervision of multiple Kohlberg Kravis Roberts transactions. Beattie is chairman of the firm and was praised as “one of the best in the business”. His corporate governance advice comes highly valued and he has participated in transactions such as the merger of America Online and Time Warner as well as the merger of JPMorgan Chase with Bank One. John Finley and Robert Spatt complete this strong quartet with Finley handling CBS’s sale of Paramount Parks to Cedar Fair and Spatt representing Placer Dome in its response to the unsolicited bid by, and sale to, Barrick Gold. Simpson Thacher is also represented on the west coast by Richard Capelouto in Palo Alto. Capelouto advised VERITAS Software in its merger with Symantec as well as Intellisync in its sale to Nokia. Like others at the firm he also has a good reputation for private equity. Simpson Thacher’s long list of blue-chip clients, coupled with an enviable array of talent, only cements its position as one of the industry’s leaders.

Also in New York, Shearman & Sterling LLP boasts John Madden and Peter Lyons who were consistently recommended to researchers. Lyons co-heads the firm’s M&A group and clients include American Cyanamid Company, BASF and Boston Scientific. Madden is comanaging partner of the firm and a former head of the M&A group. Rated as an “outstanding” practitioner he has participated in many high-profile transactions, such as representing Extended Stay of America and Boca Resorts in their respective sales to affiliates of the Blackstone Group. From 1991 until 1995 Madden served as managing partner of the firm’s European offices and they maintain a strong presence across the Atlantic with Georg Thoma nominated in Düsseldorf. Thoma has a “great reputation in the market” and was sufficiently nominated to appear in our list of leading practitioners worldwide. With the “inside track to lots of boards and CEOs”, Thoma has recently acted for E.ON, France Telecom and Allianz.

Davis Polk & Wardwell has an “outstanding reputation”. George Bason is seen as one of the practice area’s finest. He advised Mercantile Bankshares in connection with its proposed US$6 billion acquisition by the PNC Financial Services Group, JPMorgan Securities as financial adviser to Lucent Technologies regarding its US$13.4 billion merger with Alcatel, as well as other high-profile names such as HJ Heinz, VF Corporation and Marsh & McLennan. Davis Polk can also boast an inclusion on the other side of the Atlantic – Arnaud Pérès in France. Pérès led the French corporate team advising Goldman Sachs International, Citigroup Global Markets, HSBC and Credit Suisse Group as financial advisers to Mittal Steel in connection with its unsolicited acquisition of Arcelor. With quality lawyers and a strong stable of clients it is unsurprising that Davis Polk received such enthusiastic support during our research.

West Coast

As previously mentioned, both Skadden Arps and Simpson Thacher have a presence in our California section. Indeed, the local M&A Bar fields a total of 11 nominees in the final book. Larry Sonsini tops our findings with a reputation as a “legend – one of the top in the US”. Sonsini is chairman of Wilson Sonsini Goodrich & Rosati and served as a member of the board of directors of the New York Stock Exchange from 2001 until 2003. The “great” Richard Climan of Cooley Godward Kronish LLP was consistently endorsed by some of the practice area’s leading lights. Climan heads the firm’s M&A group and is said to be particularly good in the technology sector. Andew Bogen is based in Gibson Dunn & Crutcher LLP’s Los Angeles office and he recently represented Northrop Grumman in its acquisitions of TRW and Litton Industries, as well as Boeing in its acquisition of Hughes Satellite. Described as both “terrific” and “first rate” he emerges as one of California’s leaders. Latham & Watkins LLP is also strong and fields two nominees in the state – Paul Tosetti and Christopher Kaufman. Tosetti represented Arden Realty in its sale to General Electric Commercial Real Estate, while Kaufman has a focus on technology companies with clients including Advanced Micro Devices, Conexant and Next Level Communications.

