The Legal 500

Within Antitrust, tier 4

Clifford Chance’s practice is set up according to sector groups, with a particular expertise in the healthcare and energy sectors. Regarding merger control work, highlights included advising T-Mobile UK on setting up a joint venture with Orange UK. Melitta instructed the team regarding the German cartel proceedings in the coffee roasters cartel case, and the firm also advised Aachener Chemische Werke Rostock/Rockwood in EU cartel proceedings regarding heat stabilisers. Joachim Schütze and Marc Besen are recommended.

Within Banking and finance: Bank lending, Clifford Chance is a first tier firm,

Lauded as ‘very good on all fronts’, Clifford Chance acted on several high-profile transactions in 2010, including a landmark mandate for Deutsche Bank Luxembourg, in which the firm advised a banking syndicate on a €2.6bn syndicated loan to PHOENIX Pharmahandel. A further highlight of the year was advising a range of banks including BNP Parisbas and UniCredit Group on the €352m refinancing of Agrokor. Bettina Steinhauer is rated for her ‘professional, calm and diligent’ attitude and her ‘very good transactional skills’. Clients appreciate the ability of the firm to offer ‘firepower across many different jurisdictions’.

Within Banking and finance: Project finance, Clifford Chance is a first tier firm,

Clifford Chance’s ‘market-leading’ practice numbers five partners and acts on a large international portfolio of schemes, including in Turkey, where it is the market leader. Longstanding clients include Unicredit Group, Fraport and the International Finance Corporation. The firm is involved in large infrastructure projects such as the €1.1bn financing of Pulkovo Airport, St Petersburg, and the €3.9bn Nord Strem Pipeline, representing export credit agencies and lenders. Energy projects include the Dragaliden wind farm in Sweden, and the €157m Strasskirchen solar farm, advising the lenders in each case. Riko Vanezis and Edmund Boyo are recommended.

Within Capital markets , Clifford Chance is a second tier firm,

Clifford Chance played an active role in the discussions over a bad bank scheme for Germany, with Marc Benzler being appointed by the Federal Parliament to advise on the plan. Other significant highlights included the €1bn SAP bond issue, advising the banks, and also acting for a consortium of banks led by Credit Suisse (Europe) on a €400m bond issue by Rhoen-Klinikum. On the equity side, the team advised Volkswagen on its €4bn capital increase.

Within Corporate and M&A: Large deals, Clifford Chance is a second tier firm,

Clifford Chance focuses on its vast international network, as in Germany, the younger partners are increasingly in the spotlight after the firm’s reshuffle two years ago. Volkswagen represented a significant source of work; the team advised on the take over of Mahag and the acquisition of 49,9% in Porsche. Further mandates included advising Pfizer on the planned acquisition of Ratiopharm, Osram on the acquisition of Vitri, and Macquarie on the acquisition of two business units of Sal Oppenheim. Energy sector expert Jan Wrede is a ‘tough negotiator’, Wolfgang Richter’s technical skills are ‘outstanding’, and working with Arndt Stengel is an ‘excellent experience’. Andreas Dietzel and Daniela Weber-Rey are also recommended.

Within Dispute resolution , Clifford Chance is a first tier firm,

Clifford Chance fully makes use of its international reach, advising on sigificant cross-border matters. Highlights included defending Europe’s largest aviation, space travel and defence group regarding claims by investors alleging delays in delivery of a high-volume aircraft, and advising a large Russian pipeline manufacturer regarding an industrial construction project in Russia. The team represented an international bank in connection with the enforcement of claims for criminal offences. Clients praise the ‘good overall service and appropriate advice’. Head of team Uwe Hornung is ‘pragmatic, quick and uncomplicated’, and Sebastian Rakob is ‘very thorough and efficient’. Düsseldorf-based Michael Kremer made partner, underlining the team’s commitment to maintain a substantial team in both Frankfurt and Düsseldorf. Counsel Wolfgang Jäger moved to DLA Piper.

Within Employment , tier 4

The dried up transaction stream resulted in Clifford Chance seeing more work in the area of energy, healthcare and compliance. EnBW instructed the team on acquiring a stake in Rostock power plant, and the firm represented Pfizer in the Ratiopharm tendering procedure. Bernt Gach heads the group.

Within IP: trade marks Other recommended firms

Within Information technology and outsourcing , Clifford Chance is a third tier firm,

Clifford Chance focuses on transaction-related advice and data protection matters, with TMT partner Florian Schmitz advising T-Systems on outsourcing matters, and Apple on data protection issues. The group traditionally has good relations to the banking sector, which ensures a steady flow of work.

