For Portuguese legal matters the bank turned to local firm Morais Leitao Galvao Teles Soares da Silva where corporate partner Luisa Soares da Silva took the helm.
Cleary Gottlieb Steen & Hamilton advised opposite Skadden, with
The rights issue is the latest in a stream of cash-calls by leading financial institutions in recent months. At the end of last month A&O landed a role advising HBOS on its £4bn issue with Freshfields advising Morgan Stanley and Dresdner Kleinwort as joint financial advisers and brokers on the deal.
Meanwhile, magic circle rival Linklaters bagged the lead advisory role for
Healy told Legal Week: “Unlike some of the current rescue rights issues by financial institutions, this was for a bank that had no exposure to the subprime or collateralised debt obligation market but nonetheless needed to shore up capital requirements. The rights issue was very well supported by current shareholders.”
Cleary's Qureshi added: “This is really the first rights offering in 2008 by a major bank that was designed to boost regulatory capital.”
The deal is Skadden’s second significant European instruction in recent weeks, with the firm also advising the joint global co-ordinators on the €1.4bn (£1.1bn) flotation of New World Resources.
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