The Legal 500

Like many firms in 2008, Bonelli Erede Pappalardo acted on several pending IPOs, such as those of Prada and De Cecco, but it also advised on Finnmeccanica’s €1.4bn share capital increase. Carlo Montagna and Vittoria Giustiniani are recommended and Alberto Saravalle is an expert in the field of employee offerings, including private placements and public offerings.

Chiomenti Studio Legale is mainly known for its work on the issuer side. The practice assisted Banca Monte dei Paschi di Siena in equity transactions supporting the acquisition of Banca Antonveneta by BMPS and acted for Gemina on a follow-on equity offering. Finnmeccanica and Mediobanca are also clients. Manfredi Vianini Tolomei and Enrico Giordano are recommended.

The ‘excellent’ US practice Cleary Gottlieb Steen & Hamilton LLP, led by senior partner Roberto Casati alongside Michael Volkovitsch and Pietro Fioruzzi, worked for local banking giant Unicredit on its planned €6.6bn capital-strengthening initiative. It was also counsel to biotech company Molecular Medicine in its €56m Reg S IPO. Clients laud the availability of US, UK and Italian equity advice at the firm.

Clifford Chance advised on the Prada, Ferretti and De Cecco IPOs, all of which are pending. Meanwhile, Michele Crisostomo, Alberta Figari, Paolo Sersale represented Unicredit-HVB on its €6.6bn recapitalisation plan.This global practice also acted for Banca Monte dei Paschi di Siena on a €1bn share capital increase. Filippo Emanuela and Ian Tully are also recommended.

d’Urso Gatti e Associati Studio Legale advised on the capital increase for newly merged Milano Assicurazioni and acted on Enervit’s €36m IPO and listing.

Gianni, Origoni, Grippo & Partners advised on Data Services’ two capital increases and Finnmeccanica’s €1.2bn rights issue. Andrea Marani is recommended.

The pre-eminent reputation of ‘superstar’ Antonio Segni at Labruna Mazziotti Segni is second-to-none for equity work. In a difficult market, the practice acted on Banca Monte dei Paschi di Siena’s €5bn rights issue as guarantors’ counsel and the Mariella Burani Fashion Group tender offer as counsel to lender Centrobanca. Federico Vermicelli and Lidia Caldarola are also recommended.

Clients appreciate the completeness of Studio Legale Associato in association with Linklaters LLP’s team, being able to advise both on international and Italian equity matters. Recently, the practice worked on the planned Kedrion IPO, assisted Credit Suisse and HSBC with the Damas listing on the Dubai International Financial Exchange and advised Banca IMI on the €150m Tiscali rights issue. Also of interest, the firm advised the managers of the up-to €1.4bn Rule 144A and Regulation S rights offering by Finnmeccanica. ‘We were particularly impressed by the dedication and responsiveness of the team’, report clients. The ‘outstanding’ Claudia Parzani and Teresa Triglia are considered ‘especially professional and effective’.

Dewey & Leboeuf Studio Legale welcomed Guido Masini and two associates from Clifford Chance’s Rome office. Mediobanca was assisted on the €950m capital increase of Banca Carige, and the practice was instructed on a number of suspended IPOs.

Latham & Watkins’s ‘thorough’ Michael Immordino and Sara Pinto are highly recommended. The team is especially known for its work on the international side and acted for underwriters JPMorgan and Intesa Sanpaolo on the €550m Tiscali senior high yield bridge credit facility. Recent arrivals Antonio Coletti and Maria Cristina Storchi are also strongly recommended.

Legance Studio Legale Associato’s ‘top professional’ Bruno Bartocci is well-regarded. In 2008, this newly-formed firm acted for Cell Therapeutics on its private placement and Nasdaq listing.

Norton Rose Studio Legale boasts both Italian and US law capabilities and has acted on a number of ongoing IPOs, such as those of TerniEnergia and Savino del Bene as well as the completed Best Union Company Union offering. Managing partner Paolo Daviddi is recommended.

Shearman & Sterling LLP’s US-qualified Rome partner has a fantastic reputation for equity capital markets work. Domenico Fanuele is also recommended.

Despite the market downturn, Simmons & Simmons acted in relation to the IPO of F.Giordano and represented Fintel Multiservizi on its listing on the Italian Expandi market. Francesco Aleandri is recommended.

Allen & Overy – Studio Legale Associato’s Max Aaron and Paola Leocani are praised, the latter said to be ‘probably one of the strongest lawyers in Italy in this field and respected throughout the industry. She understands how to deal with difficult situations’. As equity deal flows have diminished, recent experience has often taken place in the Eastern Meditteranean and Balkan markets. The team advised on the National Bank of Greece’s €3bn rights offering.

Studio Professionale Associato a Baker & McKenzie was counsel to the lead managers in connection with an €108m offering of ordinary shares of Juventus Football Club to its shareholders, and advised on the Maire Tecnimont and IMMIT IPOs. The ‘standout’ Alberto Fornari is appreciated for his ‘technical ability and for understanding banking clients’ needs’.

DLA Piper has seen a vast amount of activity in the SPACs (Special Purpose Acquisition Company) Euronext Market listings space, led by the ‘well-rounded’ of-counsel Martin Pugsley whose ‘coordination abilities’ are appreciated by clients and who is a ‘good sounding board for commercial matters’. Luigi Rizzi is practice head.

Freshfields Bruckhaus Deringer advised Acque Potabili on the offer of its new shares to domestic and institutional investors, with Banca IMI also a client. Rome-based Raffaele Lener is recommended.

NCTM – Studio Legale Associato’s key partners Alberto Toffoletto and Giuseppe Labianca offer significant capital markets and public offerings experience. The practice advised on the €1bn Maire Tecnimont IPO and acted on the capital increase of listed company of SNIA.

Jones Day’s recent ECM activity includes advising on a significant capital increase. ‘The firm did a great job in writing the Information Memorandum and in dealing with CONSOB’, state clients.

Lovells Studio Legale’ newly constituted ECM team, headed by Roberto Culicchi (who joined in 2008 after 12 years at Clifford Chance), has secured membership on ING and BNP Paribas’ panels, and was appointed to advise on Clabo Group’s listing.

McDermott Will & Emery Studio Legale Associato advises on public offerings of financial instruments, and has acted on ETF listings.