What we say about the firm's legal practice in Germany
Antitrust
Within Antitrust, Cleary Gottlieb Steen & Hamilton LLP is a second tier firm,
Cleary Gottlieb Steen & Hamilton LLP’s team locally works closely with colleagues in Brussels and the US, rendering seamless cross-border advice in international cases. It advised EDF on merger control issues regarding its €4.7bn sale of a participating interest in EnBW to the Federal State of Baden-Württemberg, and acted for Dow Chemical in the $1.63bn sale of Styron to Bain Capital. Stephan Barthelmess has a ‘sensitive tactical feeling for situations’, Dirk Schroeder ‘handles unprecedented situations and convinces authorities and courts’, and Romina Polley is also particularly appreciated.
Banking and finance
Within Bank lending, Cleary Gottlieb Steen & Hamilton LLP is a third tier firm,
Cleary Gottlieb Steen & Hamilton LLP’s refinancing and restructuring expertise centres on ‘absolute expert’ Werner Meier, who knows ‘not only standards, laws and regulations but also the most recent market trends’. The team advised lenders and shareholders on the restructuring of Kiekert Group’s €180m outstanding debt, and advised Goodyear on a €400m secured European credit facility.
Capital markets
Within Capital markets , Cleary Gottlieb Steen & Hamilton LLP is a first tier firm,
Cleary Gottlieb Steen & Hamilton LLP has ‘in-depth knowledge’ of ECM work, which is its core focus, and it particularly excels at deals with a US aspect. It recently advised Commerzbank on US aspects and financial disclosures in relation to an €11bn two-step capital raising transaction; Q-Cells on its subscription rights capital increase; and Deutsche Bank on its €10.2bn rights offering. This highly rated team includes Gabriele Apfelbacher and Thomas Kopp, who are ‘among the strongest in Germany’. Christof von Dryander has relocated to Hong Kong but makes regular visits to Frankfurt.
Corporate and M&A
Within Large deals, Cleary Gottlieb Steen & Hamilton LLP is a third tier firm,
Cleary Gottlieb Steen & Hamilton LLP’s cross-border deals included acting for American Express on its $685m acquisition of Loyalty Partner; Bâloise on the acquisition of Assekuranz Herrmann; and EDF on its €4.7bn sale of its participating interest in EnBW to the Federal State of Baden-Württemberg. The ‘excellent’ Oliver Schröder moved from Cologne to Frankfurt to replace Christof von Dryander, who moved to Hong Kong. Klaus Banke is ‘clearly one of the best’.
Insolvency and restructuring
Within Restructuring Other recommended firms
Tax
Within Tax , tier 4
Cleary Gottlieb Steen & Hamilton LLP has particular experience in advising on capital markets issues, including hybrid financing structures and pre-IPO tax restructuring. It recently provided tax counsel to the Republic of Argentina regarding its $1bn new-money bond offering in exchange for defaulted debt, and advised American Express on its $685m acquisition of Loyalty Partner. Daniel Weyde is well regarded.