Illinois

The Chicago market goes from strength to strength. While not rivalling New York as the United States M&A capital it is still the scene of a large volume of transactional activity. The city is also home to a vibrant private equity scene, an area in which Jack Levin of Kirkland & Ellis LLP is considered to be “the dean” and “probably the biggest name in town”. The “godfather of private equity” received a large number of nominations for his transactional practice and his “encyclopaedic knowledge of the tax issues of acquisitive transactions”. Levin’s partner Scott Falk is rated as “pre-eminent among the new generation of M&A players” and has led the team counselling UbiquiTel in its acquisition by Sprint Nextel for approximately US$1.3 billion. Falk has also part of the group advising General Motors in the US$14 billion sale of its financial arm to a group led by Cerberus Capital Management LP.

Sidley Austin LLP is home to a number of the most highly respected figures in Illinois and is well regarded across the spectrum of transactional work. The firm has a “formidable corporate practice” and the three inclusions in this edition are led in the voting by “senior statesman” Thomas Cole. A “recognisable presence” in the local market, Cole has been involved in several public company mergers valued at over US$1 billion, including Tellabs/AFC, IMC/Cargill, Williams/Barrett, Kimberly-Clark/Scott Paper and Monsanto/DeKalb Genetics. Frederick Lowinger heads the office's corporate practice, and has worked on the pending spin-off by First Data of Western Union, and the US$4 billion sale of West Corporation to TH Lee and Quadrangle. Imad Qasim was also consistently recommended and is known for his work in public company mergers in particular, such as the acquisition of Advanced Fibre Communications by Tellabs. These lawyers make the firm “difficult to beat for this kind of work”, and Sidley was summed up by one source as “one of the best corporate firms around – [it] has been for a long time and will continue to be into the future.”

Although not matching the numbers of either Sidley or Kirkland, several firms boast some of the best-known names in the business. Mark Gerstein is global cochair of Latham & Watkins LLP’s M&A group, and “has been at the top of the tree for quite some time”. With experience of representing numerous public and private companies, including Bally Total Fitness and Georgia- Pacific, as well as lenders and financial advisers such as Bear Stearns and Credit Suisse First Boston in financial and strategic acquisitions, Gerstein is an “outstanding lawyer, nationally prominent in the field and incredibly active”. Latham & Watkins also has a presence in the German section thanks to the inclusion of Christoph von Teichman in Hamburg who in recent years has worked for clients such as Raffles Hotels, South African Breweries and Linde. The recent hire of José Luis Blanco from Cuatrecasas, Barcelona further bolsters the firm’s European credentials.

Similarly “well-known and well-respected” is Robert Wall of Winston & Strawn LLP, Chicago. With experience of 110 publicly disclosed M&A transactions, Wall was strongly recommended for representation of investment banks. The “legendary” Herbert Wander of Katten Muchin Rosenman LLP is “one of Illinois’s senior statesmen in corporate law” and Scott Davis of Mayer Brown Rowe & Maw LLP was picked out by interviewees – “you see him a lot on deals.” Davis represented Chemtura in its stock-for-stock merger with Great Lakes Chemical (estimated equity value US$1.5 billion), as well as Devon Energy in a series of transactions. Davis was also lead lawyer for CBOT Holdings and the Chicago Board of Trade in connection with their merger, valued at approximately US$12billion as of the date of closing, with Chicago Mercantile Exchange Holdings.

London

The London market remains the best represented outside the US, with 19 inclusions in total. The presence of Freshfields, Clifford Chance and Linklaters has already been mentioned, but in terms of numbers and the volume of nominations received Slaughter and May maintains top position. Nigel Boardman, “the eminence grise of M&A”, remains the UK’s most highly nominated practitioner and is “hugely respected and exceptionally clever”. William Underhill is “at the top of the tree” according to at least one source. Underhill was particularly recommended for his work on behalf of technology companies, and is joined in the publication by Stephen Cooke, who heads the firm’s mergers and acquisitions practice and was praised as “one of the great M&A lawyers”. Cooke’s transactions include advising PSA on its offer for P&O and acting for companies such as Diageo and British Airways. Herbert Smith LLP’s corporate practice is said to be “going from strength to strength” and the “excellent” James Palmer was consistently endorsed, thus securing his place as one of London’s leaders. Palmer acted for Fortune Brands on its participation in the £7.4 billion takeover by Pernod Ricard of Allied Domecq. Anthony Macaulay, for whom respondents “have a great deal of respect”, joins Palmer in the final publication. Praised as “an M&A star and hugely respected in the City” Macaulay is said to be “very hands-on”, having, among other recent matters, advised Hollinger International on the sale of the Telegraph Group.

