Clifford Chance recognised as market leader in 2003 IFLR Asian legal awards
International Financial Law Review has awarded Clifford Chance with “Team of
the Year” awards in the M&A and Distressed Asset categories.
In the M&A category, this is the fourth time in six years we have won this
award. Other firms shortlisted included Freshfields, Linklaters and Skadden
Arps. Clifford Chance advised on four out of the nine deals in Asia
nominated for M&A Deal of the Year: Hanaro Telecom’s private equity
investment by Investors Consortium led by Newbridge and AIG, Japan
Telecom/Ripplewood and SingTel/Yellow Pages leveraged buy outs, and BNP
Paribas’ acquisition of the remaining 50% stake in International Bank of
Paris from Industrial and Commercial Bank of China.
The Hanaro Telecom deal was particularly notable in that it was the first
major foreign direct investment in Korea’s telecom sector (foreign equity
ownership is limited to 49%), the first acquisition in Korea where minority
shareholders sided with foreign investors and determined the outcome, and
the first acquisition in Korea where foreign investors had a proxy contest
against a Chaebol (LG Group).
In the Distressed Asset category, other firms shortlisted were Allen &
Overy, Freshfields and Paul Hastings. We acted on two groundbreaking deals
in this category: Huarong I was the largest sale of NPL assets in China’s
history and the first onshore international and domestic joint venture
vehicle for acquiring Chinese NPLs; and the Bank of China (HK)
non-performing loan auction.
Clifford Chance also won “Deal of the Year” awards in the following
categories: Debt and equity-linked (Singapore Power); Distressed asset (Bank
of China Hong Kong); M&A (Hanaro Telecom-Newbridge Capital and AIG); and
Securitisation (Korean Air Lines).
Roger Denny, head of the firm’s Corporate practice in Asia, commented:
“I’m delighted that we have won M&A Team of the Year and M&A Deal of the
Year for Hanaro Telecom. Out of the nine deals nominated, we acted on four
and these involved almost every office in Asia – a reflection of our great
all round capability.”
Evan Cohen, who leads Clifford Chance’s Asian Distressed Debt practice,
“To be named Distressed Asset Team of the Year shows the strength of our
distressed debt practice. We are proud to have played a leading role in
these transactions that were of great importance to the distressed asset
The awards were presented last week at IFLR’s seventh Asian Awards ceremony,
a black tie event at the Ritz Carlton Hotel in Hong Kong, to recognise
high-profile and groundbreaking work done in the legal sector in Asia.