Freshfields heads up firms on ING restructuring and €7.5bn rights issue

Freshfields Bruckhaus Deringer, Sullivan & Cromwell and Stibbe have all landed roles on ING's restructuring, which includes a €7.5bn (£6.8bn) rights issue.

Sullivan and Stibbe have been instructed to advise on the bank's rights issue, which was launched yesterday (26 October) as part of a wider restructuring that will see the Dutch banking giant split into two.

Sullivan Paris managing partner William Torchiana led for the firm, while Stibbe fielded a team from Amsterdam headed up by financial markets chief Derk Lemstra and banking chief Jaap Willeumier advising on Dutch-related matters.

The rights issue is being underwritten by a raft of banks including Goldman Sachs and JP Morgan, and is aimed at paying back 50% of the capital injection the bank received from the Dutch Government in 2008.

Davis Polk & Wardwell advised the underwriters, with European financial institutions chief Jeffery Oakes advising from the firm's City outpost. Allen & Overy corporate partner Tim Stevens was Dutch counsel to the underwriters.

Meanwhile, Freshfields has been instructed by ING to advise on all EU and competition matters as it prepares to split up its banking and insurance operations.

The news comes as Freshfields has also scored a role advising Barclays on its £226m acquisition of Standard Life.

The magic circle firm fielded a team from its London headquarters led by corporate partner Claire Willis, with fellow partners Philip Richards, Natasha Good and James Smethurst assisting.

Maclay Murray & Spens advised Barclays on Scots law, while Slaughter and May was instructed by Standard Life.

Freshfields Bruckhaus Deringer on the Legal Week Wiki