White & Case LLP - News - Acquisition Finance Team Advises on £4.35 Billion Public to Private Financing

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Acquisition Finance Team Advises on £4.35 Billion Public to Private Financing
White & Case Breaks into Select Group of Firms Chosen for Leading Acquisition Finance Advice

London, December 12, 2006 ... White & Case is advising Mandated Lead Arrangers Barclays Bank, Goldman Sachs and ING, in the £4.35 billion financing for the proposed acquisition of Anglo-Dutch steelmaker Corus Group plc ("Corus"), by Brazilian steelmaker Companhia Siderurgica Nacional ("CSN"). CSN's offer of 515p a share values Corus's equity at £4.9 billion and, if completed, would create a top five global steel group producing 24 million tonnes of steel a year along with, by 2010, approximately 50 million tonnes of annual iron ore production. The company has £800 million debt, bringing the total value of the bid to £5.7 billion (€8.4 billion).

"This was a perfect transaction for us, as it required, on an accelerated basis, full 'one stop shop' advice on all the principal English and US law leveraged finance debt products, as well as detailed advice on steel industry issues," commented Christopher Kandel, lead White & Case partner advising on the deal. "These are the kind of transactions where we think we distinguish ourselves from our competitors."

Corus is the eighth largest steel company in the world and its shares are listed on the London, New York and Amsterdam stock exchanges. The company is headquartered in London and it has manufacturing operations in many countries, with major plants in the UK, the Netherlands, Germany, France, Norway and the US.

The White & Case team advising on the financing was led by partner Christopher Kandel, working closely with partners Alan Rockwell, Dan Hamilton and Allan Taylor, and associates Jessica Albrecht, Brian Conway, Nicholas Greenacre, Imtiaz Khan, Christopher Langdon, Isil Okten and Ian Sorich.

"This has been an outstanding year for our acquisition finance team in London," commented partner Maurice Allen, co-head of the London Banking & Capital Markets group. "This year we have worked on a number of high-profile public to private mandates, which has established our position within a select group of firms that the banks turn to for this kind of leading acquisition finance advice."

This year has seen the team acting on announced acquisition finance transactions with an approximate overall deal value of more than €86 billion. Among the high-profile mandates are two of the largest public to private acquisition financings in the European market: the approximately €14.1 billion financing for the acquisition of FTSE 100 company, BOC Group plc, by Linde Group AG; as well as the €10.8 billion financing for the cash portion of Mittal Steel N.V.'s €25.8 billion acquisition of French rival, Arcelor SA.

About White & Case
White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 (0) 20 7532 2848

	Press Releases
Expertise Banking Lawyers Nicholas Greenacre Allan Taylor Locations London	Acquisition Finance Team Advises on £4.35 Billion Public to Private Financing White & Case Breaks into Select Group of Firms Chosen for Leading Acquisition Finance Advice London, December 12, 2006 ... White & Case is advising Mandated Lead Arrangers Barclays Bank, Goldman Sachs and ING, in the £4.35 billion financing for the proposed acquisition of Anglo-Dutch steelmaker Corus Group plc ("Corus"), by Brazilian steelmaker Companhia Siderurgica Nacional ("CSN"). CSN's offer of 515p a share values Corus's equity at £4.9 billion and, if completed, would create a top five global steel group producing 24 million tonnes of steel a year along with, by 2010, approximately 50 million tonnes of annual iron ore production. The company has £800 million debt, bringing the total value of the bid to £5.7 billion (€8.4 billion). "This was a perfect transaction for us, as it required, on an accelerated basis, full 'one stop shop' advice on all the principal English and US law leveraged finance debt products, as well as detailed advice on steel industry issues," commented Christopher Kandel, lead White & Case partner advising on the deal. "These are the kind of transactions where we think we distinguish ourselves from our competitors." Corus is the eighth largest steel company in the world and its shares are listed on the London, New York and Amsterdam stock exchanges. The company is headquartered in London and it has manufacturing operations in many countries, with major plants in the UK, the Netherlands, Germany, France, Norway and the US. The White & Case team advising on the financing was led by partner Christopher Kandel, working closely with partners Alan Rockwell, Dan Hamilton and Allan Taylor, and associates Jessica Albrecht, Brian Conway, Nicholas Greenacre, Imtiaz Khan, Christopher Langdon, Isil Okten and Ian Sorich. "This has been an outstanding year for our acquisition finance team in London," commented partner Maurice Allen, co-head of the London Banking & Capital Markets group. "This year we have worked on a number of high-profile public to private mandates, which has established our position within a select group of firms that the banks turn to for this kind of leading acquisition finance advice." This year has seen the team acting on announced acquisition finance transactions with an approximate overall deal value of more than €86 billion. Among the high-profile mandates are two of the largest public to private acquisition financings in the European market: the approximately €14.1 billion financing for the acquisition of FTSE 100 company, BOC Group plc, by Linde Group AG; as well as the €10.8 billion financing for the cash portion of Mittal Steel N.V.'s €25.8 billion acquisition of French rival, Arcelor SA. About White & Case White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 (0) 20 7532 2848