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Clifford Chance

PIAZZETTA M BOSSI, 3, 20121 MILANO, ITALY
Washington DC, Warsaw, Tokyo, Sydney, Singapore, Shanghai , and 28 more

What we say about the firm's legal practice in Italy

Administrative law

Within Administrative law, Clifford Chance is a third tier firm,

Clifford Chance recently represented BG and its subsidiary Brindisi LNG in administrative matters concerning the environmental impact assessment of an LNG regasification terminal, the first of its kind in Italy.

Banking and finance

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

Clifford Chance continues to be involved at the forefront of all types of lending work. The team has been particularly active on project finance, debt restructuring and refinancing matters, being involved in the high-profile deals such as acting for Telefonica and TELCO in a €2.6bn debt refinancing, and advising Mediobanca as sole global coordinator in the €8bn Enel revolving loan facility. The practice also assisted the arrangers in relation to an oil and gas reserve-based lending transaction for GasPlus, marking the first reserved-based lending in Italy. Giuseppe De Palma and Charles Adams are ‘well respected and experienced’ lawyers. Massimo Novo left to become the European Investment Bank’s head of legal.

Capital markets: Debt

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

The ‘best house for EMTN-related work’, Clifford Chance has been active assisting underwriters, arrangers and issuers in corporate bond transactions, EMTN establishments, retail offerings and complex private placements. Citigroup Global Markets, JPMorgan Securities and Banca IMI were advised, as arrangers and dealers, on the establishment by Intesa SanPaolo of the first rule 144A medium-term note programme, valued at $15bn. Franco Grilli and Filippo Emanuele are recommended.

Capital markets: Equity

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

Clifford Chance acted for Mediobanca and Goldman Sachs International on the IPO and listing of Yoox, marking the only main Italian market IPO of 2009. Snam Rete Gas was represented in connection with its €3.5bn rights issue. Filippo Emanuele and Alberta Figari are recommended.

Corporate and M&A: Milan and Rome

Within Corporate and M&A Milan and Rome, tier 4

Clifford Chance’s recent strategic M&A roles included advising on both the acquisitions of Findus and TeamSystem, the first two large LBO transactions in the Italian market after the credit crunch. EDF was assisted with its landmark joint venture agreement with Enel to develop nuclear power in Italy including four nuclear power plants. Alberta Figari is ‘a strong lawyer’ and Paolo Rulli is ‘effective’. Paolo Sersa also merits mention.

Dispute resolution

Within Dispute resolution, tier 4

Led by Fabio Guastadisegni Clifford Chance’s recent work focused on advising banks, financial institutions and insurance firms on securities litigation. The team advised Standard & Poors on claims for damages brought by investors who invested in Lehman securities, marking the first time the civil liability of rating agencies was addressed in Italy.

EU, regulatory and competition law

Within EU, regulatory and competition law, Clifford Chance is a third tier firm,

Led by Cristoforo Osti, Clifford Chance’s ‘quick-to-respond’ group has been busy with litigation, both before the ordinary national courts, and in appeals of Italian Competition Agency decisions. The team also saw an increase in instructions related to antitrust audits/compliance programmes and a surge in work related to unfair commercial practices. Key matters included advising Meridiana before the Italian Constitutional Court on its challenge against the validity and constitutionality of the Alitalia-Air One merger. Giuseppe Mastrantonio joined from Chiomenti Studio Legale.

Employment

Within Employment, tier 4

Clifford Chance’s highlights included large personnel restructuring projects and litigation. The practice advised Permira in relation to the labour issues connected to the acquisition of Findus Italia from Unilever.

Energy

Within Energy, Clifford Chance is a second tier firm,

Clifford Chance assisted EDF with its landmark joint venture agreement with Enel to develop nuclear power in Italy.

Legal market overview

Within Legal market overview,

Domestic legal giant Gianni, Origoni, Grippo & Partners recently recruited Allen & Overy – Studio Legale Associato’s former litgation head Alberto Nanni and reinforced its ranks in Padua with the arrival of corporate partner, Paolo Brugnera, and financial institutions litigator Paolo Gnignati from Simmons & Simmons, whose Rome office also endured several partner and associate departures to DLA Piper. Norton Rose Studio Legale launched a new antitrust department in Milan when Andrea Zulli joined from Linklaters. Clifford Chance witnessed another spinoff when Massimo La Torre left to form Grasso La Torre Morgese Cesàro and founding partner Gianfranco Negri-Clementi left NCTM Studio Legale Associato to form Negri-Clementi Studio Legale Associato.

Real estate

Within Real estate, Clifford Chance is a second tier firm,

Clifford Chance remains involved in the Italian real estate sector’s major deals. FIMIT SGR was advised on the launch of a new fund and Standard Life assisted with the acquisition of a company owning a to-be-developed commercial centre in northern Italy. Paolo Rulli is ‘an excellent lawyer’.

Restructuring and insolvency

Within Restructuring and insolvency, Clifford Chance is a third tier firm,

Clifford Chance’s banking partners Charles Adams and Giuseppe De Palma received numerous instructions from financial institutions to restructure financial debt and to act in connection with work-outs of leverage finance and real estate loans, derivatives transactions and other financial instruments. Corporate partner Alberta Figari ‘always solves problems quickly’. Insolvency specialist Fabio Guastadisegni frequently assists trustees in bankruptcy proceedings.

Tax

Within Tax, tier 5

Clifford Chance advises on all aspects of tax in complex transactions and has significant experience in the structuring and financing of inbound and outbound investments. The practice assisted with the tax structuring aspects of Intesa San Paolo’s launch of the first bond issued directly by an Italian issuer for investment by US participants in DTC.

What we say worldwide

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Czech Republic

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Algeria

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France

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Ghana

Hong Kong

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Indonesia

India

Italy

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Japan

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Kuwait

London

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Netherlands

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Oman

Philippines

Poland

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Qatar

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Romania

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Russia

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Singapore

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South Korea

Taiwan

Thailand

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Tunisia

Turkey

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Ukraine

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United States

Offices in Washington DC, New York, and Menlo Park

Vietnam

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