Acquisition and Leveraged Finance

Our experience includes advising:

Akzo Nobel NV on credit facilities of £9.2 billion to finance its successful bid for Imperial Chemical Industries PLC.

BHP Billiton on the committed bank financing facility of US$55 billion put in place in connection with the all share inter-conditional offers for Rio Tinto Limited and Rio Tinto plc.

BHP Billiton on the financing of its US$7.3 billion acquisition of WMC Resources Limited with the cash bid funded by way of existing debt and new loan facilities totalling US$6.5 billion.

Cadbury Schweppes on its US$6.1 billion multi-currency credit facility, incorporating a US$1 billion swingline facility, used to fund the acquisition of Adams (a division of Pfizer Inc.).

CEMEX on the English law financing aspects relating to its offer to acquire all of the outstanding shares and American depositary receipts of Rinker Group Limited (a public company listed on the Australian stock exchange). The offer values Rinker Group Limited's equity at US$11.6 billion and the English law financing for the offer comprises two facilities in an aggregate amount of US$10.5 billion.

Corus Group, Europe's second largest steel producer, on the financing for the recommended offer by Tata Steel UK Limited for the entire issued and to be issued share capital of Corus.

Eurazeo on the acquisition of Europcar, the leading European car rental firm from Volkswagen AG in a transaction which value Europcar at approximately EUR 3.1 billion. Eurazeo is one of the foremost European investment companies and specialises in private equity investments. It is quoted on Eurolist by Euronext Paris.

Ineos on the acquisition financing for its US$9 billion purchase of Innovene. One of the world's biggest ever leveraged buyouts, the acquisition involved a total financing package of over EUR 9 billion (covering the purchase cost and a refinancing of Ineos's existing borrowings).

Morgan Stanley, Deutsche Bank and Merrill Lynch in connection with the leveraged buyout of Philips Electronics' semiconductors business by a private equity consortium comprised of Kohlberg Kravis Roberts & Co, Silver Lake, AlpInvest, Apax and Bain Capital.

Songbird Estates PLC on the successful refinancing of senior and mezzanine credit facilities put in place at the time of the acquisition of the Songbird stake in the Canary Wharf Group PLC.

Wendel Investissement on the tax and financing aspects of its purchase from Lagadere of the Editis publishing business for EUR 660 million.