LEGAL WEEK (UK) Nov 4 04: Trio of firms called in to advise on Shell restructuring: “It is widely expected that the position of global general counsel Beat Hess will not be altered and that he will be able to attend the meetings of the new solitary board. In May, Hess told Legal Week he was kept in the dark about the company’s looming crises over the booking of oil reserves and that he was pushing for greater visibility for lawyers at board level and a clear reporting structure in the legal function.” (ShellNews.net)
Legal Week Reports
Slaughter and May, De Brauw Blackstone Westbroek and Cravath Swaine & Moore have secured lead roles on Shell’s historic restructuring.
The restructuring, first reported on legalweek.com (29 October), has a value of around £100bn and has been described as one of the UK’s biggest ever transactions.
All three firms are advising the FTSE 100 oil giant providing UK, US and Dutch legal advice on the move, which will see the combination of the Netherlands-based Royal Dutch and UK-based Shell to create Royal Dutch Shell.
It is widely expected that the position of global general counsel Beat Hess will not be altered and that he will be able to attend the meetings of the new solitary board.
In May, Hess told Legal Week he was kept in the dark about the company’s looming crises over the booking of oil reserves and that he was pushing for greater visibility for lawyers at board level and a clear reporting structure in the legal function.
UK head of legal Richard Wiseman said the change would only have a "small" effect on the company’s UK legal department as Hess is already based in The Hague, as are most of the company’s in-house legal team.
The company expects to put the proposed shake-up, which will create one corporate structure based in The Hague, with a primary listing in London and secondary listings in the US and the Netherlands, to shareholders by next May.
Senior Slaughters partner Nigel Boardman, who is advising on the deal alongside corporate partner Roland Turnill, said: "I do not know of a larger transaction."
Royal Dutch’s financial adviser, ABN Amro, has instructed Shearman & Sterling London M&A partner George Casey.
Author: Paul Hodkinson
Source: Legal Week
http://www.legalweek.com/ViewItem.asp?id=21978