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1. 英美烟草470亿美元收购雷诺兹，史密夫斐尔和Cravath, Swaine & Moore担任英美烟草的法律顾问。
英美烟草（BAT）成立于1902年，是一家总部位于英国伦敦的跨国烟草公司，也是全球第二大的烟草上市企业，拥有“五五五”、“健牌”、“登喜路”、“总督”、“希尔顿”、“威豪”、“ 好彩”、“太子”等香烟品牌。雷诺兹烟草公司创立于1857年，总部位于北卡罗莱纳州温斯顿-塞勒姆，是美国仅次于Altria（国际业务段是菲利普莫里斯国际公司）第二大烟草公司，拥有“骆驼” 等香烟品牌。在过去12年里，英美烟草已经持有雷诺兹42.2%的股权，现在英美烟草又提出要约，以470亿美元收购雷诺兹剩余57.8 %的股权。该笔交易中，英国史密夫斐尔律师事务所和美国Cravath, Swaine & Moore律师事务所担任英美烟草的法律顾问。英美烟草的470亿美元报价包括近200亿美元现金和270亿美元换股。英美烟草称这一报价意味着相对于10月20日雷诺兹收盘价溢价了20%。按照净收入和营业利润来算，这将产生全球最大的上市烟草公司。由于英美烟草还未和雷诺兹就这一收购展开商谈，因此雷诺兹也没有公布所聘用的法律顾问。该提议收购有待雷诺兹的认可，以及双方股东的批准。
（图片来源：Bidness Etc）
Herbert Smith Freehills and Cravath act as BAT lights up $47bn Reynolds takeover
Herbert Smith Freehills?(HSF) and Cravath, Swaine & Moore?are advising British American Tobacco (BAT) on its offer to acquire the remaining 57.8 % stake in Reynolds American for $47bn. BAT had already owned 42.2% of Reynolds for the last 12 years.
The FTSE 100 company is offering approximately $20bn in cash and $27bn in BAT shares.
BAT said this represents a premium of 20% over the closing price of Reynolds stock on 20 October. This would create the world's largest listed tobacco company by net turnover and operating profit.
BAT has not yet negotiated with Reynolds on the bid, and as such Reynolds has not declared a legal adviser.
The proposed merger is subject to Reynolds's endorsement, and approval by BAT and Reynolds shareholders. (Legal Business)
2. AT&T将以850亿美元收购时代华纳。
据最新报道，美国最大的移动和互联网运营商AT&T宣布以约850亿美元收购时代华纳，从而有望成为今年以来全球最大一笔并购。如果并购成功，AT&T将能够控制有限电视频道家庭影院HBO（大家一定熟悉他家《权力的游戏》）和CNN、电影制片公司华纳兄弟以及其他垂涎已久的媒体资产。AT&T将采用现金加股票的方式，按每股时代华纳股票约110美元的价格进行收购，总金额约850亿美元。由于AT&T手头只有72亿美元，将需要借助融资来完成该笔交易。而根据穆迪的观点，这将对其信用评级带来压力，因为6月30日时其账面上已经有1200亿美元的净债务。而根据《华尔街日报》的报道，苹果公司在数月前也曾就可能的并购接触过时代华纳。据专家称，AT&T的该笔收购有可能会通过美国反垄断审批，但监管机构可能要求附加一些条件。Doyle, Barlow and Mazard律师事务所的反垄断律师Andre Barlow表示，政府可能担心其他有线和互联网公司是否能够继续使用时代华纳的内容，例如家庭影院和CNN。
AT&T agrees in principle to buy Time Warner for $85 bln
AT&T Inc has reached an agreement in principle to buy Time Warner Inc for about $85 billion, sources said on Friday, paving the way for what would be the biggest deal in the world this year, giving the telecom company control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted mediaassets.
AT&T will pay $110 per Time Warner share in cash and stock, or about $85 billion overall, sources told Reuters. It will need to line up financing to pay for the deal, since it only has $7.2 billion in cash on hand. This could put pressure on its credit rating as it already has $120 billion in net debt as of June 30, according to Moody's.
