International law firm Allen & Overy advised the syndicate banks led…

International law firm Allen & Overy advised the syndicate banks led by the joint global co-ordinators JPMorgan and Lehman Brothers on the rights issue of Bayerische HypoVereinsbank. The new 214,410,440 shares were offered for subscription to the existing shareholders at a price of e14 per share. The proceeds from the capital increase against contribution in cash amounts to e3 billion (prior to deduction of commissions and costs).

Following on from the e4 billion Munich Re rights issue on which our equity team advised, this transaction illustrates the strength of Allen & Overy’s Equity Capital Markets Group, particularly when combining European and US advice.

The Allen & Overy team was led by Frankfurt-based partner Dr. Michael Schlitt (coordination) and London-based US partner Dr. Thomas Werlen. They were assisted by Dr. Susanne Schäfer and Michael Jacobs (Frankfurt), and Dr. Dorothee Fischer-Appelt and David Boles (US law group, London). Okko Behrends, partner in the Frankfurt office, and Frank Bierwirth advised on banking regulatory aspects. Further members of the A&O team were Dr. Asmus Mihm, Marcus Hierl and Dr. Astrid Pönicke (tax), Frankfurt-based partner Dr. Carsten Salger assisted by Dr. Wolfram Radke, partner Dr. Oliver Seiler (corporate law) and London-based partners Bart Capeci and Peter Watson.

Michael Schlitt comments:
“We are delighted that we were given the opportunity to advise the syndicate banks in this high-volume transaction. This rights issue provided us again with an opportunity to demonstrate our experience in international equity capital markets transactions.”

*Source: Thomson Financial search 8 April 2004