Macfarlanes also fields two representatives on the following pages. The “incredibly clever” Robert Sutton continues to draw praise for the strength of his practice. Sutton acted for Euro Tech in its £100 million tender offer for Radston Technologies as well as Arnoldo Mondadori Editore on the €550 million acquisition of the French consumer magazine division of Emap. Charles Martin is “exceptional for private equity” and notable transactions include acting for Candover and Goldman Sachs on the £560 million disposal of Regional Independent Media. Charlie Geffen of Ashurst also comes recommended as an “excellent private equity lawyer” and “big for buyouts” and he advised Cinven on its €2.6 billion agreement in principle with Warburg Pincus to acquire Essent Kabelcom, the second largest cable company in the Netherlands. Fellow partner Adrian Clark is “technically excellent” and was part of the team that advised JPMorgan Cazenove in relation to the AIM listing of Lamprell. Former Ashurst partner Chris Ashworth now practises in the London office of O’Melveny & Myers LLP and is “excellent, with a good reputation”. Ashworth advised GIC SI, a member of the consortium led by Spanish building group Ferrovial, on its successful £10.3 billion bid for BAA plc.

Alan Paul is “excellent for big ticket M&A” and “a star at Allen & Overy”. Paul was consistently recommended to researchers and remains one of the UK’s most well regarded pracititoners.

Germany

Slaughter and May’s network stretches beyond the UK thanks to the “best friends” relationship it has fostered with some of the publication’s most respected firms. Hengeler Mueller in Germany is a prime example, fielding four out of a total of 17 inclusions in the country. Maximilian Schiessl is one of only two German lawyers to feature in our breakdown of the practice area’s high flyers and respondents were effusive in their praise for a lawyer they described as “great, really very, very good” and “probably the most successful lawyer in Germany, absolute highest tier”. Schiessl advised E.ON in its takeover of Endesa, and he emerges as Germany’s most highly nominated individual. Oleg de Lousanoff further bolsters the firm’s showing in this edition and he advised JC Decaux on the acquisition of VVR-Berek. Sources “have heard excellent reports” about Michael Hoffmann-Becking, who advised Schering on its takeover by Bayer for €17.2 billion. “Outstanding” Hans-Jörg Ziegenhain completes the firm’s impressive showing, he acted for Degussa on the sale of its construction chemicals business to BASF for €2.8 billion.

Other individuals to fare well in the Germany research include the “accomplished” Gerhard Wegen of Gleiss Lutz, which forms one third of an alliance with Stibbe and Herbert Smith. P+P Pöllath + Partners is also strong in the German M&A market, with both Matthias Bruse and Reinhard Pöllath nominated for inclusion. Pöllath’s private equity experience was noted to researchers and the firm was praised for its “excellent M&A practice”.

France

Bredin Prat tops the French research with four inclusions. Jean-François Prat is one of the most highly regarded individuals in the publication and he and the “prominent” Didier Martin lead. The nominations of Sébastien Prat and “rising star” Olivier Assant consolidate the firm’s market position. Darrois Villey Maillot Brochier’s contingent rises from two to three in this edition thanks to the showing of the “impressive and clever” Alain Maillot. Jean-Michel Darrois “needs no introduction” according to one source and remains one of the most prominent figures in French M&A. Olivier Diaz is “intellectually excellent” and continues to impress clients and competitors. Henri Brandfordgriffith of Brandford-Griffith & Associés has a strong international following in the research. Possessing “good commercial sense” and a “reputation as a popular figure”, Brandford-Griffith has been involved in matters such as the tender offer by Auchan for Docks de France.