The Wall Street Journal reported on Friday that Apple Inc approached Time Warner a few months ago about a possible merger.
AT&T would likely be able to win U.S. antitrust approval for the deal, some experts said, but regulators likely would put conditions on approval, some experts said.
Andre Barlow, an antitrust lawyer at the law firm Doyle, Barlow and Mazard, said the government may worry about whether other cable and internet companies would continue to have access to Time Warner content like HBO and CNN. (Reuters)
3. 据称华润医药香港IPO募资18亿美元。
据知情人士称，中国第二大制药公司华润医药集团有限公司在香港首次公开发行股份（IPO），以低于询价区间中间点的定价筹集18亿美元。据要求不披露姓名的人士透露，华润医药将发行15.43亿股，每股定价为9.10港元。而根据彭博社上周获得的交易条款，华润医药报价区间在每股8.45港元至10.15港元。华润医药正在完成2013年以来全球最大的一笔制药公司IPO，而世界上最大的宠物和家畜用药品和疫苗厂商硕腾公司曾在美国发行募集了26亿美元。数据显示，今年以来香港市场首次股票发行募集资金为195亿美元，低于2015年同期的232亿美元。
China Resources Pharma Said to Raise $1.8 Billion From IPO
China Resources Pharmaceutical Group Ltd. raised $1.8 billion after pricing its Hong Kong initial public offering below the midpoint of a marketed range, according to people familiar with the matter.
The nation’s second-largest drugmaker priced its sale of 1.543 billion shares at HK$9.10 apiece, the people said, asking not to be identified as the information is private.?State-backed China Resources Pharmaceutical?offered?the shares at HK$8.45 to HK$10.15 each, according to terms for the deal obtained by Bloomberg last week.
China Resources Pharmaceutical?is completing the biggest drugmaker IPO globally since 2013, when Zoetis Inc. priced a $2.6 billion U.S. offering, according to data compiled by Bloomberg. The deal adds to the $19.5 billion raised from Hong Kong first-time share sales this year, down from $23.2 billion during the same period in 2015, the data show. (Bloomberg)
4. 美国证券监管者提议在公司董事选举中采用“通用”授权委托书。
周三，美国证券监管者们以2:1通过了一项新规则提案，将允许投资者通过单一投票来选择董事，这是介入大公司治理的最新举动。如果最终被美国证券交易委员会（SEC）通过，那么新规则将要求股东接收所谓的“通用”委托书，上面同时列有管理层和异议方的董事提名人选。这个改变将使得股东更容易在两方的候选人之间分配投票，这也是大型投资者的想法。不过这一想法也被证明具有争议性，商业群体担心可能会把权力授给破坏性的维权股东。SEC的共和党委员Michael Piwowar对这一提案投了反对票，称这些改变将会增加代理权争取的可能性。新规则也将要求委托书包含投资者对特定董事表示“反对”或“弃权”的选项。
U.S. regulator suggests 'universal' proxies for corporate elections
U.S. securities regulators on Wednesday voted two to one to propose new rules that would allow investors to pick directors from a single ballot, the latest move to open up the governance process of large corporations.
If eventually approved by the U.S. Securities and Exchange Commission, the new rules would require shareholders to receive so-called "universal" proxy cards listing both management and dissident nominees to a company's board.
The change would make it easier for shareholders to split their votes between candidates put forward by the two sides, an idea pushed by large investors. The idea has proven controversial, however, with business groups worried it would empower disruptive activists.
The dissenting vote was cast by Republican SEC commissioner Michael Piwowar, who said the changes would increase the likelihood of proxy fights.
