3/50 Belgium
Belgium
Chamber of commerce: Professional bodies:
Federation of Chambers of Commerce and Orde van Vlaamse Balies Ordre des Barreaux Francophones et
Industry of Belgium Koningsstraat 148 Germanophones de Belgique
Avenue Louise 500 1000 Brussels La Maison de l’Avocat
1050 Brussels Belgium Avenue de la Toison d’Or, 65
Belgium Tel: +32 2 227 5470 B-1060 Brussels
Tel: +32 2 209 0550 Fax: +32 2 227 5479 Tel: +32 2 648 2098
Fax: +32 2 209 0568 Email: info@advocaat.be Fax: +32 2 648 1167
Email: fedcci@cci.be Web: www.advocaat.be Email: info@avocats.be
Web: www.cci.be Web: www.avocats.be
New financial supervision (banks, insurance companies, investment The expropriation of shareholders of
architecture and emergency firms, pension funds, fund managers, etc.) systemically important financial institutions
powers and the supervision of financial markets The government is empowered to force the
(takeovers, IPOs, control of information pub- sale of assets or shares in Belgian banks, insur-
Etienne Dessy and Stefaan Loosveld lished by listed companies, market abuse, ance companies, and clearing and settlement
Linklaters etc.). institutions where their legal, financial,
Brussels Following the June 2009 recommenda- accounting or structural situation threatens
tions of the Belgian High Level Committee the stability of the Belgian or international
Belgium is no exception to the global financial for a new Financial Architecture - a special financial system.
crisis. Its financial system and its overall econ-
committee set up by the Belgian Government This expropriation regime has been creat-
omy have been seriously affected by the to address the future of financial regulation in ed with a view to facilitating, for example, the
downturn. Post-crisis reforms are progressive- Belgium - the Belgian Parliament voted in ring-fencing of risky assets and their swift
ly taking shape. May 2010 for a law that revisits the current transfer to so-called bad banks or the transfer
The bulk of the regulatory reform initia- supervision model and moves towards a new of the entire share capital of a financial insti-
tives are currently being discussed at twin peaks supervision structure where micro- tution to a new shareholder which is capable
European level (adjustment of the capital prudential supervision of financial institutions of financially supporting the failing institu-
requirements of financial institutions, is transferred to the National Bank of Belgium tion.
bankers’ remuneration, centralisation of (NBB), which would also be in charge of Technically speaking, any such expropria-
derivatives trading, regulation of alternative macro-prudential and financial stability tion will have to be adopted by Royal Decree
investment fund managers, regulation of cred- supervision. and will be subject to confirmation by the
it rating agencies, corporate governance of Under this new twin peaks model, the Brussels Court of first instance in accordance
financial institutions, etc.) and Belgium will, CBFA would remain in charge of the supervi- with a fast-track procedure specifically
in the coming years, be invited to transpose sion of financial markets (and related conduct designed to that effect. If the court determines
into Belgian law the reforms adopted at of business rules) and would receive addition- that the expropriation is lawful and the
European level. al functions with respect to the protection of indemnity is fair, then the expropriation may
But the reform of the financial sector in consumers of financial products and the proceed, regardless of any existing statutory or
Belgium is not limited to the transposition of supervision of certain financial intermediaries contractual approval, pre-emption or similar
European initiatives. The financial crisis high- (insurance brokers, credit brokers, financial rights.
lighted certain weaknesses of our local finan- planners, etc.). No appeal or other recourse is possible
cial system that can be adjusted independent- The effective organisation and date of against that decision, with certain exceptions
ly from current European initiatives. entry into force of this new twin peaks super- such as the right for the expropriated persons
We describe below two key Belgian initia- vision model remain uncertain. Most of the to request within two months a revision of the
tives that have been adopted with a view to practical aspects of the new model still need to indemnity amount.
strengthening the Belgian financial sector: (i) be detailed in Royal Decrees, which are yet to
the creation of a new twin peaks supervisory be adopted. The temporary freezing of contractual obliga-
model; and (ii) the adoption of new emer- tions of financial institutions
gency measures to prevent and/or better man- New emergency measures If the CBFA determines that any Belgian
age the failure of financial institutions. The Belgian legislator has adopted new mea- bank, insurance undertaking or investment
sures to manage the failure of Belgian finan- firm – whether or not systemically important
Belgium’s revised supervisory architecture cial institutions. Those measures, which are – is not functioning in line with Belgian pru-
Since the entry into force of the Belgian Law set out in a Law of 2 June 2002, are twofold: dential rules and/or that its financial, account-
of 2 August 2002, the supervision of the (i) the expropriation of shareholders of sys- ing or structural situation requires remedial
Belgian financial sector has been concentrated temically important financial institutions; and action, the CBFA can suspend the activities of
in the hands of a single regulator - the Belgian (ii) the temporary freezing of contractual the failing institution, including the freezing
Banking, Finance and Insurance Commission obligations of financial institutions. of its contractual obligations with third par-
(CBFA) - in charge of the micro-prudential ties. Such a decision can be taken with imme-
supervision of all Belgian financial institutions
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Belgium 3/51
diate effect by the CBFA is case of extreme and are providing firms with a lot of work. On with us and there is always a partner available
urgency. the equity side, there has been an increased to intervene when necessary,” says one client.
The freezing of contractual obligations sign of equity in the markets although it
could possibly take the form of a prohibition should be noted that this is still in the early Leading lawyers
on customers from withdrawing cash or secu- stages. The IPO market has been more active Sylvia Kierszenbaum
rities from bank accounts, or claiming pro- than previous years and lawyers are seeing Dirk Meeus
ceeds from insurance contracts. The question more issues in the pipeline. Rights issues are
arises whether such measures could prevent another trend that is visible in the market.
contractual set-off arrangements from pro- Linklaters
ducing their effects or otherwise affect the Linklaters saw the departure of leading lawyer
proper functioning of the inter-banking mar- Allen & Overy Frédéric Falla to Forest Value Investment
ket. Allen and Overy is one of the best-known Management in October 2009; however given
Finally, the Law of 2 June 2010 also carves firms in Belgium and is recognised for its the array of talent at the firm it has not missed
out financial institutions from the application work in the capital markets field. a beat, attracting a wide range of work
of the Belgian judicial restructuring regime as Commentators note that the firm is one of the throughout the year.
laid down in the Law of 31 January 2009, i.e. market leaders and benefits from its interna- Clients have commended the firm on the
the Belgian equivalent of the US Chapter 11 tional network. One rival partner says: “They way in which they handle their workload.
procedure. are lucky to have the international network, it “We are always pleased by the quality and
puts them in a very good position for gaining responsiveness of the firm, they are always
the best clients.” very thorough,” a client says.
