In Brief

In Brief:

-HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America were fined with regard to penalties from the FCA at the end of a 13-month investigation while Barclays remains under investigation. The probe has resulted in the largest ever fines, amounting to GBP 2.6 billion, imposed by the FCA. Clifford Chance, Herbert Smith Freehills, Linklaters and Freshfields Bruckhaus Deringer are among the several firms advising the banks.

– Davis Polk & Wardwell and Latham & Watkins are counselling Richard Branson’s Virgin America IPO which is expected to raise up to USD368 million. The value of the San Fransisco based budget airline is USD 1 billion. Branson’s Virgin Group maintains a 49 per cent stake in the business but it controls only 25 per cent of the voting rights in line with US foreign ownership rules. Virgin Group recently witnessed a major setback as its Virgin Galactic spaceship disintegrated in mid-air leading to the death of one of its pilots. 

-Halliburton is set to takeover key competitor Baker Hughes with a USD 34.6 billion merger deal. Halliburton claims it is prepared to sell businesses with USD 7.5 billion of revenue, if required and in case it fails to secure regulatory approval, it will pay Baker Hughes a USD 3.5 billion termination fee. Baker Botts and Wachtell Lipton Rosen & Katz are advising Halliburton on the deal while Baker Hughes turned to Davis Polk & Wardwell and WilmerHale.