The Legal 500

Freshfields Bruckhaus Deringer had an ‘extremely good year’, relatively untouched by the effects of the crisis that made some competitors struggle. The cooperation between practice groups and the successful involvment of young partners in high-profile matters sets the firm apart. Highlights included advising Cognis Holding Luxembourg on the €3.1bn sale of the specialty chemicals company Cognis to BASF, ThyssenKrupp Marine Systems on the sale of Blohm + Voss Shipyards, and Deutsche Bank on its €1bn acquisition of Sal Oppenheim. Tyco also instructed the team on the sale of its European waterworks business to private equity firm Triton. Marius Berenbrok heads the practice that includes Axel Epe and Andreas Fabritius, both held in high esteem, and Christoph von Bülow, who is rated as ‘top class’. The breadth of the practice is ‘impressive’.

Operating in a highly competitive M&A market in 2010, Hengeler Mueller has seen an increase in corporate work, and has been visible in the private equity arena. Highlights included advising Intel on the acquisition of Infineon’s mobile chip business, Goldman Sachs and RBS on the sale of a majority stake in GFKL Transaction Services, Bank of New York Mellon on the acquisition of BHF Asset Servicing, E.ON on the sale of Thüga, and First Solar on the sale of the world’s third biggest photovoltaic park. The ‘impressive’ Christof Jäckle, the ‘superb’ Rainer Krause, and the ‘outstanding’ Hans-Jörg Ziegenhain are all highly rated. ‘Premium rates but very low leverage’ impresses clients. Despite the firm maintaining a Brussels and London presence, the otherwise lacking international network is frequently commented on.

Clifford Chance focuses on its vast international network, as in Germany, the younger partners are increasingly in the spotlight after the firm’s reshuffle two years ago. Volkswagen represented a significant source of work; the team advised on the take over of Mahag and the acquisition of 49,9% in Porsche. Further mandates included advising Pfizer on the planned acquisition of Ratiopharm, Osram on the acquisition of Vitri, and Macquarie on the acquisition of two business units of Sal Oppenheim. Energy sector expert Jan Wrede is a ‘tough negotiator’, Wolfgang Richter’s technical skills are ‘outstanding’, and working with Arndt Stengel is an ‘excellent experience’. Andreas Dietzel and Daniela Weber-Rey are also recommended.

‘First choice for any major corporate work’, Gleiss Lutz integrated the entire team of ‘excellent M&A lawyers’ from Rittstieg in October 2010, providing in one stroke a Hamburg presence, and it also opened a Düsseldorf office. Remarkably, both offices already have a solid track record. Magna instructed the team on the intended takeover of Opel/Vauxhall from General Motors, and Credit Suisse in connection with the €9bn acquisition of cash settled options on Volkswagen. It also advised Hypo Real Estate on recapitalisation matters. Ralf Morshäuser jointly heads the practice with Christian Cascante, who displays ‘outstanding legal skills’ and is ‘responsive and cost conscious’. Andreas Wölfle ‘combines confidence with competence’ and ‘manages extremely complex cases well’, while Ralf Thaeter possesses ‘in depth knowledge’.

Linklaters LLP has a renowned corporate practice that has good relations with numerous blue chip clients, and stable working relations with several household names seeking advice on both corporate and M&A matters. Highlights included advising Deutsche BP on the restructuring of its down-stream business with a volume of €60bn, Banco Santander on the €555m acquisition of SEB’s retail business in Germany, and HypoVereinsbank on the €1.24bn acquisition of Bank Austria’s investment division. Hans-Ulrich Wilsing and Ralph Wollburg are highly regarded. Noteworthy is the seamless cooperation with the firm’s London practice.

Shearman & Sterling LLP has a superb team with ‘strong leadership and a depth of talent’. Clients are impressed by what this small practice is able to achieve, particularly with regards to its work in the Middle East, where the team advised Qatar Investment Authority on its investment in Volkswagen and Porsche. Sal Oppenheim instructed the team on its takeover by Deutsche Bank, and the team advised Hypo Real Estate Holding regarding the takeover offer by the German government. Harald Selzner ‘handles amazing deals’, Roger Kiem is ‘creative and does not give up when problems arise’ and is rated as a ‘deft operator who commands respect from across the table’. The lawyers are ‘thorough, fast, practical, and smart’.