Many of Allen and Overy’s clients appreci- Belgium saw a rise in bond transactions
ate its approach and strong team: “The firm is this year and Linklaters has been busy advis-
Capital markets very good; they are responsive and provide a ing on some new issues. Acting on the man-
quick turn-around.” says one. The first half of ager’s side, the firm worked on Fluxys’ 350
Recommended firms the year saw Hans Kets being promoted into million issue and the 225 million issue by
Tier 1 the partnership of the firm. Nyrstar in March 2010. Acting on the issuer
Allen & Overy “The firm is just getting better and better. side, the firm represented GDF Suez on its
Cleary Gottlieb Steen & Hamilton You cannot fault them on their reputation; 750 million bond issue in January 2009.
Linklaters they live up to the standard.” one rival partner The firm also continued its London office’s
says. work with utilities providers, advising Elia on
Tier 2 Dirk Meeus and Sophie Rutten advised its 1 billion debt issue in April 2009.
Baker & McKenzie Van de Velde Holding on its 16 million Another trend that hit the markets was the
Clifford Chance block trade and a restructuring involving the emergence of convertible bond transactions.
Freshfields Bruckhaus Deringer buyout of Karel Van de Velde. Peers admire Acting on the issuer side, Linklaters advised
Stibbe Dirk Meeus’s style: “He is an outstanding Euronav on its 150 million issue in August.
lawyer, very respectable and very capable.” A The firm also advised UCB on its 500 mil-
Tier 3 client adds: “We were very pleased with him, lion convertible issue in September 2009.
Eubelius he is efficient and flexible. He has great prob- “They are very precise, they work to every
NautaDutilh lem-solving skills.” single small detail and are very professional,”
White & Case The firm advised UBS and JPMorgan on says a client.
an 1.6billion debt buy-back for cash
Tier 4 launched by KBC bank for four series of out- Leading lawyers
Ashurst standing tier one securities. This was the first Jean-Pierre Blumberg
Loyens and Loeff debt buy-back launched by a credit institution François De Bauw
in the Belgian market. Jean-Marie Nelissen Grade
The Belgian capital markets have kept lawyers A highlight this year for the firm was rep-
consistently happy over the last 12 months. resenting international chemicals company,
“The work has been constant and definitely Taminco, and its shareholders, on the aborted Baker & McKenzie
picked up from what we were experiencing a IPO on Euronext Brussels. The transaction Baker & McKenzie retains its top-tier posi-
year ago,” says one partner. The capital mar- included a 144A placement in the US. tion again this year after commentators noted
kets are presenting opportunities to both The firm advised on the issuance of 750 that the firm has been active on some promi-
investors and legal advisors. “There are win- million notes for global pharmaceutical com- nent deals. “We see the firm around on some
dows of opportunity at the moment; it is pany UCB. The bond issue, which is set to top deals. They have been quite active,” says a
keeping lawyers and investors quite hopeful.” mature in 2014, has a coupon of 5.75% and rival partner.
Bond issues have also returned to the mar- was led by BNP Paribas, Fortis, KBC and A client says: “The firm is really good, we
ket, providing clients with a different source ING. Clients appreciated the availability of are very happy with them.”
of financing and law firms with a regular lawyers. Nyrstar was a good client of the firm this
amount of work. “We see a regular amount of The team also acted for ING as the under- year. Koen Vanhaerents led a team advising
bond issues, at constant intervals, that are writer on the 20 million rights issue of Nyrstar on the issuance of its 7% senior unse-
promising for us and the market,” says one Belgian Wireless Internet device maker, cured convertible bonds that tapped the mar-
partner. Option. ket in July 2009. The issue is set to mature in
The energy sector, construction industries “What we expect from the lawyers is what 2014 and is listed on the Euro MTF (Multi-
and biotech sectors have all been very active we get. They maintained a good relationship
2011 EDITION www.iflr1000.com
3/52 Belgium
lateral Trading Facility) Market of the “The firm is top-notch, they provide a top- Jan Peeters led the team on this deal. “He is
Luxembourg Stock Exchange. notch service, in my opinion they are one of clever, innovative, creative and brilliant at seek-
Antoine De Raeve followed up in April the best,” says one client. ing solutions,” says one client about Peeters.
2010, leading a team advising Nyrstar on its Another client praises Peeters for his
225 million issue of fixed-rate bonds due Leading lawyers approach and skills. “We have known Ivan in
2015. Philippe Hamer this field for a long time, there are very few
Peers appreciate De Raeve’s style: “He is a Yves Herickx experts in Belgium, and he is one of them. He
strong, pragmatic lawyer who has strong busi- is very diligent, he meets deadlines and delivers
ness instincts.” on quality,” says one client.
Baker & McKenzie was also counsel to Freshfields Bruckhaus Deringer Peeters was also active in the securitisation
Devgen for a private placement for 15 mil- “Freshfields handled our deal excellently, we saw market, acting for Dexia Bank Belgium on the
lion. them throughout the deal,” says one client. structuring and implementation of a 5.06 bil-
Commentators have noted that the firm has lion transaction for the securitisation of a port-
Leading lawyers been visible on transactions and has a strong folio of selected public finance loans.
Antoine De Raeve presence within the Belgian markets. Fortis Bank also mandated Peeters on its
Peter Leys One client says, “I admire the lawyers at this 30 billion ongoing RMBS programme. The
Koen Vanhaerents firm. They are very much liked.” first issue was in June 2008 for 15 billion. The
The firm this year advised Fluxy’s on its second and third tranches were issued in the dif-
350 million bond issue, which hit the market ficult securitisation markets of December 2008
Clifford Chance in November 2009. One rival partner says: and April 2009, both for 1.5 billion.
Clifford Chance’s capital market practice has “The firm is doing well in this area, we are see- Pascal Vanden Borre was also active, advising
had another successful year, gaining strong ing more of them.” Vincent Macq also advised Punch International and Accentis on its 150
recognition from the market. “We have seen D’Ieteren on its 150 million bond issue. million share issue. The offer was followed by a
Clifford Chance around, they have been active On the equity side, Geert Verhoeven acted public mandatory offer by Punch on all shares
in the last twelve months,” a rival partner says. for biotech company Movetis on an 100 mil- issued by Accentis. Stibbe acted on behalf of the
The firm has been recognised by clients for lion IPO. Freshfields also represented UBS and issuer and new majority shareholder, in respect
its timely responses and hard-working approach KBC Securities on Ablynx’s secondary public to the issue and listings of the shares and the
to a transaction. One client says: “They are very offering worth 50 million. take-over.
efficient, very fast and do a quick turn-around. One rival partner says: “Vincent Macq is “We got different services from Stibbe. They
They interact with the client, and respond well-known in the market, he has a great repu- worked closely, productively and very tightly
quickly to the clients needs.” A rival partner tation in the Belgian markets and is very prag- with us and they are great at problem solu-
adds: “Clifford Chance has a great reputation in matic.” tions,” says a client.
