Europe awards: M&A

Author: | Published: 18 Mar 2010

M&A deals of the year

L-R Phillip Mills of Davis Polk & Wardwell, Hansjürg Appenzeller of Homburger, Nikolaos Andronikos of Sullivan & Cromwell, Daniel Braverman of Cleary Gottlieb, Rudolf Tschäni of Lenz & Staehelin

WINNER: Partner Re/Paris Re

The acquisition of Swiss reinsurer Paris Re by its Bermudan competitor Partner Re was complicated by plurality of jurisdictions. Paris Re is a Swiss-incorporated public company listed in France, while Partner Re is Bermuda-incorporate and listed in New York.

It is rare for a stock-for-stock takeover in France to involve a company incorporated elsewhere, and little-used rules applied. The French regulator, Autorité des Marchés Financiers, was concerned about the precedent it would set for future deals and took the matter to its governing council on more than one occasion.

In order to protect French shareholders, Partner Re agreed to list in Paris and create a liquidity facility...