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Clifford Chance

PALAZZO GENTILI, VIA SISTINA 4, 00187 ROMA, ITALY
Tel:
Work +39 06 422 911
Email:
Web:
www.cliffordchance.com

Italy

Administrative and public law
Administrative and public law - ranked: tier 2

Clifford Chance

Clifford Chance advises public companies on a number of projects planned by the Italian government’s privatisation programme and also assists major international companies investing in Italian public assets. The team advises Poste Italiane on various aspects of its privatisation process and also assisted state-owned TV and radio broadcasting company RAI with several judicial proceedings concerning public tender procedures before the TAR. Citibank is a major international client. Practice head Aristide Police, whose ‘academic standing is an asset when dealing with public entities or public administration’, is ‘a top administrative lawyer’ and counsel Filippo Degni is another name to note.

Leading individuals

Aristide Police - Clifford Chance

Next generation lawyers

Filippo Degni - Clifford Chance

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Commercial, corporate and M&A
Commercial, corporate and M&A - ranked: tier 2

Clifford Chance

Clifford Chance’s ‘available, responsive and professional team’ is highly rated for complex M&A transactions involving Italy, either for Italian corporations or foreign investors. Recent matters include advising ERGO Previdenza, an insurance company controlled by Gruppo Assicurativo Flavia, on the acquisition of Italian life insurance company Eurovita Assicurazioni. The team also assisted Poste Italiane (PI) with the creation of an alliance in the asset management sector with Cassa Depositi e Prestiti (CDP) and listed asset manager Anima Holding (AH); and in the context of the new alliance, it advised the consortium of PI, CDP and AH on the bid for the acquisition of Pioneer Global Asset Management. Umberto Penco Salvi, Paolo Sersale, Alberta Figari and Claudio Cerabolini are highly rated; Filippo Isacco was appointed counsel; and Francesca Casini is a key senior associate.

Leading individuals

Paolo Sersale - Clifford Chance

Next generation lawyers

Francesca Casini - Clifford Chance

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Compliance
Compliance - ranked: tier 3

Clifford Chance

Clifford Chance has a well-established team of criminal defence trial lawyers who also advise clients on compliance issues and internal investigations. Antonio Golino regularly advises financial institutions and listed and non-listed corporations on sensitive matters, arising from regulatory issues and criminal investigations, as well as on Decree 231-related systems and controls.

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Dispute resolution
Dispute resolution - ranked: tier 2

Clifford Chance

With a number of global financial institutions among its most notable clients, Clifford Chance is particularly adept at financial services litigation, but also proves highly experienced in contentious corporate and commercial matters, restructuring and insolvency litigation, and regulatory investigations as well as litigious IP, product liability and safety matters. Practice head Fabio Guastadisegni defended Goldman Sachs before the Court of Florence in a civil law suit filed by Fondazione Monte dei Paschi di Siena in relation to a €600m credit facility and Antonio Golino defended Credit Suisse in criminal proceedings brought by Milan’s public prosecutor concerning alleged tax evasion and money laundering in relation to the sale of financial instruments to Italian residents. Carlo Felice Giampaolino and counsel Jean-Paule Castagno are other names to note.

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EU and competition
EU and competition - ranked: tier 2

Clifford Chance

Clifford Chance has an ‘excellent approach’ to competition law matters: the practice represented fibre-based packaging, pulp and paper producer International Paper before the ICA in cartel proceedings concerning the main producers of corrugated cardboard in the Italian market and the sale of corrugated cardboard packaging. In another recent highlight, the group advised Profumerie Douglas on antitrust aspects of the control acquisition of perfume, cosmetics and personal care retailers La Gardenia and Limoni. Practice head Luciano Di Via is highly recommended.

Leading individuals

Luciano Di Via - Clifford Chance

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Employment
Employment - ranked: tier 3

Clifford Chance

Clifford Chance advised Trinseo Italy, a subsidiary of multinational plastic and synthetic rubber manufacturer Trinseo Group, on the collective dismissal of all employees of its Livorno-based plant following the end of production activities, and assisted Banca IFIS with labour-related due diligence connected to its acquisition of GE Capital Interbanca from US company General Electric. Simonetta Candela is the key contact.

