The Legal 500

Within Antitrust, Linklaters LLP is a third tier firm,

Linklaters LLP has particular expertise advising pharma sector and energy sector clients, including the representation of Vattenfall before the EU Commission and the Federal Cartel Office in connection with the sale of Nuon Deutschland. The team represented Deutsche Post subsidiary First Mail in injunction proceedings, and Beiersdorf in proceedings initiated by the German Federal Cartel Office regarding the exchange of sensitive information with other cosmetics industry companies. The firm provides ongoing advice to Hypo Real Estate Holding in connection with the state aid investigation led by the European Commission. Energy competiton law and cartel and abuse of dominance proceedings have been a major source of work. Wolfgang Deselaers and Daniela Seeliger are recommended.

Within Banking and finance: Bank lending, Linklaters LLP is a first tier firm,

Linklaters LLP – valued for its ‘short response time, flexibility and high-quality advice’ – had a successful year which saw it involved in several high-profile matters. Eva Reudelhuber led the advice to the financing banks on the purchase of Cognis by BASF, and Carl-Peter Feick acted for RBS, Unicredit Bank and Calyon Deutschland on the €2bn restructuring of a revolving credit facility for RWE. Marc Trinkaus is also recommended.

Within Banking and finance: Project finance, Linklaters LLP is a second tier firm,

Linklaters LLP’s team is led by the well-respected figure of Eva Reudelhuber, and had a successful year characterised by particular activity in renewable energy projects. Wind power is an area of focus for the firm; it is involved in many of the largest projects, including three schemes in the German Bight. Additionally, solar power has proved a fruitful and growing sector for the practice and this is coupled with a focus on transport infrastructure finance, notably motorway projects in several Eastern European countries.

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

Linklaters LLP was involved in several restructuring transactions for companies in need of fresh equity, notably UniCredit’s €3.9bn capital increase, which was one of the largest trans-national capital increases with subscription rights in the bank sector. On the debt side, the Federal Republic of Germany engaged the team on its issue of €4bn 1.5% bonds. Christoph Vaupel is ‘very good at providing cross-border advice’.

Within Corporate and M&A: Large deals, Linklaters LLP is a second tier firm,

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.

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

Linklaters LLP’s team, headed by Rupert Bellinghausen, has seen a rise in compliance and anti-corruption matters, in which a leading manufacturer of commercial vehicles counts among its clients, as well as advising on D&O liability proceedings. A significant number of DAX 30 companies instruct the team, including representing IKB Deutsche Industriebank in fending off of more than 140 investor actions due to near insolvency. An international IT company instructed the firm in an internal investigation regarding alleged corruption, misappropriation and tax evasion. The team is noted for its close cooperation with the banking and restructuring practices.

Within Employment , tier 5

Head of team Michael Tepass at Linklaters LLP is ‘unpretentious, professional and experienced’, and the practice extended its advice on international matters, including litigation. German BP instructed the team on the creation of BP Europe SE, and the team also acted for Morgan Stanley on the co-ordination of worldwide employment projects.

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Within Insolvency and restructuring: Restructuring, Linklaters LLP is a first tier firm,

Leading firm in the restructuring arena, Linklaters LLP links the practice with other areas such as finance, and has been involved in some of the most significant mandates of 2010. Highlights included advising General Motors Europe as parent company on the restructuring of Opel Group, and Almatis on its restructuring through Chapter 11 proceedings under US law. The team includes the ‘pragmatic’ Kolja von Bismarck, who ‘always finds a solution’ and ‘absolutely nothing negative’ can be said about Sven Schelo. It also advised Cerberus as landlord in connection with the insolvency of Woolworth (Germany).

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

Alexander Vogt heads the team at Linklaters LLP, which focuses on the real estate, infrastructure, renewable energy and private equity sectors. It advised KfW Bankengruppe on the structuring and establishment of an innovative microfinance fund, and CB Richard Ellis on the structuring of a Luxembourg real estate fund. Tottenham Hale also instructed the team, on a Turkish inbound structuring transaction involving the design of a new financing structure. Markus Wollenhaupt is recommended.

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

Linklaters LLP’s private equity practice has been headed by Rainer Traugott since late 2009, and is appreciated for its ‘high-quality structuring and regulatory advice’. It acted for Actavis, the Icelandic pharmaceutical company, on the complex purchase of ratiopharm, and Montagu Private Equity on the acquisition of ADB Airfield Solutions Solutions from Siemens. The team is present on the EVCA Task Force on the AIFM directive, relating to the new regulation of the private equity sector.

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

Linklaters LLP can draw on the firm’s finance capabilities, complementing its advice on environmental, energy or infrastructure projects. Public procurement and regulatory advice are further pillars of the practice. Jan Endler heads the ‘impressive’ team which advised the German Federal Ministry of Transport in €6bn arbitration proceedings against a private consortium regarding claims for damages for the late commissioning of the German truck toll system. A consortium of Bilfinger Berger, John Laing and Johann Bunte instructed the team on the extension, maintenance and operation of German motorway sections. It also advised the German Federal Ministry of Economics and Technology on drafting a bill regarding the bank restructuring.

Within Real estate and construction: Real estate, Linklaters LLP is a third tier firm,

Linklaters LLP does a ‘great job’, with the ‘extremely knowledgeable’ Roland Fabian and Wolfram Pätzold particularly singled out. A significant success was gaining new client Union Investment, advising on the €316m acquisition of ALEXA shopping centre. The group also acted for RREEF Investment on the €123m Frankfurt Park Tower acquisition from Eurozone Office Fund. The team capitalises on the firm’s wider tax and corporate expertise, while real estate finance is another area of focus.

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

Linklaters LLP’s team is headed by Oliver Dreher (on the structured products side) and Kurt Dittrich (securitisation). The firm acted for Commerzbank on the update of its €5bn credit-linked note programme, and for RBS on the establishment of its €15bn covered bond programmes; and also advised on a €12.7bn risk shield for Landesbank Baden-Württemburg, and the €750m refinancing of Danish SME banks for BNP Paribas and Danske Bank.

Within Tax , Linklaters LLP is a first tier firm,

Linklaters LLP’s team, led by Sebastian Benz, had a busy year, and is noted for its ‘high-quality’, multi-jurisdictional advice. The firm acted for Banco Santander on the €555m acquisition of the German retail section of Swedish bank SEB; for Unicredit Bank on the acquisition of Bank Austria’s investment banking arm; and for a consortium of banks including Commerzbank and RBS on the restructuring of Schaeffler’s loan liabilities, the largest corporate restructuring to date in Europe. Oliver Rosenberg and Jens Blumenberg are recommended.

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