The firm is advising the Belgian Government, which has taken minority stakes in both of the troubled banks.
Stibbe’s
The firm is acting opposite Cleary Gottlieb Steen & Hamilton for Dexia, which said today that it is to receive a €6.4bn (£5.1bn) injection from the Governments of
Meanwhile, Linklaters bagged the main role for Fortis on the €11.2bn (£8.9bn) cash injection it agreed yesterday (29 September) with the Governments of Belgium, Luxembourg and the Netherlands. The magic circle firm’s team includes
Two local Belgian firms also took a slice of the cake on the Fortis deal, with Liedekerke Wolters Waelbroeck Kirkpatrick’s corporate partner Thierry Tilquin and Hans Gilliams from Eubelius also advising.
Dutch independent Boekel De Neree advised the Dutch Central Bank on the Fortis cash injection, led by banking and finance partner Hans Sachse. The Dutch Government was understood to be advised by its panel counsel Pels Rijcken & Droogleever Fortuijn.
Under the agreement, Fortis will sell its stake in former Dutch banking giant ABN Amro, which it acquired through its high-profile €71.1bn (£56.6bn) consortium acquisition of the bank with Banco Santander and Royal Bank of Scotland (RBS) in 2007. Fortis paid €24bn (£19bn) for its stake in the deal and is expecting to make a significant loss in the sale.
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