The proposed new rules also would require proxy cards to include options for investors to vote "against" or "abstain" on certain directors. Those options could clarify shareholders' voting rights, Bertsch said in a telephone interview. (Reuters)
5. 英国前100家律所收入首次超过200亿英镑。
英国100家最大的律师事务所去年律师费收入超过200亿英镑，成为有史以来最高的一年。根据The Lawyer的年度英国律所200强报告，2015/16年度排在前100名的律所总收入达到201.3亿英镑，相比2014/15年度的192.4亿英镑增长了5%。而在2011/12年度，前100名律所的总收入为168.91亿英镑，从那时开始过去五年里已经增长了19.2%。从律所人数来看，前100名律所的总人数由2014/15年度的52,629人增加到54,924人，增长了4%。从净利润来看，也从61.91亿英镑增加到64.92亿英镑，增长了4.7%。
（图片来源：www.thelawyer.com）
UK 200: Top 100 make ￡20bn for first time
The 100 largest law firms in the UK billed more than ￡20bn in fees last year?–?the largest?revenue ever achieved by the group.
In 2015/16 the top 100 firms in The Lawyer’s annual UK 200 report generated a total turnover of ￡20.13bn, a rise of 5 per cent on 2014/15’s ￡19.24bn.
Over the past five years since 2011/12 the total value of The Lawyer top 100 has grown by 19.2 per cent, from ￡16.891bn.
The total number of lawyers in the top 100 grew from 52,629 in 2014/15 to 54,924 last year, a rise of 4 per cent.
The bottom line also grew in 2015/16. Total net profit across the top 100 rose by 4.7 per cent from ￡6.191bn to ￡6.492bn. (The Lawyer)
6. 英国第一家上市律所Gately的合伙人近期通过出售股票赚取了640万英镑。
2015年6月，Gately在伦敦证券交易所的另类投资市场（AIM）上市，成为英国第一家上市律所。此前的Gately LLP合伙人拥有新上市公司70%的股份，而该上市为公司带来了500万的资金，为股东带来了2500万的价值。合伙人在上市时承诺了5年的锁定期，在任何一个12个月期间内不得出售超过10%的手中股票，而最新的股票出售占全部已发行股本的5.4%。根据伦敦证券交易所最近的文件显示，上市之后，该家律所的合伙人通过向新股东或现股东出售股份，按每股1.11英镑的价格累计卖出了5,761,971股，获得约640万英镑。最主要的五名合伙人每人获得超过30万英镑，其中首席执行官Michael Ward获利最多，通过出售股份拿到了365,079英镑，而首席运营官Peter Davies、联合管理合伙人Paul Hayward、公司重组合伙人Brendan McGeever和商业财产合伙人Callum Nuttall也均超过30万英镑。
Gately partners pocket ￡6.4m in latest share offering
Partners from listed law firm Gately have raised around ￡6.4m via the sale of shares in the firm to new and existing shareholders, according to a recent filing with the London Stock Exchange. Accumulatively, the partnership offloaded 5,761,971 shares at a price of ￡1.11 per unit, with five of the firm’s most elite partners taking home more than ￡300,000 each. At the top of the table was chief executive Michael Ward who pocketed ￡365,079 from the share sale, while COO Peter Davies, joint managing partner Paul Hayward, corporate restructuring partner Brendan McGeever and commercial property partner Callum Nuttall all also banking in excess of ￡300,000.
Gately listed on the London Stock Exchange’s AIM market in June last year, making it the first UK law firm to ever go public. The partners of what was formerly Gately LLP retained 70 per cent of shares in the newly listed firm, while the float raised ￡5m for the firm and ￡25m for shareholders. A five-year lock in agreement accompanied the listing, which prohibits the firm’s partners from selling more than 10 per cent of their shares in any 12-month period. The latest share sale accounts for 5.4 per cent of the total issued capital. (Sources:?Legal Week;?Law Gazette)
7. 一名纽约律师因涉嫌逃税遭刑事指控。
一名纽约律师Harold Levine因未向美国国家税务局（IRS）报告超过300万美元律师费收入而受到刑事指控，该收入是其在Herrick Feinstein律师事务所负责税务业务时，处理避税项目和其他交易所得。根据周三公布的起诉书，Harold Levine在注册会计师Ronald Katz的帮助下，将这些款项从律师事务所转移，其中Katz向IRS隐瞒了所收到的超过120万美元款项。按照起诉书的说法，这一计划从2004年就开始了，持续了大约十年，包括使用Levine、Katz或共同控制的有限责任公司。据起诉书和检方称，现年58岁的Levine被指控触犯八项罪名，包括逃税、电信诈骗、向IRS作出虚假陈述、妨碍和共谋等。
NYC lawyer charged with tax evasion related to shelters
A New York lawyer has been criminally charged with failing to report to the Internal Revenue Service more than $3 million of fee income from tax shelter and other transactions he handled at the law firm Herrick Feinstein, where he led the tax practice.
