The largest recent transactions, all worth at least €500 million, involving targets or acquirors from each of six European
jurisdictions or regions: United Kingdom, Germany, France, Scandinavia, Spain, and Italy. All deals were announced
between October 1, 2009, and March 31, 2010. Deals that were pending at press time are starred (*). Research by mergermarket and Rebecca Geiger.
UNITED KINGDOM Target: Royal Bank of Scotland Group plc ( 14.10% stake)
Counsel: Linklaters
Counsel to financial advisers Morgan Stanley and UBS Investment
Bank: Freshfields Bruckhaus Deringer
Bidder: HM Treasury
Counsel: Slaughter and May
Value: € 28. 5 billion
Target: American International Assurance Company Limited*
Seller: American International Group, Inc.
Counsel: Debevoise & Plimpton; Norton Rose; Simpson Thacher & Bartlett; Sullivan & Cromwell; Weil, Gotshal & Manges
Counsel to financial advisers Citigroup Inc. and The Goldman
Sachs Group, Inc.: Cravath, Swaine & Moore
Counsel to Federal Reserve Bank of New York: Davis Polk &
Wardwell
Bidder: Prudential plc
Counsel: Cleary Gottlieb Steen & Hamilton; Slaughter and
May
Counsel to financial advisers Credit Suisse, HSBC Holdings plc,
and Lazard Ltd: Herbert Smith/Gleiss Lutz/Stibbe
Value: € 24 billion
Target: Cadbury plc
Counsel: Freehills; Shearman & Sterling; Slaughter and
May; Squire, Sanders & Dempsey
Counsel to financial advisers The Goldman Sachs Group, Inc.,
Morgan Stanley, and UBS Investment Bank: Cleary Gottlieb
Steen & Hamilton
Bidder: Kraft Foods Inc.
Counsel: Arnold & Porter; Clifford Chance; Cravath, Swaine
& Moore; Gibson, Dunn & Crutcher
Counsel to financial advisers Centerview Partners LLC, Citigroup
Inc., Deutsche Bank AG, and Lazard Ltd: Herbert Smith/Gleiss
Lutz/Stibbe
Counsel to financial advisers Houlihan, Lokey, Howard & Zukin,
Inc., and Lazard Ltd: Dewey & LeBoeuf
Value: € 15. 3 billion
Target: Devon Energy Corporation assets in the Gulf of Mexico,
Brazil, and Azerbaijan*
Counsel to financial advisers Gleacher Shacklock LLP and
N M Rothschild & Sons Limited: Linklaters
Bidder: Cable & Wireless Plc (shareholders)
Value: €2.6 billion
GERMANY Target: Millipore Corporation Counsel: Blake, Cassels & Graydon; Cravath,
Swaine & Moore; Ropes & Gray
Bidder: Merck KGaA
Counsel: Skadden, Arps, Slate, Meagher & Flom
Value: € 5.0 billion
Target: Dr. Ing. h.c. F. Porsche AG ( 49.9% stake)
Seller: Porsche Automobil Holding SE
Counsel: Freshfields Bruckhaus Deringer; Hengeler Mueller
Bidder: Volkswagen AG
Counsel: Clifford Chance; CMS; Hogan Lovells; Linklaters;
Noerr; Schönherr Rechtsanwälte; White & Case
Counsel to financial adviser N M Rothschild & Sons: Allen & Overy
Value: € 3. 9 billion
Target: Ratiopharm GmbH*
FRANCE Target: Areva T&D SA Counsel: Orrick, Herrington & Sutcliffe
Seller: AREVA SA
Counsel: Davis Polk & Wardwell; Gide Loyrette Nouel; Sarrau
Thomas Couderc