Belgium, they are clearly very good at main-
taining relationships with their clients.” Leading lawyers Leading lawyers
The firm this year advised Petercam, KBC Vincent Macq Ivan Peeters
Securities and Jefferies International on Geert Verhoeven Jan Peeters
Thrombogenics’s 42 million private place- Pascal Vanden Borre
ment of new shares through an accelerated book
building, including an offer in the US to quali- Stibbe
fied institutional buyers. Stibbe has held its tier two position again this Other ranked firms
Yves Herinckx worked alongside London year by maintaining a stable capital markets Cleary Gottlieb Steen & Hamilton’s capital
partner Simon Sinclair to represent HSBC on practice. “Stibbe are doing well in the tough markets team has had a fairly busy year in
the Euronav convertible bond issue worth market, they are improving as a firm and we Belgium, and commentators were quick to
150 million. The transaction took place in a are certainly seeing them around more and point out the skills and attributes that lawyers
difficult market environment and was one of a more,” says a rival partner. from the firm posses. One rival partner says:
very few issues by a Belgian listed company in Clients appreciate Stibbe’s quality and “Jan Meyers is one of the leading lawyers of
the maritime transport sector that was severely responsiveness the firm provides. “I was this industry.”
affected by the crisis. happy, the timings they are very good, they The firm has been commended on its pro-
Clients and colleagues have recognised Yves did several transactions in a timely fashion. fessional approach it takes: “Cleary are a great
Herinckx as an asset to the team. “I admire his They are one of the few firms that have special firm, in fact I think they are one of the best in
approach, he is a hard working lawyer, that is expertise and really understand the client’s Belgium. They are very professional and very
straight to the point,” says one rival partner. A needs,” says a client. thorough,” says one client.
client adds: “He is an intelligent lawyer, who is One highlight this year saw the firm advise Leading lawyers: Jan Meyers
hard-working, I like having him on my side.” BNP Paribas and Fortis Bank on the setting While not particularly visible to peers,
Herinckx also counselled EDF up of a 25 billion asset backed securities Eubelius was still active this year, with one
Investissements Group when it tapped the bond programme, which was backed by loans from highlight advising the issuers of a 500 mil-
market with its 850 million issue. small and medium-sized enterprises (SME) in lion convertible bonds for a biopharmaceuti-
The team at Clifford Chance also instructed Belgium. This was the first ever securitisation cal company in October 2009.
Royal Park Investments and Royal Park transaction in Belgium using SME loans. Leading lawyers: Lars Van Bever
Investments Funding Corporations on a US Another highlight this year saw Stibbe assist White & Case moves up a tier this year after
short-term notes programme worth $6 billion the Flemish Community on the set-up of its colleagues and clients noted the presence it has
and guaranteed by the Kingdom of Belgium. EMTN programme and the issue by the within the market place. “White & Case have
Flemish Community of 2.5 billion of notes. been working on some good deals this year, they
www.iflr1000.com 2011 EDITION
Belgium 3/53
have been active,” a rival partner says. A client The banking and project finance markets are Leading lawyers
adds: “They are an excellent firm, with great progressing slowly and providing firms with Peter Bienenstock
capabilities.” some work on a gradual pace. But the effects Sylvia Kierszenbaum
The firm advised BNP Paribas Fortis as lead of the financial crisis are still very apparent in Filip Tanghe
manager of a 150 million issue of public the Belgian market.
bonds by Aquafin. “They are very good in bond Banks are active but are showing much less
transactions, they are good at negotiating,” a leniency towards its borrower clients. One Clifford Chance
client says. partner says, “Banks are lending, but they are Clifford Chance’s banking department has
Thierry Bosly has been praised by clients being a lot stricter.” managed to secure its tier one position,
and colleagues for his capital markets work. “He The traditional banks have been saved and recording another successful year and working
is always available, he is excellent, and his nego- are very active in the market at the moment; on some notable transactions. “The firm is
tiation skills are top,” a client says. Belgium is gradually seeing new money come very good, they work in a timely fashion and
A rival partner adds: “His expertise in capi- into play. The foreign banks are present and the quality that they produce is very thor-
tal markets area is great, he is great with a hard are more actively seen on Belgian club deals, ough,” one client says.
client.” and typically lending to borrowers. The firm has managed to keep a strong
Leading lawyers: Thierry Bosly The energy sectors have provided banks network of clients again, this has been repre-
with a substantial amount of work. sented among their transactions that they
The situation in the market has made have been active on. “They have a great client
Other notable firms clients aware of fee pressure. “Clients are database,” says one rival partner.
Van Bael & Bellis assisted Canon in relation shopping around a lot more, there is a huge Bert De Maeyer acted for Green Power
to the public acquisition of an important par- fee pressure on clients,” says a partner. Development Fund, one of Belgium’s largest
ticipation in Iris Group, a Brussels listed tech- Lawyers are hopeful that they are seeing onshore wind portfolios, across 15 wind
nology company. This deal was one of the few more signs of recovery in the market, and with farms.
equity capital market transactions of 2009. a few more deals in the pipeline they are hope- Another notable transaction saw the firm
Leading lawyers: Michel Bonne and Pascal ful that 2011 will provide a more solid deal continue its work for the Belgian state in
Faes flow. establishing a set of guarantees and other sup-
Liedekerke Wolters Waelbroeck port measures for various financial institu-
Kirkpatrick advised Sica on one of the very tions such as KBC, Dexia, Fortis and Holding
few IPOs after the financial crisis. Patrick Allen & Overy Communal following the financial crisis.
della Faille led the 5 million transaction “The firm has the international capacity and Elsewhere, Clifford Chance advised
which was closed in October 2009. benefits, this is one of the reasons we usually Commerzbank, Dexia Bank, ING Bank,
Leading lawyers: Patrick della Faille call them,” says a client. Lloyds TSB as lenders over amendments to an
Allen & Overy’s banking practice has been existing 286 million facility granted to the
Banking and project finance commended by clients for the network and Euroports group.
the relationship that the team in Brussels and
Recommended firms London possess. “We used them for project- Leading lawyers
Tier 1 based things, they are very focused and their Yves Herickx
Allen & Overy responses are very timely. Once you start
Clifford Chance using them, you just continue,” one client
Linklaters says. Linklaters
The firm advised ASN Bank, Dexia and “Linklaters remain a key player in the market
Tier 2 Rabobank as mandated lead managers on the place, they are in the same league as Clifford
Baker & McKenzie 600 million financing for the construction Chance and Allen & Overy,” says a rival part-
Stibbe and the operation by Belwind of the 165MW ner.
first phase of the Blight Bank offshore wind Clients appreciate the strong team and
Tier 3 farm. A rival partner says: “We always see the approach that the lawyers and partners have
Eubelius firm on the big transactions. They are a good adopted. “The lawyers at Linklaters have a
Freshfields firm.” clear opinion and that is something you want
Loyens & Loeff The team at Allen & Overy also advised in a lawyer. You want them to advise you and
NautaDutilh the Dutch private-equity firm Bencis on the not the other way around,” says a client.