US and UK firms continue to have a strong presence in the French market: 10 of the 18 inclusions practising at one or the other. Linklaters, Davis Polk, Sullivan & Cromwell and Skadden Arps have already been mentioned but it is also worth noting Willkie Farr & Gallagher’s contribution of two individuals to the French section of the publication – Daniel Payan and Daniel Hurstel. Payan’s private equity expertise was noted and he represented Bain Capital in connection with its acquisition of the base chemical business of Rhodia. Hurstel has a “very strong reputation” and significant matters include the representation of Lehman Brothers in the purchase of Vivendi’s real estate portfolio, as well as acting as counsel to EADS on various acquisitions, disposals and joint ventures. Pierre-Yves Chabert of Cleary Gottlieb Steen & Hamilton LLP and “statesman” Jean-Pierre Martel of Orrick Rambaud Martel are also recommended, as are David Aknin of Weil Gotshal & Manges and Luc Saucier of Paul Hastings Janofsky and Walker (Europe) LLP.

Spain

Uría Menéndez continues the trend for “best friend” firms topping their respective jurisdictions. Uría was rightly praised as an “outstanding firm”, given that Juan Miguel Goenechea Domínguez and Salvador Sánchez-Terán lead the research based on recommendations. Highlights for the two include advising Autostrade on its pending €25 billion merger with Abertis, and Parque Reunidos, one of Spain’s leading leisure firms, on the acquisition of three different leisure parks in Norway, France and Italy. The firm has also acted for clients such as The Carlyle Group, Naturgas Energía Grupo, CIE Automotive and Telfónica among others. Gómez-Acebo & Pombo Abogados’ Fernando de las Cuevas Castresana is also in the upper ranks of our Spanish research. He was recommenced by eminent lawyers from far and wide. Ramón Bustillo is a “heavyweight of the Spanish M&A scene” and affords Garrigues a presence in the following pages. The “outstanding” Pedro Pérez-Llorca of the firm Pérez-Llorca was also consistently recommended to researchers. The 11 partner outfit has advised: E.ON on its acquisition of Endesa; J Rivero and B Soler on their acquisition of a 23 per cent share in Metrovacesa, the leading real estate group in the Eurozone; as well as the financing banks on the Spanish legal aspects of the €18.6 billion acquision of Arcelor SA by Mittal Steel. The “fantastic” Fernando Torrente of Cuatrecasas completes our analysis of the Spanish research.

Italy

Six high-quality nominees make the Italian section of the following pages. Bonelli Erede Pappalardo Studio Legale, another member of the ‘best friends’ network, tops our findings with three inclusions. Sergio Erede is rated as “a star of the Italian market”. The firm has been involved in many high-profile M&A transactions over the years, including Olivetti’s take over of Telecom Italia as well as Pirelli’s takeover of UNIM and SEAT’s takeover of Buffetti. Erede emerges as Italy’s most highly nominated individual and holds board positions in leading Italian companies such as the textile group Marzotto and pump manufacturer Interpump. Fellow partner Umberto Nicodano is “a great guy who really knows his stuff ”, with Franco Bonelli forming the final part of this excellent triumvirate. The “terrific” Francesco Gianni of Gianni Origoni Grippo & Partners is another high- flying Italian M&A “star”. Roberto Casati of US firm Cleary Gottlieb Steen & Hamilton LLP was also consistently recommended and currently serves as vice chair of the ABA international law section’s international M&A and joint venture committee. Michele Carpinelli of Chiomenti Studio Legale comes highly recommended not only for M&A but also his corporate governance and tax expertise.

Ireland

Our research once again uncovers the strength of the market in Ireland. A&L Goodbody’s four inclusions polled a combined total of nominations unmatched by any other firm in the Irish research. Paul Carroll is currently managing partner of the “top-tier firm” and was consistently recommended, having advised Eircom on its proposed €420 million acquisition of Meteor Mobile Communications – the biggest ever rights issue by an Irish company. Eithne Fitzgerald is head of the corporate finance department and advised Hibernian/Aviva on its €1.3 billion bancassurance life and pensions joint venture with AIB and the acquisition of Ark Life. John Given heads the M&A department and has an “excellent reputation for sound advice”. Given has advised on deals such as Elan’s $2 billion asset disposal programme, and Irish Life and Permanent on the acquisition of TSB Bank. Jack O’Farrell completes the firm’s strong showing in the research and he was variously described as “experienced” and “confident”. Aside from the aforementioned deals, the firm has worked on matters such as Eircom’s €2.36 billion disposal to Babcock & Brown, investment consortium PCP One’s acquisition of Champion Sports Group, and Standard Life on its de-mutualisation and IPO. They also advised Pernod Ricard on the Irish aspects of its €13.4 billion acquisition of Allied Domecq.

