Our Approach

Davis Polk & Wardwell LLP has one of the largest contingents of U.S.-trained lawyers in Europe, with 58 corporate and tax lawyers assigned to our London, Paris and Madrid offices.

We advise European industrial corporations, technology companies, financial institutions and governments on all areas of finance and business and have been involved in several of the largest recent securities offerings and M&A transactions in Europe. We have broad experience in international finance, particularly European cross-border finance. Our lawyers identify and address problems presented both by new types of corporate financings and by transactions involving conflicting regulatory regimes. We provide cost-efficient, effective advice and representation in all areas important in today's international financial environment – from relatively straightforward issuances of equities or debt in the United States to complex global offerings or mergers.

Awards and Rankings

Davis Polk won “M&A Deal of the Year” at the 2010 Europe IFLR Awards in connection with our representation of Bermudan reinsurer PartnerRe on its approximately $2 billion acquisition of PARIS RE, a Swiss reinsurer.

Equity RANKINGS

1^st as manager’s counsel among U.S. law firms in European, Middle Eastern and African (EMEA) equity and equity-related offerings through the third quarter of 2009 (Thomson Reuters)
2^nd as issuer’s counsel among U.S. law firms in EMEA equity and equity-related offerings through the third quarter of 2009 (Thomson Reuters)

Debt RANKINGS

1^st among U.S. firms in euromarket bonds issuer advisers in the first quarter of 2010 (Bloomberg)
1^st among U.S. firms in euromarket bonds manager advisers in the first quarter of 2010 (Bloomberg)
1^st in euromarket high-yield (incl. emerging markets) manager advisers in the first quarter of 2010 (Bloomberg)

M&A RANKINGS

Davis Polk ranks among the leading law firms advising on European M&A transactions announced in 2010 (Thomson Reuters, Bloomberg and mergermarket). Highlights include:
- 1^st among U.S. firms in German M&A transactions completed in 2010 (Thomson Reuters)
- 3^rd among U.S. firms in French M&A transactions completed in 2010 (Thomson Reuters)
- 3^rd among U.S. firms in Iberia M&A transactions announced in 2010 (Bloomberg)
- 5^th among U.S. firms in U.K. M&A transactions announced in 2010 (Bloomberg)

Notable Matters

€7.2 billion underwritten rights offering of ordinary shares by Banco Santander, a Spanish bank
€4.4 billion capital increase by HeidelbergCement; the transaction is the largest capital increase in Germany in 2009 and among the largest German share placements since 2000
We advised AREVA, a provider of technological solutions for nuclear power generation, transmission and distribution, in connection with the sale of its Transmission and Distribution division (AREVA T&D) to Alstom and Schneider Electric. The enterprise value of the transaction is €4.09 billion.
We are advising EDF, an energy company engaged in the generation, transmission, distribution, supply and trading of energies in France and internationally, on its €3 billion cash-and-share offer for 50% of the share capital of EDF Energies Nouvelles, a French market leader in renewable energy, that it does not already hold.
$4 billion concurrent SEC-registered offerings of equity and senior convertible notes by ArcelorMittal, a French leader in all major global steel markets
$3.75 billion offering of extendible notes by Lloyds TSB Group , a leading U.K. financial services group

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£2 billion (US$3.2 billion) rights offering of ordinary shares by Resolution Limited, a Guernsey-incorporated company set up to acquire and consolidate life assurance, asset management, general insurance, banking and diversified general financial companies in the United Kingdom and Western Europe; the proceeds were used to partially finance Resolution’s acquisition of the AXA UK Life Insurance Business
$2 billion notes issuance offered pursuant to Regulation S and Rule 144A by Dexia Credit Local, a Dexia Group subsidiary specializing in public and project finance.
$2 billion SEC-registered notes offering by StatoilHydro ASA guaranteed by StatoilHydro Petroleum AS; based in Norway, StatoilHydro ASA is an integrated, major international oil and gas company
$1.8 billion underwritten rights offering by SEB, one of the leading financial institutions in Northern Europe
We advised Emerson on its successful unsolicited £997 million acquisition of Chloride Group, a U.K. company specializing in the provision of Uninterruptible Power Supply systems.
€1 billion SEC-registered common stock offering by AEGON, a Dutch insurance group
$1.25 billion notes offering pursuant to Rule 144A and Regulation S by SABMiller, one of the world’s largest brewers
$1.25 billion SEC-registered guaranteed notes offering by Oesterreichische Kontrollbank Aktiengesellschaft (OeKB), Austria’s central bank for providing export financing
We are advising Taylor Wimpey, a U.K.-based homebuilder, in connection with the $955 million sale of its U.S. and Canadian business to TMM Holdings, a partnership controlled by certain investment funds affiliated with TPG Capital, certain investment funds affiliated with Oaktree Capital Management and JH Investments.
We advised CIGNA, a Philadelphia, Pennsylvania-based health care benefits and insurance company, on its acquisition of Vanbreda International, an Antwerp, Belgium-based provider of medical insurance and employee benefits to intergovernmental and non-governmental organizations.
We are advising Eramet, a French-listed metals and mining company, in connection with an acquisition by the Gabonese Republic of a 10% stake in Comilog, Eramet's subsidiary specializing in manganese.

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