White & Case financing for its acquisition of the Smulders Another client adds: “The quality is very
Group, an international steel processing high, they have great technical skills. The
Tier 4 group. “We are very happy with the services capabilities expectations are very high.”
Altius provided from the firm,” one client says. The firm assisted BNP Paribas Fortis and
Ashurst Peter Bienenstock has been praised by Fortis Real Estate with the structuring and the
CMS DeBacker clients and peers for his approach and style. negotiation of the financing of the Flemish
Laga “He is a pragmatic lawyer, it is always great to School Infrastructure Project, set up by the
Liedekerke Wolters Waelbroeck Kirkpatrick have him on our side,” says one client. A rival Flemish Community.
Lydian partner adds: “He has the proven skills in all On the banking side, the firm acted for
Simont Braun fields of expertise.” Hansen Transmissions International on vari-
ous amendments to its 260 million syndi-
cated facilities agreement. The firm also acted
2011 EDITION www.iflr1000.com
3/54 Belgium
for various subsidiaries of Sappi on the com- Clients point out that Ivan Peeters and Jan “Altius are brilliant,” says one client. The
pany’s 1 billion refinancing. Peeters are two of the most prominent lawyers firm has been developing its client base over
“We chose them because of their reputa- in Belgium. “They are among the best in the the last 12 months, working for a number of
tion in Belgium and the firm lived up it. We market. Both the lawyers have similar skills, international and local banks.
would certainly choose to work with them but I can easily say that they are two of the This year the firm acted for Barclays
again,” one client says. best to whom I have worked with,” says a Capital on a credit restructuring for
client. O’Mahony Holding, involving several multi-
Leading lawyers “They are professional, pragmatic and million facility agreements.
Jacques Richelle have great expertise. One of the main reasons Laga has expanded its team this year,
that I am always happy to work with this adding a number of associates to its ranks. A
firm.” highlight this year saw the firm advise Barco
Baker & McKenzie This year Jan Peeters advised the Belgian on an 85 million syndicated credit facility.
“One of the best international firms in buildings agency, La Régie des Bâtiments, on Simont Braun retains its tier four position
Brussels; as we are dealing with international a PPP project for four new prison compounds this year after rival partners appreciate the
banks, we want the best, this is why we chose worth 250 million. firm’s work: “The quality of work is very
Baker & McKenzie,” says one client. Baker & good,” says one.
McKenzie has built a strong client database Leading lawyers The firm has recently been advising for-
over the last twelve months and have managed Ivan Peeters eign issuers in relation to bond issues in
to keep a stable banking practice active in Jan Peeters Belgium.
Belgium.
Peers across the table have also noticed Mergers and acquisitions
Baker’s prowess. “The firm is doing well, they Other ranked firms
have some good transactions in the pipeline at Eubelius acted for Deutsche Bank and other Recommended firms
the moment,” one partner says. syndicate members for its 3.5 billion multi- Tier 1
The reputation of the firm’s partners is facility credit facility to Continental Group. Allen & Overy
high in client’s eyes, whilst the juniors still The transaction, still ongoing, was led by Cleary Gottlieb Steen & Hamilton
have a lot more work to do before they can Marieke Wyckaert and Sven Bogaerts. Linklaters
reach the same level. “The juniors do not fol- Leading lawyers: Marieke Wyckaert and Sven
low the same quality of the partners; the part- Bogaerts. Tier 2
ners are worth their money,” a client says. “The lawyers are very client-focused, hard- Stibbe
A rival partner says: “Antoine De Raeve is working and pragmatic,” says one client of
a fantastic lawyer, I usually send conflicts of Freshfields Bruckhaus Deringer. Tier 3
interest to him.” A client adds: “He worked The firm advised Bam PPP on the 80 Baker & McKenzie
closely with us on deals, having his expertise million Kantienberg PPP project relating to Clifford Chance
involved was very helpful. He is a real asset to the student housing around the University of Eubelius
Baker & McKenzie.” Ghent. This deal was the first accommodation Freshfields Bruckhaus Deringer
This year the firm acted as counsel for BNP PPP in Belgium. The 80 million deal was Loyens & Loeff
Paribas, Fortis and Royal Bank of Scotland in a led by Charles-Antoine Leunen. NautaDutilh
70 million financing for car leasing company Leading lawyers: Charles-Antoine Leunen White & Case
Excelease. The transaction closed in early Loyens & Loeff had a busy year. The firm
January 2010 and marked Excelease’s first steps acted as counsel to ASN Bank on the financ- Tier 4
into the syndicated loan market. ing of the construction and operation of a Altius
The team also represented 4Energy Invest 4,385KW industrial rooftop photovoltaic DLA Piper
and a syndicate of banks led by ING Belgium power installation by Enfinity on the site of Laga
and KBC Bank in connection with the 50 Balta Industries. Liedekerke Wolters Waelbroeck Kirkpatrick
million project financing of the design, con- Marc Vermylen led the team for this trans- Lydian
struction, operation and maintenance of a action and it was closed in February 2010. Van Bael & Bellis
biomass power plant in Ham, Belgium. Leading lawyers: Marc Vermylen Willkie Farr & Gallagher
NautaDutilh advised on the Belgian
Leading lawyers aspects of the restructuring of the David The Belgian M&A market has shown little
Antoine De Raeve Lloyd Real Estate & Business and the financ- change over the last 12 months, and lawyers
ing of the David Lloyd companies in Belgium are still experiencing a quiet market. “The
by means of credit facilities granted by the economy isn’t bright right now, work is quite
Stibbe Bank of Scotland. slow,” says one commentator.
Stibbe’s hard work and maintenance of work Leading lawyers: Didier De Vliegher and The financial services sector, banking and
on substantial deals has been seen by both Yvette Verleisdonk energy sectors and media sectors have been
rivals and peers this year. A rival partner says: White & Case advised Agfa Graphics on providing firms with some work. Price pres-
“Their presence in the market is noted.” the validity and enforceability of Belgian law sures are not apparent in this field, as quality
The hire of Ivan Peeters from Freshfields guarantees issued by Agfa’s Turkish and of work is more important for clients and a
Bruckhaus Deringer in May 2007 has boosted Russian suppliers to the benefit of Agfa need to find solutions. “There is little pressure
Stibbe’s banking and project finance practice. Graphics. The deal was closed by Gisèle of fees, it is a matter of survival,” a partner
“He is a brilliant lawyer, he is hardworking, Rosselle. says.
technical and precise,” says one client. Leading lawyers: Gisèle Rosselle.
www.iflr1000.com 2011 EDITION
Belgium 3/55
Allen & Overy Dexia retains, from the insurance business Stibbe
Once again, Allen & Overy finds itself within being sold to Assured. “The firm is excellent, they have a high level
the top tier, after rivals noted its high perfor- The team was also counsel to BNP Paribas of standards and of services, they have really
mance levels. “The firm is one of the best in in its acquisition of a 75% stake in Fortis developed,” says one client. A partner adds:
Belgium, you cannot fault them,” says one Bank and in strategic partnership with Fortis “They are improving in this area, they are
rival partner. Insurance, including the transfer of 12.4 doing better than previously, and we are see-
“The firm is good and the mixture of billion worth of impaired assets from Fortis ing them around a lot more.” Peers and clients
lawyers is also good, the skills they posses are Bank to a defeasance vehicle and funding acknowledge that the firm has been keeping
all very different, but at the same time all very arrangements for this vehicle. The transaction active over the last 12 months, despite the lack
important to the development of the firm,” a involved a series of complex finance arrange- of work in the market at present.
client says. ments intended to relieve the balance sheet of A rival partner says: “They are a fantastic
The firm this year advised media company Fortis Bank from risks associated with firm, we have a lot of respect for them, they
De Vijver on a joint venture agreement with impaired assets include in Fortis Bank’s port- have worked on some great transactions.”
