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Clifford Chance

Clifford Chance Punder is one of Germany’s leading law firms and is a constituent part of Clifford Chance, the world’s first integrated global law firm. Clifford Chance is a multi-jurisdictional international law firm providing a full range of legal services for all aspects

of business and finance with 3,650 legal advisers worldwide. Clifford Chance Punder has over 400 professionals in five offices in Germany, combining local knowledge with global reach to support its clients in their business. The combination of these factors means

that Clifford Chance Punder is able to provide lawyers who understand the markets within which they are operating, who are familiar with the pressures which clients face and who are able to project manage complex transactions, while delivering consistently high standards and a uniformity of approach across multiple jurisdictions.

Clifford Chance Punder has a team of eight partners and 20 associates who focus on transactional private equity, based in Dusseldorf, Frankfurt and Munich. This team has an enviable market position in Germany and is an important part of Clifford Chance’s leading European private equity practice. The European practice consists of a dedicated team of

37 partners and over 70 associates based in offices in London, Amsterdam, Barcelona, Brussels, Budapest, Dusseldorf, Frankfurt, Madrid, Milan, Moscow, Munich, Padua, Paris and Warsaw. The European practice is further enhanced by additional private equity practitioners in both the US and Far East. This comprehensive practice has been built on a clear,

long-term commitment to the private equity sector and a track record of quality service. Clifford Chance

Punder is able to offer a truly integrated product, providing specialist advice on all aspects of private equity: funds, private equity transactions, acquisition finance and tax, coupled with full service support and sector specialisms, such as real estate, energy, CMT or healthcare.

The firm’s market leading position was confirmed at the Chambers and Partners awards in May 2001 where Clifford Chance won the award for Private Equity Law Firm of the Year

– Western Europe and was described by Chambers and Partners as: “Consistent, versatile and the first choice of an unequalled number of venture capital groups and financial institutions for European cross-border work”.

Clifford Chance has a long history of advising on leveraged acquisitions throughout Europe and has been at the forefront of advising private equity and other investors on early stage financings, further rounds of fund-raising, MBOs/LBOs, take-privates and exit strategies. Clifford Chance Punder regularly advises many of the leading equity providers in the German market and beyond.

Clifford Chance also has a leading international investment funds practice with a unique transatlantic capability; in Germany, this practice operates

out of Munich and Frankfurt. The team dedicated to this field has a strong track record in establishing and structuring substantial private equity funds on a multi-jurisdictional basis, including country and international funds as well as general and specific (e.g. real estate) funds.

Clifford Chance Punder’s cross-border finance practice is the most comprehensive of any law firm and is an integrated part of the firm’s international finance practice. It works for all the leading commercial and investment banks and has a long track record of pro-active contribution to innovative products and techniques.

The firm is market leader in European acquisition finance, international securitisation and European high yield issues.

Areas of expertise

* transactional private equity

*public-to-privates

*fund establishment and structuring

* tax structuring

*debt finance and high yield issues

*securitisation and asset-backed financing techniques

* capital markets/IPOs

* competition and anti-trust

* sectoral focus

Clifford Chance’s private equity practice had a spectacular year in 2000 and the high quality, cross-border work has continued into 2001. Highlights of recent German market-related work include:

* ABN AMRO Capital on the acquisition of Loewenplay

*ABN AMRO Capital on the acquisition of Stecco

* CVC Capital Partners on the acquisition of Lenzing

* Halder Funds on the acquisition of a majority stake in Hornschuch AG

* HSBC on the acquisition of Meta Friction

*Schroder Venture advisers on the joint acquisition of VEBA Electronics Group from E.ON AG

* Schroder Ventures on the acquisition of a majority stake in Grammer AG

and subsequent public tender offer

* Lenders/note purchasers on Callahan Nordrhein-Westfalen cable investment

* Senior lenders on the LBO of Messer Griesheim

* Senior lenders on the LBO of Sanitec

Structuring and documenting the Astorg III private equity fund

(Germany and France)

* Structuring and documenting the DePfa Europa Fonds Nr. 1 real estate fund