Allen & Overy LLP is back on track with two internal partner promotions and Christian Eichner joining from Hogan Lovells International LLP, offsetting Rolf Koerfers’s move to Oppenhoff & Partner. The group strengthened its relationship with several blue chips such as Deutsche Telekom, and advised Bilfinger Berger on the acquisition of MCE Group, and Abu Dhabi MAR on the acquisition of the Blohm + Voss group. Bayer instructed the team on the conversion of bearer shares into registered shares. Hans-Christoph Ihrig is able to ‘guide in-house departments through complicated board matters’ and is rated as ‘the kind of adviser you learn to appreciate if times get rough’.

Cleary Gottlieb Steen & Hamilton LLP advised on a number of complex and high-volume cross-border matters, among them representing Hong Kong-based ASM Pacific Technology in the acquisition of Siemens Electronic Assembly Systems from Siemens. Further highlights included advising Bâloise Holding and its German business units on the reorganisation of its German holding units, and Medtronic in the acquisition of German Krauth Cardio-Vascular, Swiss Invatec und Italian Fogazzi. Christof von Dryander is recommended.

Hogan Lovells International LLP’s M&A practice has capitalised on the merger, adding a significant number of new US clients to the portfolio. The new Berlin presence has enabled the team to develop its media industry market presence. However, the team, headed by Christoph Louven, suffered a blow with Christian Eichner leaving for Allen & Overy LLP. Highlights included advising Volkswagen on its €15.6bn merger with Porsche, and Advent International on the acquisition of the majority stake in financial service provider GFKL Financial Services. The ‘very good team’ represents ‘great value for money’.

Latham & Watkins LLP can draw on the firm’s vast network and the team’s private equity expertise to ensure a steady workflow. BC Partners and Apollo Global instructed the team on the €3.5bn sale of Unitymedia to Liberty Global, and the team advised Bain Capital on the intended acquisition of Siemens’ hearing aid division. Noteworthy is the team’s work for financial services clients. Jörg Kirchner is rated, Kilian Helmreich combines ‘strong commitment and excellent work’, Dirk Oberbracht is ‘smart and strategic’, all part of a team displaying ‘remarkable dedication’, providing ‘very good services for a reasonable fee’.

Milbank, Tweed, Hadley & McCloy LLP utilised the team’s excellent industry contacts, maintaining a remarkably steady flow of mandates in a depressed market. Highlights included advising D+S Europe on the conummated squeeze-out of minority shareholders, and ProSiebenSat.1 Media on the acquisition of RTL Television’s 50% participation in VG Media. Peter Nussbaum and Norbert Rieger both have an outstanding reputation in the market.

US firm Sullivan & Cromwell LLP maintains a strong German practice. Highlights included advising Bucyrus International on the acquisition of Terex Corporation mining business, and Commerzbank in its €9.8bn acquisition of Dresdner Bank. The team further represented the seller UBS on ESAS Holding’s acquisition of a stake in Air Berlin. The group also has integrated EU and US law capabilities, advising Renault/Nissan in its alliance with Daimler. Wolfgang Feuring and Konstantin Technau are recommended.

Skadden, Arps, Slate, Meagher & Flom LLP had a quiet 2010, increasingly focusing on restructuring work in a market where large deals were scarce. The team acted on Deutsche Bank’s acquisition of the Global Agency Securities Lending business of Dresdner Bank from Commerzbank, and advised Axel Springer on the US law aspects of its $93m acquisition of a stake in StepStone. Matthias Horbach is rated.

Weil, Gotshal & Manges focuses on restructuring and distressed M&A work, with a moderately sized team led by Gerhard Schmidt. Highlights included advising Grohe on its expansion to China, and TPG Capital on the acquisition of Primondo Group, the mail order business of insolvent Arcandor Group. Mercuria Group instructed the team on the acquisition of 3B Biofuels from Australian investment company Babcock & Brown.

White & Case LLP’s team was instructed by Allianz to advise on corporate governance issues, and also acted for Drägerwerk on its acquisition of a minority stake in Dräger Medical from Siemens. Otto Group, Thomas Cook, and Vattenfall are also clients. Lutz Krämer is expert in stock corporation and capital markets law.