Sanoma which resulted in the latter taking a folio of financial assets. Jan Peeters led the team on the transaction
25% participation in De Vijver’s subsidiary Another noteworthy transaction this year for Chevron on the renewal of its Arteco joint
Woestijnvis, a television and film production was work for Ackerans & van Haaren in the venture with Total Covering. Peers and clients
company, and De Vijver taking a 49% partic- establishment of its Max Green joint venture appreciate Peeters’ approach and hard-work.
ipation in a Newco to which Sanoma will with Electrabel for the production of renew- “He is highly regarded in my book, he is
transfer all its current activities relating to the able energy. among the best in the market, an outstanding
weekly magazine ‘Humo’. Cleary was also counsel to Vandermoortele lawyer,” says a rival partner. A client adds: “He
The team at Allen & Overy also acted for in connection with a 75 million quasi-equi- is always great to work with; he is precise and
Centria on its acquisition of an additional ty investment by GIMV and GIMV XL. always driven to the client’s needs.”
50% in Segebel, owner of 51% of the shares “The firm is doing really well, and is one of Pascal Vanden Borre led the team for
in SPE, Belgium’s second largest electricity the best in Belgium,” a partner says. Vandemoortele on the 325 million divest-
producer and retailer, from GDF Suez, for ment of its soy food division known under the
515 million. The company also announced Leading lawyers trademarks Alpro and Provamel, to the US
the 1.3 million sale of its entire stake in SPE Laurent Legein Dean Foods Company and the acquisition of
to EDF. Jan Meyers the French bakery group, Panavi.
Another deal the firm instructed on was Marc Fyon acted for Australian company
for Electrawinds, the green energy company, Amcor on the completion of its acquisition of
on investments by Flemish investment com- Linklaters the European packaging business of Rio Tinto
pany ParticipatieMaatschappij Vlaanderen. Despite the lack of work in the market, Alcan following the merger between the two
“They have a presence in the Belgian mar- Linklaters has managed to retain its tier one global mining companies. The deal was val-
ket,” a partner says about the firm. position after market commentators describe ued at $2 billion ( 1.5 billion).
Linklaters are a dominant force in Belgium. A client says: “The context of working
Leading lawyers One client says: “Fantastic firm, very helpful alongside a big law firm is not always easy, but
Dirk Meeus and have a strong understanding of the finan- we have really developed our relationships
Wouter Van de Voorde cial markets.” with Stibbe. Marc is good at maintaining
Pascal Weerts The firm advised on the sale of Electrabel these relationships; his skills specifically lie on
on its 38.5% stake in Fluxys to Publigas. The the negotiation side.”
deal was valued at 636 million and was led
Cleary Gottlieb Steen & by Jean-Marie Nelissen Grade. Leading lawyers
Hamilton The team at Linklaters also assisted Suzlon Marc Fyon
“Cleary Gottlieb are the Rolls-Royce of on its placing of depository interests in Jan Peeters
Belgian law firms, they have top lawyers, great Hansen Transmissions International.
business understanding and the highest stan- On the private-equity side the firm advised
dards, they are simply a class apart from other CVC Capital Partners in relation to its acqui- Freshfields Bruckhaus Deringer
law firms,” says one client. The firm holds its sition of Post Denmark’s stake in the Belgian Freshfields Bruckhaus Deringer moves down a
tier one position due to the quality and power Post, within the framework of the merger tier this year as commentators note the lack of
it possesses in the market. between the Danish Post and Swedish Post. visibility the firm has in the market place, and
A client says: “They are very accommodat- Negotiations on the deal included several a sense that the firm has not developed its
ing, and a have great knowledge of the legal politically sensitive elements such as the fact Belgian practice away from its UK referral
markets, they are very good.” the Belgian state would be confronted with a base. “My concerns about the firm are that we
The firm this year acted for Dexia in the private-equity player being the sole other haven’t seen them much this year. They are
$800 million sale of its US monoline insur- shareholder. well known for EU Competition but their
ance subsidiary, Financial Security Assurance M&A practice really takes a back seat,” says a
(FSA), to Assured Guaranty in July 2009. The Leading lawyers peer. “They thrive on the UK reputation and
transaction involved, in addition to its M&A François De Bauw are not so keen on developing the Belgian rep-
components, a series of retained-liability Paul Van Hooghten utation,” says another.
arrangements and structured finance transac- Jean-Marie Nelissen Grade Nevertheless, commentators appreciate the
tions intended primarily to separate the 15 firm’s lawyers and their approach. “The firm
billion financial products unit of FSA, which has some fine lawyers, who are hard-working
and very technical,” says a competitor. A
2011 EDITION www.iflr1000.com
3/56 Belgium
client adds: “What we like about the firm is Loyens & Loeff retains its tier three posi- EU competition
that the lawyers don’t stand on the sidelines tion this year after working on a raft of deals.