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Intellectual property
Intellectual property - ranked: tier 4

Clifford Chance

Clifford Chance’s areas of strength are copyright and patents, advertising and unfair competition, know-how, software and patent box matters. The client base includes Fendi and Mazars. Counsel Monica Riva is the key contact.

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Investment funds
Investment funds - ranked: tier 3

Clifford Chance

Clifford Chance’s ‘excellent team solves complex issues and always takes business expectations into account’. It has extensive experience across the investment funds space, with a longstanding track record both for UCITS’ products and AIFMD investment vehicles, including private equity. Lucio Bonavitacola heads the funds and regulatory groups.

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Private equity
Private equity - ranked: tier 2

Clifford Chance

Clifford Chance brings corporate, finance, tax and capital markets expertise to complex transactions. The practice advises on setting up funds; structuring, financing and completing investments; the management and restructuring of portfolio companies; and final divestments through IPOs and auction sales. Claudio Cerabolini and Paolo Sersale assisted ERGO Previdenza, an insurance company controlled by Gruppo Assicurativo Flavia (which is owned by international private equity firm Cinven), with the acquisition of Eurovita Assicurazioni. Alberta Figari is also highly regarded.

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Real estate and construction
Real estate and construction - ranked: tier 3

Clifford Chance

The ‘very supportiveClifford Chance specialises in assistance to financial investors interested in large real estate assets or portfolios in the hospitality and retail sectors, funds and real estate finance. The practice advised Crédit Agricole and Edf Invest on the establishment of a real estate fixed-capital investment society (SICAF) by Italian property developer Beni Stabili SIIQ, as well as on the purchase of 40% of the SICAF. Claudio Cerabolini has ‘a positive attitude, attention to detail and the ability to manage complex deals’.

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Restructuring and insolvency
Restructuring and insolvency - ranked: tier 2

Clifford Chance

Clifford Chance advises on high-profile Italian restructurings, distress-related refinancing and insolvency-related transactions. The team assisted Landi Renzo group with an optimisation agreement. Giuseppe De Palma, Ferdinando Poscio and counsel Francesca Cuzzocrea are the main advisers; and Carlo Felice Giampaolino and Fabio Guastadisegni are insolvency experts.

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Tax
Tax - ranked: tier 3

Clifford Chance

Clifford Chance’s tax specialists assist with M&A and restructuring as well as financial markets, real estate, and corporate and group taxation. Other areas of expertise include EU and international tax law, tax litigation and pre-litigation issues, transfer pricing, and indirect taxation, including VAT. Carlo Galli ‘knows how things work’ and recently advised Banca IFIS on the tax aspects of its acquisition of GE Capital Interbanca Group. Marco Palanca is a key counsel and senior associate Sara Mancinelli is ‘a good negotiator’.

Leading individuals

Carlo Galli - Clifford Chance

Next generation lawyers

Sara Mancinelli - Clifford Chance

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Italy: Banking and finance

Bank regulatory
Banking and finance: bank regulatory - ranked: tier 1

Clifford Chance

Clifford Chanceperforms an outstanding service’. The practice’s financial regulation professionals maintain regular contact with the authorities, frequently assisting them to adapt legislation to changing market needs, as well as advising the firm’s clients on the application of new legislation. Recent work includes assisting Banca Popolare di Vicenza with the issuance of Italian state-guaranteed bonds in accordance with the state aid framework that allows states to rescue distressed banks. Lucio Bonavitacola is the principal adviser and counsel Gioacchino Foti is ‘a great professional’.

