|Dewey Ballantine Grzesiak
|Weil Gotshal & Manges
|Allen & Overy
|Baker & McKenzie Grszczynski
|Clifford Chance Janicka
|Soltysinski Kawecki &
|White & Case W Danilowicz W
In Poland overall M&A activity grew between the opening
10 months of 2005 and the same period this year. While the
volume of both private and public equity deals grew, only
public equity deals enjoyed an increase in cumulative value.
The combined worth of private equity transactions actually fell
from 2005 to 2006.
Public equity activity grew in terms of both volume and
value. The first 10 months of 2005 yielded 244 public equity
deals; that figure was 301 for 2006. The cumulative value of
those deals rose correspondingly, from $5.6 billion to $6.7
billion. Private equity activity, however, tended towards a
greater number of deals at a lower value. Twenty transactions
in the first nine months of 2005 became 26 in 2006, but their
overall value fell from $1.2 billion to $962 million.
The top tier of 2005 has been trimmed to just two firms in
2006. White & Case has dropped to the second tier, leaving
Dewey Ballantine Grzesiak and Weil Gotshal & Manges as the
remaining tier one firms. White & Case's slip to the second
tier has been attributed to client inactivity, while Dewey
Ballantine and Weil Gotshal have been busy in 2006.
Most notably, in May Weil Gotshal advised PKN Orlen in the
largest foreign acquisition in Poland's history. PKN Orlen
acquired 53.7% of shares in Lithuanian AB Mazeikiu Nafta, from
Yukos International, for around $1.5 billion. Pawel Rymarz and
Rafal Zwierz were the lawyers involved in the deal.