Arthur Cox is another Irish “powerhouse”. Rated by one respondent as “by far the leading M&A firm in Dublin” they also contribute three individuals to the following pages. Brian O’Gorman was praised as “quite excellent” and he is joined in the higher ranks of our research by partner Colm Duggan, who acted for British Telecommunications on the successful US$2.5 billion bid for Esat Telecom Group, and Unilever on the successful bid for Lyons Holdings. Ciarán Bolger is rated by one high profile source as “the best lawyer in the whole of Ireland”, while another praised him as “a very prominent player”. His inclusion ensures that the firm maintains its position as one of the leaders in the Irish market.

Owen O’Connell of William Fry Solicitors also receives a great deal of praise. Respected as “a vintage M&A lawyer who has been in the thick of it for years”, he is recognised as a “great intellectual who is also a formidable negotiator”. Paul Egan is chairman of Mason Hayes + Curran’s corporate department and “a superb lawyer” according to one respondent. Tim Scanlon of Matheson Ormsby Prentice and Barry Devereux of McCann FitzGerald (“one of the stars of the Dublin market”) also come highly recommended.

Canada

Across the Atlantic, Clay Horner of Osler Hoskin & Harcourt LLP once again emerges as Canada’s most nominated practitioner. He represented Placer Dome in its response to the unsolicited offer by Barrick Gold for all the shares of Placer Dome, Glamis Gold in negotiating its pending acquisition by Goldcorp for over C$8 billion, and China National Petroleum Corporation International in its acquisition of PetroKazakhstan. Partner Brian Levitt from the firm’s Montreal office joins Horner in the final publication and ensures that Osler retains its position as one of Canada’s finest. Stikeman Elliott LLP also contributes two lawyers to the final publication – William Braithwaite and Sidney Horn. Braithwaite, senior partner in the Toronto office, emerges as one of the country’s leading lights and he led the team acting as Canadian counsel to Companhia Vale do Rio Doce in its acquisition of Inco. Other highlights include acting as counsel to Bema Gold in connection with its proposed US$3.1 billion acquisition by Kinross Gold. Fellow partner Horn is the most highly nominated Montréal-based practitioner in the chapter. Bennett Jones LLP also fields two highly regarded practitioners, led in the voting by Alan Bell, “an absolute star and a big name in the field”. Bell’s transactions include acting for Ontario Power Generation on its acquisition of Ontario Hydro’s electricity generating business. Martin Lambert has an “excellent reputation” and is rated by sources as “the best in Calgary”. Significant transactions include working on Anderson Exploration’s acquisition of Home Oil, Canada’s first major ‘permitted bid’ transaction. Garth Girvan, senior partner in the Toronto office of McCarthy Tétrault LLP, also fared well in the research and acted as counsel to Falconbridge on its proposed merger with Inco and its acquisition by Xstrata. Jean-René Gauthier affords the firm a presence in Montreal and he recently represented CGI Group in its acquisitions of MIP Professionals and Silver Oak Solutions, to name but two. Stephen Halperin of Goodmans LLP is rated as “one of the absolute best” and he is accompanied in the following pages by partner Jonathan Lampe. Halperin co-chairs the firm’s corporate securities practice group and has represented corporations such as Royal Group Technologies, Hummingbird, Avion Group and Fortress Investment Group. Lampe is also based in the firm’s Toronto office and is co-chair of the corporate securities practice. Clients include Newmont Mining, 3M Company and Four Seasons Hotels. David Jackson of Blake Cassels & Graydon LLP is another of Canada’s most well thought of practitioners, as are William Ainley of Davies Ward Phillips & Vineberg LLP and Peter Jewett of Torys LLP.