Leading individuals

Lucio Bonavitacola - Clifford Chance

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Borrower side
Banking and finance: borrower side - ranked: tier 1

Clifford Chance

Clifford Chance’s ‘hugely experienced practice’ fields a mix of Italian and English qualified lawyers, who are equally strong on domestic and cross-border transactions. Key matters include advising Prometeon, a recently created holding company of the industrial tyre business formerly held by Pirelli Group, on a €600m secured term and revolving facility, which was arranged by Bank of America, China Construction Bank, HSBC and ING. Giuseppe De Palma, Ferdinando Poscio and Lucio Bonavitacola are highly rated; and Francesca Cuzzocrea and Gioacchino Foti are key counsels. Charles Adams divides his time between Milan and New York.

Leading individuals

Giuseppe De Palma - Clifford Chance

Next generation lawyers

Francesca Cuzzocrea - Clifford Chance

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Lender or arranger side
Banking and finance: lender or arranger side - ranked: tier 1

Clifford Chance

Clifford Chance regularly acts in complex transactions that contribute to shaping the Italian banking and finance market. In recent highlights, the team advised the mandated lead arrangers and financing banks, including Banca IMI, BNP Paribas, Intesa Sanpaolo, Natixis and UniCredit, on a high-value financing for a portfolio of 51 photovoltaic (PV) plants; the transaction was particularly innovative as it combined the characteristics of project finance with a structure typically used in real estate. Other highlights included acting for the joint mandated lead arrangers and bookrunners in a revolving €500m credit facility arranged for Terna. The key advisers are Giuseppe De Palma, Ferdinando Poscio, Lucio Bonavitacola and counsels Francesca Cuzzocrea and Gioacchino Foti. Charles Adams divides his time between Milan and New York.

Leading individuals

Giuseppe De Palma - Clifford Chance

Next generation lawyers

Ferdinando Poscio - Clifford Chance

Francesca Cuzzocrea - Clifford Chance

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Italy: Capital markets

Debt
Capital markets: debt - ranked: tier 1

Clifford Chance

Clifford Chance’s ‘great service is provided by a strong team of professionals’, which regularly acts in ground-breaking deals involving regulatory capital, liability management, covered bonds, and securitisation transactions. The team advised the joint lead managers on five placements of new BTPs (treasury certificates) by the Italian Ministry of Economy and Finance, including assisting Banca IMI, BNP Paribas, Goldman Sachs International Bank, HSBC France, JP Morgan Securities and Unicredit on the issue of a €5.6bn BTP. Lucio Bonavitacola is highly rated; Filippo Emanuele ‘has deep knowledge that is difficult to equal’; and Tanja Svetina ‘has excellent project management skills’. Counsels Massimiliano Bianchi and Gioacchino Foti are also recommended.

Leading individuals

Filippo Emanuele - Clifford Chance

Next generation lawyers

Massimiliano Bianchi - Clifford Chance

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Equity
Capital markets: equity - ranked: tier 1

Clifford Chance

Clifford Chance’s practice covers IPOs, privatisations, rights issues, exchangeable and convertible bonds, and block trades. The team advised Poste Italiane on the second tranche of its privatisation process, marking one of the largest privatisation projects ever conducted by the Italian government; it also assisted the joint global coordinators and joint book runners with the IPO and admission to listing of Banca Farmafactoring on the MTA market. Filippo Emanuele, Alberta Figari and Paolo Sersale are highly rated.

Leading individuals

Alberta Figari - Clifford Chance

Filippo Emanuele - Clifford Chance

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Italy: Industry focus

Energy
Industry focus: energy - ranked: tier 2

Clifford Chance

Clifford Chance advised Italy’s first infrastructure fund F2i on an agreement with renewable company Veronagest regarding F2i Second Fund’s acquisition of one of Italy’s main wind portfolios, and assisted a pool of banks and mandated lead arrangers, including Banca IMI, BNP Paribas - Italian Branch, Intesa Sanpaolo, Natixis - Milan Branch and UniCredit, with the €162m financing of the 9Ren portfolio. Umberto Penco Salvi is the key contact.

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Further information on Clifford Chance

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Turkey

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United States

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Clifford Chance

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