Our recent deal experience in the sector (which we are able to disclose) includes advising:
-
The Royal Bank of Scotland Group plc on the recent disposal of its 50% stake in the Spanish insurer Linea Directa to its joint venture partner, Bankinter which completed following receipt of clearances from the Spanish competition and insurance regulator.
-
Friends Provident plc on the demerger of its stake in the F&C Asset Management group. This involved various steps including the creation of a new holding company and insurance change of control analysis on these steps in 18 jurisdictions (involving 10 Linklaters offices).
-
UBS on the USD 2bn takeover by Bermuda-based Partner Re (NYSElisted) of Swiss-based Paris Re (Paris-listed) in a share for share transaction, subject to different conditions precedent including regulatory and antitrust, and involving complex takeover regulation issues (notably due to the nationalities of the bidder and target).
-
Swiss Re Europe SA with respect to the spin offs of the German reinsurance business carried on by Swiss Re Germany AG and Swiss Re Frankon Rückversicherungs AG to Swiss Re Europe Rücksversicherungs AG followed by a cross border merger into Swiss Re Europe SA. These were the last steps of an EU wide restructuring of Swiss Re's reinsurance business making use of its EU reinsurance passport.
-
Fortis on its bail out by the Belgian government and BNP Paribas, including the sale by Fortis of 25% of the shares in Fortis Insurance Belgium to BNP Paribas and the negotiation of various commercial arrangements.
