The Legal 500

Within Antitrust, Linklaters LLP is a third tier firm,

‘Simply excellent’ and ‘extremely hands-on’, Linklaters LLP had a fantastic year in 2011, receiving its first instructions from Nestlé and Deutsche Bahn. The team also advised Deutsche Börse on its planned merger with NYSE Euronext, ACS on its takeover of Hochtief, and Sanofi-Aventis on the veterinary medicines business merger of its Merial division with Merck’s Intervet. Practice head Daniela Seeliger provides ‘highly practical advice’, Wolfgang Deselaers is ‘always available’, and Carsten Grave is also a key figure.

Within Bank lending, Linklaters LLP is a first tier firm,

Linklaters LLP’s excellent group is commended for its ‘appropriate and business-focused advice’ and its ‘outstanding younger lawyers’. The team has fantastic relationships with numerous national and foreign banks as well as a growing roster of corporate clients. It recently advised Almatis on cross-border debt restructuring, acted for Apax Partners on its bid for Takko Fashion and advised the lenders to the Schaeffler Group on debt refinancing. Marc Trinkaus and the ‘extremely strong’ Eva Reudelhuber are recommended.

Within Project finance, Linklaters LLP is a second tier firm,

Linklaters LLP has a strong presence in the renewables arena, with particular emphasis on offshore wind farms, and also regularly advises on infrastructure financing. Eva Reudelhuber heads the team, which advised the banks on the €550m financing of German offshore wind farm Trianel Borkum West II, and Macquarie on the acquisition financing and acquisition of Thyssen Gas, RWE’s gas transmission grid.

Within Capital markets , Linklaters LLP is a second tier firm,

Linklaters LLP’s clients are ‘very comfortable with the team in complex or unprecedented transactions’, both on the debt and equity side. The team advised Commerzbank, Deutsche Bank and Goldman Sachs on Norma Holding’s IPO, one of the largest in Germany in 2011, and on several capital increases by German real estate companies. Herbert Harrer is ‘simply brilliant’ and Peter Waltz ‘effectively handles transactions and provides tailor-made services’. Staff changes saw Marco Carbonare relocate to Frankfurt from the firm’s London office, and Christoph Vaupel join Taylor Wessing.

Within Large deals, Linklaters LLP is a first tier firm,

Linklaters LLP’s ‘outstanding’ team added several more DAX 30 corporations to its client roster in 2011, for which it handled a variety of corporate work. It also advised on some of the market’s top M&A deals, including advising Deutsche Börse on the proposed merger with NYSE Euronext; Volkswagen on the announced mandatory offer regarding MAN; and ACS during its successful takeover battle for Hochtief. Practice head Hans-Ulrich Wilsing has ‘huge practical experience’ and is ‘absolutely top’, Ralph Wollburg has ‘a great network and contacts’, and Ralph Drebes shows ‘high commercial acumen and a good understanding of clients’ concerns’.

Within Mid-sized deals Leading individuals

Within Dispute resolution , Linklaters LLP is a second tier firm,

Linklaters LLP’s growing team has been busy with capital markets and director’s liability cases where clients appreciate the ‘excellent handling of most complex issues’. It also represented a vehicles manufacturer in arbitration, advised the supervisory board of a technology group on corporate governance and internal investigation issues, and acted for a European power supplier in a contract dispute. Klaus Saffenreuther has ‘tremendous business acumen’, and ‘strategic thinker’ Robert Henrici ‘rolls up his sleeves and gets the work done’. Rupert Bellinghausen heads the team.

Within Employment , tier 4

Linklaters LLP’s service is ‘excellent in every respect’. It focuses on cross-border matters such as advising Apax Partners on its acquisition of Takko. Other clients include Morgan Stanley and Fuji Foto. Michael Tepass is recommended.

Within Information technology and outsourcing Other recommended firms

Within Restructuring, Linklaters LLP is a first tier firm,

Linklaters LLP utilises its corporate and finance expertise to attract and resolve top-end instructions, and the firm’s resources internationally make a good choice for cross-border matters. It advised global alumina producer Almatis on its financial cross-border restructuring; a group of senior lenders on the corporate and financial restructuring of PrimaCom Group; and the lenders of Conergy on its balance sheet restructuring. Kolja von Bismarck and Sven Schelo had ‘an extremely good year’, competitors acknowledge.

Within Investment funds , Linklaters LLP is a second tier firm,

Linklaters LLP has seen an expansion in work relating to real estate, private equity and infrastructure funds, particularly energy-related funds, with a notable increase in advice to institutional investors. On the fund manager side, it advised Invesco on the structuring and establishment of a real estate fund targeting investments in Australasia; Paul Capital Advisors on a multi-jurisdictional secondary portfolio transaction; and Hines on structuring, documenting and capital raising for Hines Russia Poland Fund. Alexander Vogt heads the three-partner team.

Within Private equity , Linklaters LLP is a second tier firm,

Linklaters LLP enjoyed ‘an extremely strong year’, particularly on large-cap deals, where highlights included advising new client Apax Partners on its acquisition of Takko Holding; and Macquarie on the auction acquisition of Thyssengas from RWE. Triton instructed the team on its acquisition of COMPO from K+S International. Rainer Traugott, who managed to ‘attract some of the most talked about deals in 2011’, is recommended.

Within Public sector , Linklaters LLP is a second tier firm,

Linklaters LLP advises on public procurement and has a strong focus on regulatory matters, especially regarding energy. It advised John Laing and Alpine Bau on the contract for a PPP project to renovate 170 bridges, represented the German Federal Ministry of Transport in ad hoc arbitration proceedings regarding Toll Collect, and advised RWE Power on the erection and operation of a nuclear power plant in Romania. Jan Endler is ‘a highly regarded regulated industries expert’.

Within Real estate Other recommended firms

Within Structured finance and securitisation , Linklaters LLP is a second tier firm,

Linklaters LLP’s team is ‘excellent in terms of business knowledge, commitment and turnaround times’, and works closely with the capital markets group to advise clients on equity structures, securitisations and the restructuring of existing securitisations. It advised on the €1bn true sale securitisation of a revolving consumer receivable portfolio originated by a German corporate, and on a €1bn synthetic securitisation of a SME loan portfolio for Commerzbank. LBBW received advice regarding retail commodity backed notes under the Platino structured retail programme. Kurt Dittrich is ‘pragmatic and co-operative’, and Laurenz Uhl ‘provides solutions rather than pointing out issues’.

Within Tax , Linklaters LLP is a first tier firm,

Linklaters LLP fields a team of quality lawyers at ‘all levels of seniority’, and provides ‘great depth in terms of resources’. It is a go-to firm for complex international transactions with sophisticated tax aspects. Recent high-profile instructions include advising ACS on the public takeover of Hochtief, and Deutsche Börse on its merger with NYSE Euronext. Triton instructed the team on the acquisition of Wittur Group from Goldman Sachs and Cerberus. Florian Lechner provides ‘pragmatic judgement and risk assessment’, and Oliver Rosenberg is ‘thorough, clear, creative and practical’. Sebastian Benz heads the team.