they are very productive, they really get The firm acted as counsel to Amsterdam Recommended firms
involved. The lawyers are very accessible, and Commodities in its acquisition of Snick Tier 1
always on top of the file.” Ingredients. Clearly Gottlieb Steen & Hamilton
While the firm hasn’t been particularly vis- Leading lawyers: Peter Callens Freshfields Bruckhaus Deringer
ible of late, it does have a very strong track NautaDutilh assisted Daniel Weekers and Linklaters
record which puts it among the top law firms the other sellers in the sale of a controlling stake Slaughter and May
in Belgium. In fact, the firm advised on the in the Euronext-listed company Deficom
11 billion sale of Fortis Bank to BNP Group to the Franklin Group, which owns Tier 2
Paribas, which stole the headlines during the Batibouw and the Crazy Horse. This deal was Allen & Overy
financial crisis of 2009. The transaction that one of the only ones involving the sale of con- Ashurst
was led by Chris Sunt was a complicated deal trolling stake holding in a Brussels-listed com- Clifford Chance
and involved the Belgian state that owned pany in 2009, and the transaction was followed Gleiss Lutz
49.9% in Fortis, to further participate in by a mandatory takeover bid for the remaining Hogan Lovells
Fortis Bank to become the 99.3% sharehold- shares of the Deficom Group. Howrey
er of Fortis Bank and resell 75% to BNP Leading lawyers: Dirk van Gerven Jones Day
Paribas. “Altius are a good firm,” says one rival part- Latham & Watkins
Geert Verhoeven also led a team on the ner. The firm advised the Italian international Skadden Arps Slate Meagher & Flom
sale by Solvay of its entire pharmaceutical oil and gas company Eni last year in connec- Van Bael & Bellis
business to Abbot Labortories for 5.4 bil- tion with its acquisition of a majority share-
lion. The transaction involved over 60 coun- holding in the listed Belgian energy company Tier 3
tries in a heavily regulated market. Distrigas from Suez-Tractebel and the subse- Arnold & Porter
The firm also acted for Belisol, a Belgian quent tender offer and squeeze-out bid by ENI Baker & McKenzie
company supplying doors and windows to the on the remaining shares of Distrigas. The deal Bonelli Erede Pappalardo
consumer market in Belgium, France and the was worth 5 billion. Bredin Prat
Netherlands, on the sale of a 50% participa- Leading lawyers: Carine Van Regenmortel Cuatrecasas Gonçalves Pereira
tion in Belisol to FL Invest. Laga represented Picanol with the legal Herbert Smith
“A good firm; I am quite happy with the aspects of the capital increase, the exit of Hengeler Mueller
services received,” says one client. minority shareholders and of the 15 million McDermott Will & Emery/Stanbrook
public offering of newly issued shares. O’Melveny & Myers
Leading lawyers Leading lawyers: David Roelens Shearman & Sterling
Vincent Macq Liederkerke Wolters Waelbroeck Sidley Austin
Chris Sunt Kirkpatrick advised Fortis on its sale by the Stibbe
Geert Verhoeven Belgian State through the Federal Holding and White & Case
Investment Company to BNP Paribas. The Wilmer Hale
14.5 billion purchase included the Belgian
Other ranked firms and Luxembourg operations of the leading Tier 4
“The firm are quite active in the Belgian mar- bank. Eubelius
ket,” says one rival partner about Baker & Leading lawyers: Thierry Tilquin Garrigues
McKenzie. The firm has had busy year and Van Bael & Bellis moved into tier four this Gibson Dunn & Crutcher
commentators have noted its presence on the year on the back of a strong pipeline of deals. Gide Loyrette Nouel
Belgian market. On one, the firm advised Pfizer on the Belgian Loyens & Loeff
The firm this year advised on the acquisi- aspects of its worldwide acquisition of Wyeth, Mannheimer Swartling
tion by Abbott Laboratories of Belgium-based the largest global acquisition since 2006. NautaDutilh
Solvay Group’s pharmaceutical business. Michel Bonne and Pascal Faes also acted Norton Rose
“They have some good lawyers at Eubelius, alongside De Brauw Blackstone Westbroek to Salans
they do a good job,” says one rival partner. assist Corio on the Belgian aspects of its 1.3 Vinge
Eubelius has had a busy year working on billion acquisition of a shopping centre portfo-
some important transactions. The firm advised lio in Germany, Spain, Portugal and Belgium. The EU Competition market was hardly hit
on the acquisition of 100% shareholding in Leading lawyers: Michel Bonne by the global financial crisis with plenty of
Algonomics, a company active in the field of Simont Braun has this year hired partner transactions being worked on over the last
computational biotechnology, by the Lonza David Ryckaert to boost its corporate offering twelve months. “We are lucky we have not felt
Group. to serve its French-speaking clients. the wrath of it,” says one partner.
Leading lawyers: Marieke Wyckaert The firm was commended on the approach A wave of large, cross-border global merg-
Clifford Chance retains its tier three posi- of its lawyers. “The lawyers are working very ers has continued, and there has been
tion this year after commentators note that the well, fantastically in fact, there is no delay but increased attention to cartels and instructions
firm has had a stable year. only a high level of professionalism and spe- for Article 101 cases. Belgian firms have also
One highlight this year saw the firm advise cialist technical skills on show,” says a client. kept busy with plenty of state aid work. “This
Metris on the 172 million sale to Nikon in One highlight this year was advising the is the pillar of our work,” says one partner.
July last year. buyer of a 50% share in Belisol. This is one of the markets that has gener-
Leading lawyers: Xavier Remy Leading lawyers: David Ryckaert ated work on a global scale at a steady speed
for many firms, and it is expected to continue
www.iflr1000.com 2011 EDITION
Belgium 3/57
at a constant pace over the next twelve really in this practice area, they excel here. A rival partner says: “Slaughter and May
months. They are a top firm practicing antitrust law.” are a class firm. They have a good approach
Another notable transaction saw the firm with clients and a great client database.”
act for 3Com on the antitrust and regulatory Another client adds: “The firm are very quick
Cleary Gottlieb Steen & aspects of the $3 billion acquisition of the and extremely responsive. The quality of the
Hamilton global switching, routing and security solu- work is off a very high standard, I would be
“They are an exceptionally good firm, and the tions provider by Hewlett Packard, including more than happy to use this firm again.”
anti-trust practice is brilliant, they have a merger control advice in the EU, China and Clients appreciate John Boyce’s approach:
strong presence in this market,” says one peer. most of the world. “He is a very good antitrust lawyer, very
Cleary Gottlieb Steen & Hamilton has had a One client says: “They are a firm that han- strategic, very orientated, very thorough,
strong 12 months and commentators have dled our case brilliantly. They are always on without losing sight of results.”
acknowledged its presence in the market top of the file.” The firm this year advised BHP Billiton in
place. The firm has been visible and active on relation to the EU competition law aspects of
some of the largest antitrust cases. Leading lawyers its proposed production joint venture with
Antoine Winckler led the team at Cleary David Broomhall Rio Tinto in relation to both parties’ Western
Gottlieb advising Arkema on two pending Australian iron ore assets.
appeals before the European Court of First John Boyce led the team for the British
Instance seeking to set aside fines of 219 Linklaters Airways (BA) matter on the competition
million and 79 million imposed on it by the Linklaters’ EU competition practice has had a aspects of its proposed alliance with American
European Commission in 2006 for alleged busy year despite the depression in the mar- Airlines and Iberia. The firm is also advising
anticompetitive practices. kets. The firm secured some challenging cases on BA’s £4.4 billion merger with Iberia, which
“Antoine is a great lawyer - he is hard- and was the legal advisor to major banks and will create a new leading European airline
working and always on top of the case,” says a corporations in crisis-related issues. “The firm group.
client. A rival partner adds: “He is a brilliant is very good,” says one client. Another adds: Slaughter and May also represented the
lawyer, top-class and he is always to be up “They are very efficient and client focused.” UK Treasury in connection with state aid and
against. I admire his approach.” Clients commend Gavin Robert and his merger control issues arising from financial
The firm also advised Hewlett-Packard on approach: “He is a good source of state aid stability measures for UK banks. In particular
its acquisition of the 3Com Corporation, a advice to me, he is very knowledgeable. He the firm advised on Lloyds TSB’s announced
provider of networking, switching, routing has an analytic approach, and an effective capital raising plans and the Royal Bank of
and security solutions. The firm also repre- advocacy. He stands up for his client and pro- Scotland’s participation in the UK
sented Borax Europe on a successful case duces the right result,” says one. Government’s Asset Protection Scheme and
before the European Court of First Instance Gerwin Van Gerven and Gavin Robert associated capital injections.
regarding the refusal of access to certain doc- advised Rio Tinto on its $11 billion joint ven- A client says: “Their knowledge is superb,
uments. ture with BHP Billiton covering the entirety they are very thorough.”