Within Insolvency and restructuring: Restructuring, Clifford Chance is a second tier firm,

Allen & Overy LLP traditionally acts for banks, but has recently broadened its sprectrum, including advising truck industry supplier SAF-Holland Group on the restructuring of its financial indebtedness. The ‘excellent’ Peter Hoegen leads a team that acted for News Corporation on the restructuring of the financing arrangements for Sky Deutschland, and Böwe Systec on the restructuring of its credit portfolio comprising loans, bonds and mezzanine programmes.

Within Investment funds , Clifford Chance is a second tier firm,

Clifford Chance’s investment funds team is led by Sven Zeller and deals with all aspects of the sector. Its main activities in 2010 related to real estate transactions and restructuring deals for investment companies, and the implementation of the new German Investment Act. The team has a number of longstanding high-profile clients such as Barclays, Deutsche Bank and BNP Paribas, and recently advised Barclays on prospectus updates on the intended sale of new UCITS sub-funds. It also assisted Bausparkasse Schwäbisch Hall on the implementation of the Consumer Credit Directive for loan brokers.

Within Private equity , Clifford Chance is a first tier firm,

Clifford Chance’s private equity team is headed by Oliver Felsenstein in Frankfurt, with two partners also based in Munich. The team witnessed a marked return to form in the sector following the financial crisis, notably advising 3i on the purchase of MWM Holding by Caterpillar, and CVC Capital Partners on the Elster Group’s IPO. It also acted for Nordic Capital on the proposed acquisition of Siemens Audiologie. Christopher Kellett and Kerstin Kopp are recommended individuals in a strong team.

Within Public sector , Clifford Chance is a third tier firm,

Clifford Chance is ‘visible in energy matters’, frequently advising at the intersection of energy, corporate and public law matters, including advice to the lenders on the financing of the Nord Stream pipeline project. Horst Schlemminger is noted in a team that remains a popular choice with foreign clients, particulary from the US; the team advised the US government on selling a contaminated area in Munich. KfW and EIB instructed the team regarding emission trading issues.

Within Real estate and construction: Real estate, Clifford Chance is a first tier firm,

Clifford Chance is ‘definitely the leading firm’, offering a ‘wide range of specialists’ with ‘superb knowledge’, with lawyers ‘available after office hours’. Even in a difficult market, the group managed to win new clients, among them Union Invest. The team is headed by ‘great mediator’ Klaus Minuth, advising RREEF Investment on its acquisition of the Unilever-Haus building in Hamburg for an open-ended real estate fund. Further highlights included advising Fraport on the acquisition of an underground car park at Frankfurt Airport Terminal 2 from UBS Real Estate, and Macquarie Office Trust on the €39.5m sale of office buildings. The ‘excellent’ Cornelia Thaler and ‘sharp-minded’ Reinhard Scheer-Hennings focus on the finance side, while Jörn Stobbe ‘makes everybody relax even in tight negotiations’. Opinions are ‘short, crispy, and always straight to the point’, and the firm is ‘always good in producing fresh talent’.

Within Structured finance and securitisation , Clifford Chance is a first tier firm,

Clifford Chance’s very experienced team has ‘excellent industry knowledge’ and ‘exceptional multi-jurisdictional coverage’. It advised RBS on the largest CMBS loan restructuring in Germany to date, involving an innovative acquisition structure with a value of €2bn; and also acted for Bayerische Landesbank, Commerzbank and Valovis Bank on the €300m securitisation of mail order receivables originated by the insolvent Quelle, the first transaction of its kind with an insolvent originator in Germany. It maintains a strong relationship with the Federal Government and Ministry of Finance on regulatory proposals. Oliver Kronat is recommended.

Within Tax , Clifford Chance is a third tier firm,

Clifford Chance has, in common with others, seen an increase in restructuring-related deals. Key mandates included acting for Aurelis Asset on its €900m loan refinancing, led by Hubert Schmid. Stefan Menner is a leading VAT and restructuring specialist, and clients also recommend Stefan Behrens, who specialises in real estate and M&A-related matters.

Within Telecoms , tier 4

Clifford Chance has been less visible in the regulatory arena recently, but still capitalises on the firm’s outstanding reputation for transactional advice. Deutsche Telekom counts among the team’s clients, recently seeking advice on its joint venture with France Télécom. AT&T instructs the team on contract matters. Telecoms-related antitrust and IT matters are another focus. Bernd Meyer-Witting advises on technology, media and telecoms matters.