Antitrust/Competition

The U.S. antitrust/competition team advises clients on the antitrust implications of mergers, acquisitions and joint ventures. Notably, the team regularly gets proposed deals approved by the FTC and the U.S. DoJ. The team also defends clients in international price-fixing investigations and represents them in civil antitrust litigation.

Representative experience includes advising:

  • Glencore on its acquisition of Xstrata to create a major natural resources group with a combined equity market value of US$90bn
  • Deutsche Börse on its combination with NYSE-Euronext (and defense against the hostile bid for NYSE by Nasdaq) 
  • Novartis in its transformational restructuring involving three strategic deals with GlaxoSmithKline (GSK). The deals include the acquisition of GSK’s oncology division, the sale of Novartis’ vaccines business and the creation of a joint venture involving the contribution of Novartis’ OTC business with GSK’s consumer healthcare business
  • WellPoint on its US$4.5bn acquisition of Amerigroup and its purchase of 1-800 CONTACTS
  • Actavis Group on its €4.25bn sale to Watson Pharmaceuticals, Inc.
  • LIXIL Corporation and Development Bank of Japan on the €3.059bn acquisition of 87.5% of the Grohe Group. Named Global M&A Deal of the Year, Europe/Germany by The American Lawyer
  • Siemens on the US$2.69bn acquisition of the international automated rail business of Invensys
  • BP on the US$2.5bn sale of its Southern California refinery and retail assets to competitor Tesoro and three transactions valued in excess of US$12bn involving Gulf of Mexico oil fields and U.S. natural gas assets 
  • Siemens on its £985m acquisition of the Rolls-Royce Energy aero-derivative gas turbine and compressor business
  • ThyssenKrupp on its auction of steel making assets in the U.S. and Brazil
  • a major Japanese company on its proposed joint venture with a chemical company to acquire a high performance chemical business in U.S. and global merger control proceedings

Some of the cartel cases on which we have acted include advising:

  • Air France on the air cargo investigation and follow-on litigation involving air cargo and passenger transportation
  • Richemont on a national consumer and dealer class action alleging monopolization and tying in violation of the Sherman Act
  • Saint Gobain on a multi-district class action litigation alleging a price-fixing conspiracy in the flat glass sector