In Brief (January 2014)

Davis Polk & Wardwell and Freshfields Bruckhaus Deringer have secured lead roles in the USD2.5bn IPO of China Cinda Asset Management, Hong Kong’s biggest global offering in 2013. Davis Polk, fielding Hong Kong partners Bonnie Chan and Antony Dapiran, provided Hong Kong and US legal advice to the issuer. Beijing-based Chinese firm Haiwen & Partners, led by partner Liu Su, advised the issuer on PRC law. 

Allen & Overy (A&O), Ashurst and Clifford Chance have advised on German drugs and chemicals group Merck’s £1.6bn acquisition of AZ Electronic Materials.The transaction for the chemicals company – manufacturer of the chemicals used in electronic devices including smartphones, flatscreen TVs and iPads – is among the largest bids of 2013. A&O advised Merck on the deal, led by corporate partners Richard Browne and Michael Ulmer. 

Reed Smith, Allen & Overy and Clifford Chance were among firms advising on the restructuring of a £662m residential mortgaged-backed securitisation (RMBS) by Eurosail-UK 2007-5NP, originally arranged by Lehman Brothers.The transaction is the second UK Lehman RMBS deal to be effectively restructured to resolve the ‘broken swap’ issues since Lehman Brothers’ bankruptcy in 2008. Clifford Chance advised the noteholders on English and New York law, led by real estate finance partner Emma Matebalavu. Allen & Overy advised trustee BNY Mellon.