A client says: “We chose to work with this of both companies’ Western Australian iron
firm because they are simply the best, and that ore assets and liabilities and with ownership Leading lawyers
is represented in the quality of the lawyers.” split equally between both companies. This is John Boyce
one of the largest industrial joint ventures ever Claire Jeffs
Leading lawyers attempted.
Antoine Winckler The firm is appealing the highest fine that
the European Commission has ever imposed Clifford Chance
in a cartel investigation. In November 2008 Clifford Chance has had a successful year,
Freshfields Bruckhaus Deringer the Commission imposed an 896 million with involvement in some of the biggest
Freshfields Bruckhaus Deringer has had a fine against several Saint-Gobain companies antitrust cases. One client says: “The firm are
busy last 12 months and dominated a strong and fined a number of other manufacturers very quick and extremely responsive. The
portion of the market share. The firm’s EU for an alleged price cartel in the car glass sec- quality of the work is off a very high standard,
competition practice has built a strong repu- tor. This fine attracted a great deal of attention I would be more than happy to use this firm
tation in the Benelux markets. “The firm is from the media, the market and the legal again.”
outstanding, they provide you with legal community. The team suffered a blow in June 2010
knowledge to what a big company needs,” however when the firm lost lead partner and
says one client. Leading lawyers global head of antitrust Simon Baxter to US
David Broomhall has built a strong repu- Gavin Robert firm Skadden Arps Slate Meagher & Flom.
tation in the Benelux markets and has been Gerwin Van Gerven The market will wait to see what effect this
commended by clients across the board: “He has on the firm’s practice.
is a role model of what an antitrust lawyer The firm this year advised Pfizer on its $68
should be,” says one. Slaughter and May billion ( 52 billion) acquisition of rival
One transaction saw the firm act for “The firm are very good. We are very happy Wyeth. The firm secured unconditional
Deutsche Bahn, Europe’s biggest railway oper- with them, they did a lot of good work for phase-one clearance from the European
ator, on the merger control aspects of its us,” says one client. Slaughter and May’s com- Commission for this deal, which comprised
announced £1.6 billion public bid for Arriva, petition department continues to be recog- the largest number of relevant product mar-
Britain’s third biggest transport group. One nised as one of Europe’s leading competition kets ever analysed by the Commission. This
rival partner adds: “The firm’s strengths are practices. merger created the world’s largest healthcare
company and was the largest deal of 2009 for
2011 EDITION www.iflr1000.com
3/58 Belgium
Clifford Chance’s ECR (European Contract Rights Renewal undertakings. In The firm also acted for Nokia Siemens
Competition and Regulation) Group in October 2003, the Competition Commission Network in its acquisition of the carrier-net-
Brussels. recommended approval of the proposed works division and wireless research business
The firm also advised Yahoo on the com- merger of Carlton and Granada to form ITV, of Nortel Networks. This was part of Nortel’s
bination of its online search business with on condition that ITV undertook to price the Chapter 11 restructuring in the US and its
Microsoft. The high-profile transaction pre- sale of ITV1 airtime on the basis of the CRR Company Creditors Arrangement Act pro-
sented antitrust regulators with several issues regime. ceedings in Canada.
that required detailed investigations on both Frederic Depoortere also advised the
sides of the Atlantic. Leading lawyers Pacific Century Group in its $500 million
One rival partner says: “Clifford Chance is Jacques Derenne acquisition of a portion of the investment
an international brand. You cannot fault Alix Müller-Rappard advisory and asset management business of
them.” American International Group.
Leading lawyers Latham & Watkins Leading lawyers
Tony Reeves Over the last 12 months Latham & Watkins Simon Baxter
Thomas Vinje has strengthened its antitrust practice and its Frederic Depoortere
position in the market has been made clearer Nikolaos Peristerakis
with its work on many notable deals that it is
Gleiss Lutz taking on. One rival partner says: “Latham
Gleiss Lutz has had a busy year working on Watkins have a strong reputation. They are an Van Bael & Bellis
some noteworthy transactions. “The firm excellent firm.” Van Bael & Bellis, has gained a strong reputa-
advised us very well. All the lawyers were Clients commend the lawyers at Latham tion for antitrust work by clients and rival
pragmatic, efficient and diligent. They are a & Watkins for their hard work and profes- peers: “They are a brilliant firm that specialise
good bunch,” says a client. sionalism: “The lawyers are superb, they are in antitrust work, their knowledge is bril-
One deal the firm advised on was for Hypo very thorough, client focused, diligent and liant,” says one rival partner. A client adds:
Real Estate including advice on state aid issues always on the ball. We have a lot of respect for “We have used them many times before, they
in relation to input of capital by SoFFin (The them and this is the main reason that we go are very good.”
German state’s Financial Markets Stabilisation back to Latham & Watkins.” Jean-François Bellis and Tim Kasten led
Fund). The complex and very substantial deal The firm this year advised Live Nation in a the team this year to appeal the 900 million
is still ongoing. merger control investigation relating to its fine imposed on Microsoft for alleged non-
Gleiss Lutz is also working on a high-pro- merger with Ticketmaster. compliance with a 2004 decision. One client
file case for Opel regarding the rescue package Another notable transaction saw the firm says: “They are the leaders in the market.
for the car manufacturer. act for Lubeck Airport, Infratil and the city of Jean-François’ knowledge is remarkable. He is
The firm also acted for Papierfabrik Lubeck in several Phase 1 and Phase 2 inves- an asset to the firm.”
Scheufelen on the first EU anti-subsidy pro- tigations by the European Commission into The firm also represented Japan Airlines,
ceeding against the People’s Republic of several alleged grants of state aid to Ryanair, in the proceedings initiated by the commis-
China. Infratil and Lubeck Airport. This transaction sion against more than 20 airlines in the air-
was widely seen as a test case for private state- freight sector. This is one of the largest cartel
Leading lawyers aid law enforcement before national courts. proceedings currently pending before the
Stephan Aubel commission.
