Lawyers Involved in Billion Dollar Deals

Lawyers Involved in Billion Dollar Deals

2011 got off to a multi-billion dollar start for local lawyers

LawFuel.co.nz - The Law Jobs and News Wire - 2011 started with some billion dollar-plus deals for local lawyers.

The Fletchers Building buyout of Australia's Crane Group was one that gathered headlines on both sides of the Tasman, but two other major deals also set the year off to a cracking start for commercial lawyers here, in Australia and - in one case reported by NBR's "Briefcase" columnist John Bowie, in the United States.

The Fletchers deal could also provide up to $17 million for at least two of the Crane Group directors, who stand to pick up that amount from the $1 billion takeover by Fletchers. As Bowie commented: "The deal, which may be the first time that a kiwi company has taken over an Australian company using scrip as part of the consideration, used Bell Gully’s Brynn Gilbertson from the kiwi end, while Gilbert + Tobin lawyers Gary Lawler and Phil Breden acted for Fletchers in Australia. Blake Dawson handle Crane’s work."

The listing of the $2.2 billion Building Society Holdings also created interest, with work on the major float being achieved by Chapman Tripp's Wellington and Auckland offices.

The final billion dollar deal was from Auckland billionaire Graeme Hart who had previously completed the $US6 billion purchase of US packaging company Pactiv.

However, as Bowie reported: "(Hart) cemented a US$1 billion deal by buying Honeywell International’s automotive products group, with his favourite Big Apple lawyers Debevoise & Plimpton, who announced the deal for their kiwi billionaire client, which was worked on with seven partners working in the firm’s M&A, securities, antitrust law, tax, environmental law and employee benefits groups."

ENDS

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