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Energy deals spark local law firms
Portugal's domestic economy has hardly been providing the country's leading business law firms with much cheer over the past few years, but a recent surge in the privatisation of state-owned assets has at least partially lifted the gloom.
Lisbon: privatisation boost for local business lawyers
A report in the Iberian Lawyer magazine points out that the recent sale of government shares in two public companies – electricity and gas supplier Energias de Portugal and fellow utilities company Redes Energeticas Nacionais has kept top law firms occupied and potentially whetted the appetite of international investors at the prospect of Lisbon selling off more of the family silver.
Bail-out boost
Local lawyers have the financial bail-out terms imposed by the International Monetary Fund, the European Union and the European Central Bank to thank for this boost to their coffers and as a result their spirits. The ‘troika’ has insisted on the privatisations as part of the loan terms, and according to the magazine’s report, ‘Portugal has now completed two major privatisations as part of the country’s €78bn financial bailout, already raising 60 per cent of its projected sale revenues, although the terms of which have not been straight forward, say those close to the deals’.
According to the report, Beijing-based China Three Gorges Corporation has paid €2.7bn for the Lisbon government’s 21.35 per cent stake in EdP, with a number of law firms getting in on the action as the deal was cut. The main players, however, were Morais Leitão Galvão Teles Soares da Silva, which advised the Portuguese government, and Serra Lopes Cortes Martins, which acted for the Chinese.
The magazine points out that Morais picked up another round of government instructions when Lisbon did the REN deal, which has seen the utility sold for almost €600 million, with the largest the share once again going east, this time to the China State Grid.
Heading east
Portugal’s biggest firm, PLMJ, acted for REN, while the Chinese were advised by the local offices of London-based magic circle firm Linklaters. Another 15 per cent of REN shares also headed east, but not quite so far, this time to the Oman Oil Company, which was advised by the Lisbon office of Iberian firm Gómez- Acebo & Pombo.
IOC head of ethics, Paquerette Girard Zappelli; the lead lawyer on betting and doping at the London Organising Committee of the Olympic Games, Kendrah Potts; and head of regulation at the Gambling Commission, Nick Tofiluk.
Bail-out boost
Local lawyers have the financial bail-out terms imposed by the International Monetary Fund, the European Union and the European Central Bank to thank for this boost to their coffers and as a result their spirits. The ‘troika’ has insisted on the privatisations as part of the loan terms, and according to the magazine’s report, ‘Portugal has now completed two major privatisations as part of the country’s €78bn financial bailout, already raising 60 per cent of its projected sale revenues, although the terms of which have not been straight forward, say those close to the deals’.
According to the report, Beijing-based China Three Gorges Corporation has paid €2.7bn for the Lisbon government’s 21.35 per cent stake in EdP, with a number of law firms getting in on the action as the deal was cut. The main players, however, were Morais Leitão Galvão Teles Soares da Silva, which advised the Portuguese government, and Serra Lopes Cortes Martins, which acted for the Chinese.
The magazine points out that Morais picked up another round of government instructions when Lisbon did the REN deal, which has seen the utility sold for almost €600 million, with the largest the share once again going east, this time to the China State Grid.
Heading east
Portugal’s biggest firm, PLMJ, acted for REN, while the Chinese were advised by the local offices of London-based magic circle firm Linklaters. Another 15 per cent of REN shares also headed east, but not quite so far, this time to the Oman Oil Company, which was advised by the Lisbon office of Iberian firm Gómez- Acebo & Pombo.
IOC head of ethics, Paquerette Girard Zappelli; the lead lawyer on betting and doping at the London Organising Committee of the Olympic Games, Kendrah Potts; and head of regulation at the Gambling Commission, Nick Tofiluk.