Leading lawyers Another notable transaction saw the firm
Eric Barbier de La Serre act for CISAC (the International
Hogan Lovells Confederation of Societies of Authors and
On May 1 2010, Hogan Hartson and Lovells Composers), in a proceeding initiated by the
merged to form Hogan Lovells, and with the Skadden Arps Slate Meagher & Commission against certain provisions of
strong litigation and regulatory background Flom CISAC’s model contract of reciprocal repre-
of both firms, it is a firm that certainly will be Skadden Arps Slate Meagher & Flom retains sentation between national collecting soci-
one to watch over the next couple of years. “I its tier two position this year after commenta- eties.
think the merger will make the firm strong tors noted that the firm has been busy in the A client says: “The service received by the
and they will definitely benefit,” says a peer. market. One client says: “The quality is excel- firm was of a high level. We really found
Clients certainly view the merger as a pos- lent of the firm; they are quick to assess the working with them to be very good.”
itive development: “I think the merger is pos- overall situation.”
itive and I think that there will be more deals The firm pulled off quite a coup in June Leading lawyers
they will be on.” 2010 hiring Clifford Chance’s global head of Jean-François Bellis
Before the merger, a notable role saw the antitrust Simon Baxter. This will no doubt
team advise Alstom Group in a £250 million greatly enhance the team’s capability and
antitrust damages claim brought by the standing in the market. Other ranked firms
National Grid in the UK High Court. Baxter joins a team which is already very Arnold & Porter boosted its antitrust practice
National Grid has sued four companies in active. One highlight this year was advising this year by poaching three of Shearman and
reliance on the Commission’s decision includ- Blackrock in connection with its purchase Sterling’s key partners - Annette Schild, Silvio
ing companies in the Alstom Group. agreement to acquire Barclays Global Cappellari and Stephanie Birmanns.
The firm also acted for ITV on the UK investors for $20 billion from Barclays. The firm this year acted for Sanyo with
Competition Commission’s review of the respect to the company’s sale to Panasonic.
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Belgium 3/59
This was the first large Japanese case to come the heat stabiliser sector. The firm also acted Other notable firms.
before the European Commission. for Warburg Pincus, on German merger con- Dechert have been handling large interna-
Leading lawyers: Marleen Van Kerckhove trol advice regarding the sale of EasyCash to tional competition matters in a seamless man-
Baker & McKenzie has had a busy year on Ingenico. ner and have demonstrated a strong client
some strong transactions. One rival partner Leading lawyers: Hans Jürgen Meyer- base. The firm this year advised RPG
says of Baker & McKenzie: “The antitrust Lindemann Industries on issues associated with Central
practice is good.” Sidley Austin this year advised eBay on the Europe’s leading coking coal producer.
The team at Baker & McKenzie advised merger control aspects of its sale of Skype, a Liderkerke Wolters Waelbroeck
Archer Daniels Midland on all merger control global internet Communications Company Kirkpatrick advised DP World Breakbulk on
aspects of ADM’s acquisition of the German organised in Luxembourg. Stephen Kinsella its notification to the European Commission.
company Schokinag, a competitor in the advised on the matter, which was valued at $2 The firm has been representing Carrefour
semi-finished cocoa and chocolates products billion. regarding the competition law aspects of pay-
sector. “Stephen is a very good lawyer, very prag- ment systems governance. The transaction
Leading lawyers: Fiona Carlin and Bill matic,” says one client. was important as it involved the designing of
Batchelor Leading lawyers: Stephen Kinsella and David Sepa point-of-sales payments in Europe.
Bonelli Erede Pappalardo advised Riva in Went Macfarlanes is a firm that should be noted
the cartel proceedings before the European Stibbe promoted Hendrik Viaene into the for its hard work in the antitrust department.
Commission and in the judicial proceedings partnership this year. Hendrik has worked at The firm has acted for the acquisition of
before the General Court in the framework of the firm since 1999. The firm has been busy Friends Reunited which owns Genes
alleged competition infringement in the con- on the competition side and has been active Reunited, one of Brightsolid’s main competi-
crete-reinforcing bars sector. on many cartel cases. The team also works tors from ITV.
The firm this year acted for Acea and other closely with its alliance partners Herbert Uría Menendez represented Roca in a car-
energy utilities before the General Court and Smith and Gleiss Lutz. tel procedure initiated by EU Commission
the European Court of Justice in the frame- One highlight saw Marc van der Woude and a leniency request; this was one of the
work of the appeal against the Commission’s advising Teva Europe in preparing its submis- major recent cartel procedures in the EU.
decision on alleged state aid. sions in the pharmaceutical sector inquiry and The firm also acted for Santander before
Leading lawyers: Claudio Tesauro an inquiry about reverse payment. the EU Commission in relation its offer to
Bredin Prat has been active in the market. Leading lawyers: Marc van der Woude purchase a network divestiture from the Royal
One peer says: “We see them around here and White & Case move down a tier this year Bank of Scotland.
there.” after commentators noted that the firm’s visi-
A highlight this year saw the firm advise bility has been lacking in the market.
Electrabel on an appeal before the Court of a Despite this, the firm has represented some
decision fining Electrabel for late filing of its large organisations this year. One highlight
acquisition of de facto control over CNR. was advising Toshiba on its appeal to the
Leading lawyers: Marc Pittie European Court against a commission deci-
Herbert Smith has had a successful year, sion.
and continues to work closely with its alliance Leading lawyers: Mark Powell
partners Gleiss Lutz and Stibbe. Eubelius represented GM Europe on the
A highlight this year was advising Stanley restructuring of the Antwerp plant in 2009.
Works and Black & Decker on its $4.5 billion The group proposes to use state aid to close a
merger. Herbert Smith was involved in notify- plant that employs 3000 workers; the Flemish
ing the deal to the European Commission to government has requested the European
obtain unconditional clearance in Phase 1 and Commission to enforce the rules of state aid.
coordination merger control assessment and Leading lawyers: Hans Gilliams
clearances in a large number of countries NautaDutilh has had a steady stream of
around the world. transactions this year. The firm acted for the
O’Melveny & Myers acted for Honeywell Belgian State, drafting the state aid notifica-
International in securing a merger control tion and negotiating the conditions of recapi-
clearances relating to its acquisition of RMG talisation with the European Commission
Group and its subsidiaries. The acquisition under the ad hoc regime for state aid for finan-
was closed in August 2009. cial institutions in the financial crisis.
Leading lawyers: Riccardo Celli Leading lawyers: Charles van Sasse van Ysselt
Shearman & Sterling has suffered the loss Salans has appointed one new partner this
of partners Annetted Schild, Silvio Cappellari year - Edward Borovikov from Mayer Brown.
and Stephanie Birmanns this year. The market The firm has been visible in many merger
will be watching to see whether the loss will control cases and sectoral inquiries in the
affect the firm’s capabilities in the coming European Commission.
months. Leading lawyers: Edward Borovikov and
Despite this loss, the firm have been active Bogdan Evtimov
on securing some noteworthy transactions.
Hans Jürgen Meyer-Lindemann acted for
Ciba, providing cartel law advice with regard
to the EU commission’s investigations into
2011 EDITION www.iflr1000.com