Australia

The Australia research is led by Mallesons Stephen Jaques, which fields three nominees for the chapter. David Friedlander leads in terms of recommendations and his equity capital markets practice was also noted. Stephen Minns and Tim Bednall join Friedlander in the following pages. Braddon Jolley of Freehills is a “huge name” and one of the most highly nominated individuals in Australia. Jolley advised Rank on the acquisition of Carter Holt Harvey and he is joined by colleague Rodd Levy. Blake Dawson Waldron also contributes two nominees: David Williamson and Marie McDonald. Williamson was rated by sources as “a stand out in the Australian M&A scene” while McDonald is “competent and held in high regard”. Garry Besson and Gary Lawler form a strong contingent from Gilbert + Tobin. Clayton Utz is another firm with an excellent reputation thanks to the strong showing of “fantastic” Rod Halstead, head of the firm’s mergers and acquisitions national practice group. An “eminent” practitioner, Halstead polled more nominations than any other lawyer practising in Australia. John Webster of Allens Arthur Robinson and John Atanaskovic of Atanaskovic Hartnell (“a big name in the industry”) also fared well.

South Africa

One South African firm stands out – Bowman Gilfillan, which contributes three lawyers. Bowman Gilfillan, “the leading firm in South Africa” according to one respondent, can also boast the country’s most highly nominated individual – Jonathan Schlosberg, who is chairman of the firm and among other matters advised on the merger of Standard Bank’s asset management business with that of Liberty, forming Stanlib. Carl Stein joined them in 2006 from Werksmans and has a strong following among our sources. Ezra Davids heads the corporate department and was consistantly endorsed. Among other transactions Davids advised Barrick Gold in its disposal of Barrick Gold South Africa for US$1.55 billion. One source noted, “in our dealings, directly or indirectly, with him, he has demonstrated proof of considerable skill and understanding of the issues”. Edward Southey leads Webber Wentzel Bowens’ contingent on nominations and is joined in these pages by John Bellew.

Scandinavia

Our research in Scandinavia has uncovered a number of outstanding firms and individuals. Respondents “really rate” Danish firm Gorrissen Federspiel Kierkegaard and partner Klaus Søgaard emerges as the country’s leading practitioner. Wiersholm Mellbye & Bech advokatfirma AS is similarly well regarded in Norway where the “very fine” Erik Thyness tops our findings. Carl Gustaf De Geer of Vinge emerges as Sweden’s leading M&A practitioner and he is joined in the final publication by partner hans Wibom who was also consistently recommended. Roschier Attorneys Ltd spans the Finnish/Swedish border thanks to the inclusion of Axel Calissendorff in Stockholm and Thomas Lindholm in Helsinki. Senior partner Lindholm is Finland’s most nominated practitioner and he is joined on the following pages by Lennart Simonsen. Hannes Snellman also maintains a strong presence in the Finnish research thanks to the inclusion of Juhani Mäkinen and Johan Aalto.

South America

The “terrific” Héctor Mairal of Marval O’Farrell & Mairal heads the Argentine research and was rated by one leading individual as “number one in Argentina by far”. Partner Alfredo O’Farrell is “well regarded” and with two inclusions Marval O’Farrell & Mairal is the best represented firm in the country. In neighbouring Brazil Pinheiro Neto Advogados sets the standard. The “excellent” Alexandre Bertoldi is “a real stand out” according to our sources. He has represented CCL Industries in the acquisition of Prodesmaq Indústria de Embalagens from the Jocionis family, Legg Mason in its worldwide acquisition of the Citigroup Asset Management business from Citigroup; furthermore the firm represented Grupo Votorantim in the US$120 million sale of Empresa Brasileira de Filmes Flexíveis to Vitopel Empreendimentos e Participações. Fernando Alves Meira appears in the publication on the back of strong support from respondents. He represented Molson in the sale of the entire capital stock of Kaiser Participações and Cervejarias Kaiser Brasil to Cervezas Cuauhtémoc Moctezuma, and among other matters he represented Abril in the acquisition of the shares held by minority shareholders in Tevecap, the controlling shareholder in TVA, the second largest pay-TV company in Brazil. José Roberto Opice of Machado Meyer Sendacz e Opice Advogados also fared well in the Brazilian research. Praised as “the best in the country by far” and “simply excellent”, he emerges as Brazil’s most highly nominated individual.

