Linklaters and Cleary Gottlieb Steen & Hamilton are continuing to cash in on the turmoil in the global banking markets, with the pair taking leading roles as BNP Paribas’ takes control of Fortis.
Linklaters is advising stricken Benelux financial services group Fortis on the €14.5bn (£11.2bn) deal, announced today (6 October), which will see BNP Paribas take over the main banking and insurance operations of Fortis. Brussels corporate partners Jean-Marie Nelissen Grade and Eric Pottier is leading the team for the magic circle firm.
Meanwhile, New York leader Cleary Gottlieb has taken the main role for BNP Paribas, fielding a team including Paris corporate partner Pierre-Yves Chabert, Brussels counsel Laurent Ruzette and Paris associate Amélie Champsaur.
Allen & Overy (A&O) also scored a role on the transaction advising the Dutch Ministry of Finance and the State of the Netherlands out of its Amsterdam office. The A&O team was led by M&A partner Tim Stevens, assisted by banking partner Victor de Seriere and M&A partner Annelies van der Pauw.
The deal means BNP Paribas will take over Fortis’ Belgian and Luxembourg operations, as well as its international banking franchises. It gives BNP Paribas two new domestic markets in Belgium and Luxembourg, in addition to its existing markets in France and Italy.
The deal follows an attempt by the Belgian government to bail out Fortis, as well as fellow bank Dexia, last week. Herbert Smith ally Stibbe won the lead role advising the Belgian government as it took minority stakes in both of the troubled banks.
Linklaters also scored a role for Fortis on its €11.2bn (£8.9bn) cash injection from the governments of Belgium, Luxembourg and the Netherlands. Cleary Gottlieb, meanwhile, advised Dexia, which is to receive a €6.4bn (£5.1bn) injection from the governments of Belgium, France and Luxembourg and shareholders.
Continuing its run of bank deals Cleary Gottlieb has also taken the lead for Italian bank UniCredit on its deal to secure up to €6.6 billion (£5.12bn) of funding. The firm’s team is being led by Milan partners Roberto Casati, Michael Volkovitsch and Pietro Fioruzzi.
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