Comment: This firm recommended for IPOs and secondary offerings has distinguished itself with its advice on select, mostly high-volume, complex transactions. The best example of this is its work for Deutsche Bank on its €8bn secondary offering, in which just about any ECM pracice would have been happy to be involved. Cleary thus consolidated its position and in the future will continue to belong to the select few advisors in the running for such transactions. Overall, however, the number of transactions in which the firm is involved remains modest. After the departure of long-time partner Hanno Sperlich (unknown destination), this is unlikely to change.
Strengths: Profound experience as an advisor to banks, broad US law competence.
Recommended: Dr. Gabriele Apfelbacher, Dr. Ward Greenberg.
Practice: Primarily large transactions, mostly with transatlantic placements. (Capital markets team in total: 2 partners, 1 counsel, 20 associates)
Clients: ?? Deutsche Bank on €8bn secondary offering, as well as ongoing advice on disclosure requirements and requirements for admission to the NYSE; ongoing advice to Commerzbank on US aspects of various transactions; ongoing advice to Nordic Investmentbank on disclosure requirements in accordance with US securities law; banks on planned company IPO.
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