Chilean firm Carey & Cia Ltda Abogados is “involved in many of the largest transactions”. Managing partner Jaime Carey is, according to our findings, the country’s leading light. Cariola Díez Pérez-Cotapos & Cía Ltda also maintains a significant practice with Sebastián Obach and Francisco Javier Illanes. José Maria Eyzaguirre Jr of Claro y Cia continues the trend for excellence, and he is joined by his partner Cristóbal Eyzaguirre who spent seven years with Citigroup Latin America and comes highly recommended for bank mergers. Claro y Cía has advised clients such as Banco Itaú, Inversiones Newport, Citigroup, MB Carbon Investment and GE Energy Financial Services.

Alberto Sepúlveda Cosío is one of two highly rated White & Case SC lawyers in the Mexican section. Recognised as “the top guy in Mexico” he is joined by the “excellent” Thomas Heather whose banking and finance practice was also noted. On the corporate side the firm’s Mexican office represented Kansas City Southern on the acquisition of a US$600 million 51 per cent voting interest in TFM, the Mexican northeast railway concessionaire, from Grupo Transportación Marítima Mexicana. Rafael Robles Miaja of Galicia y Robles SC is another “high flying” Mexican lawyer in our research and Manuel Galicia joins him on the following pages. Basham Ringe y Correa SC can also boast two inclusions – Daniel Del Rio and Javier Becerra.

Asia

The Japanese research is spearheaded by two prominent firms, Anderson Mori & Tomotsune and Nagashima Ohno & Tsunematsu. Akira Kawamura practises at the former and leads the research on nominations. Said to offer “sound advice” Kawamura is joined on the following pages by Osamu Hirakawa. Kenichi Fujinawa and Shuji Yanase represent Nagashima Ohno & Tsunematsu and were both consistently recommended. Koichi Kusano of Nishimura & Partners is rated as “excellent” and is another of the country’s leading lights, polling recommendations from across the world. Harumichi Uchida, senior partner of Mori Hamada & Matsumoto, was also noted and his expertise in telecoms and competition law was pointed out to researchers. In Hong Kong, along with the abovementioned talent at international powerhouses Freshfields Bruckhaus Deringer and Clifford Chance, two individuals stand out. Hong Kong’s most highly nominated practitioner is Angelina Lee from Woo Kwan Lee & Lo. Head of the firm’s corporate and commercial department, Lee is “ahead of the game” and “truly excellent”. In July 2006 the financial secretary of the Hong Kong Special Administrative Region appointed her a non-executive director of the Securities and Futures Commission for a period of two years. She is also a member of the commission’s Takeovers and Mergers Panel and Takeovers Appeal Committee. David Stannard of Norton Rose, another “long standing star of the Hong Kong market”, performed well in the research. The firm’s international managing partner for the Asia region, Stannard’s team has seen a number of recent high-profile transactions, which include advising on the AXA Asia Pacific acquisition of the MLC Life insurance business in Hong Kong and Indonesia from National Australia Bank Group. The only practitioner to be included in this chapter from Indonesia is Kartini Muljadi of the prominent firm Kartini Muljadi & Rekan. As founder and senior partner Muljadi is active in the M&A market with particular knowledge and “a great deal of experience in the area of agribusiness”.

Increasingly, Korea features on the M&A radar and our research identifies two individuals in Seoul. Senior partner in the finance department of Shin & Kim, Woong Soon Song, specialises in the mergers and acquisitions of financial institutions and has participated in the acquisition of KorAm Bank, the merger of Kookmin Bank and H&CB, the sale of Seoul Bank, CHB, Korea Exchange Bank and KorAm Bank, as well as the acquisition of LG Investment & Securities Co. Sang Il Park – a founding partner of Hwang Mok Park – is another “well known name in Korea”. His clients include Bank One, Citibank, Dow Chemical, Exxon Chemical/Esso, Goodyear Tire & Rubber, to name but a few.

The “outstanding” Lucien Wong is also worthy of a mention, given his showing in the Singapore research. Managing partner of Allen & Gledhill, Wong is the country’s leading practitioner according to our findings. Cyril Shroff of Amarchand Mangaldas is “a huge name” in the Indian market and comes recommended by some of the leading figures in the field.

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