Clifford Chance advises Volkswagen Aktiengesellschaft on the creation of the Integrated Automotive Group with Porsche Automobil Holding SE (Porsche SE) by contribution of the automotive business of Porsche SE to Volkswagen AG, with expected effect as from 1 August 2012. Volkswagen AG already holds an indirect stake of 49.9% in Dr. Ing. h.c. F. Porsche AG (Porsche AG). Once the transaction has been closed, Volkswagen will hold, through an intermediate holding company, all shares in Porsche AG. Porsche SE will receive a consideration of EUR 4.46 billion plus one ordinary share of Volkswagen AG.

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Katten Muchin Rosenman UK LLP today announced a triple hire in its London Real Estate Team. The firm has recently hired Stephen John (special counsel) and Ranjeev Kumar (partner) from the London Office of US law firm Fried Frank, with Joe Payne (partner) being set to arrive shortly from the UK law firm of Field Fisher Waterhouse.

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Shearman & Sterling represented the initial purchasers Deutsche Bank, Barclays, Bayerische Landesbank and Citigroup on the offering by Schaeffler Finance B.V. of €300 million in high-yield bonds. The bonds are guaranteed by Schaeffler Aktiengesellschaft and certain of its subsidiaries and secured by certain assets of the Schaeffler group. The bonds were sold in a public offering in Germany and Luxembourg and in private placements in other European countries. In February of this year Shearman & Sterling also advised the initial purchasers in connection with Schaeffler’s issuance of approximately €2 billion in multi-currency high yield bonds.

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Shearman & Sterling represented Oesterreichische Kontrollbank (“OeKB”) in connection with OeKB’s public offering of $1.5 billion of its 1.125% Guaranteed Global Notes due 2015. The bonds are guaranteed by the Republic of Austria and will be listed on the regulated market of the Luxembourg Stock Exchange.

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Düsseldorf, July 2012 – Jones Day is pleased to announce that Dr. Markus Kappenhagen is joining the Firm as a labor and employment law partner in Düsseldorf. His appointment brings the number of partners in the Jones Day Düsseldorf Office to six and the number of labor and employment lawyers within Jones Day Germany to seven.

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DLA Piper announced today that Thomas deButts has joined the Regulatory and Government Affairs and International Trade practices as a partner in the Washington, DC, office.

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Cooley LLP announced today that it advised on the creation of a $1 billion venture capital fund for long-time client Institutional Venture Partners (IVP), a Silicon Valley firm specializing in later-stage investments. The fund is the largest in IVP’s 32-year history. IVP has been a Cooley client since 1973.

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