M&A deals of the year
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...