According to an indictment made public on Wednesday, Harold Levine diverted the money from Herrick Feinstein with the help of Ronald Katz, a certified public accountant who hid from the IRS more than $1.2 million he received for his involvement.
The scheme began in 2004 and lasted roughly a decade, and included the use of limited liability companies controlled by Levine, Katz or both, according to the indictment.
Levine, 58, was charged with eight counts including tax evasion, wire fraud, making false statements to the IRS, obstruction and conspiracy, according to the indictment and prosecutors. (Reuters)
8. 司力达前雇员偷窃律所3000英镑的“纸和其他文具”，被禁止在法律行业从业。
高逼格的国际大所也不乏小偷小摸。英国“魔法圈”律所之一的司力达律师事务所此前就发生了一起偷盗事件，一名职员偷窃了价值3000英镑的“纸和其他文具”，而现在此人已经被禁止在法律行业从事工作。伦敦斯坦福山的Howard Hemley此前曾是司力达律师事务所的办公室服务职员（并非律师），在2015年12月份被解雇。根据英国律师监管局（SRA）最近公布的决定，Hemley侵占了约3000英镑的“纸和其他文具”。SRA认为Hemley“行为不诚实”，“他不适宜再从事法律事务工作”。不过这并不是第一起律所雇员对办公室物品动手动脚。根据今年早些时候的报道，Wragge Lawrence Graham & Co律师事务所伯明翰办公室的一名前监管员Andrew Cook，就因为在eBay上出售所在律所的打印机墨盒于2015年5月被律所解雇，并被SRA禁止在法律行业工作。据称此人在扣除支付给eBay的3英镑费用后，共获利227.34英镑。
Slaughter and May employee who stole ‘paper and stationery’ worth ￡3,000 banned from legal profession
An office clerk at one of the City’s most elite law firms has been banned from working in the legal profession after it emerged he had stolen ￡3,000 worth of “paper and other stationery”.
Howard Hemley, of Stamford Hill, London, was — until his dismissal last December — employed by magic circle outfit?Slaughter and May?as an office services clerk.
According to a Solicitors Regulation Authority (SRA)?decision?published earlier this week, Hemley misappropriated “paper and other stationery” worth approximately ￡3,000.
Finding that Hemley had “acted dishonestly”, the regulator said it would be “undesirable for him to be involved in a legal practice”. Hemley — who is not a solicitor — was banned from working within the legal profession and slapped with a ￡300 costs order.
This isn’t the first law firm employee to seemingly take a fancy to their firm’s supplies cupboard.?Earlier this year?Legal Cheek?reported on a supervisor at City-based outfit?Wragge Lawrence Graham & Co?who was barred from the profession for flogging his employer’s printer toner on eBay.
According to the SRA, Andrew Cook — who had worked at the firm’s Birmingham office — received ￡227.34 for the printer cartridges, after ￡3 was deducted in eBay fees. He was dismissed from the firm in May 2015. (Legal Cheek)
9. 英国高伟绅律师事务所尝试对实习申请者进行视频游戏测验。
据报道，英国“魔法圈”律所之一的高伟绅律师事务所正在进行一项尝试，如果成功的话，则将开始使用视频游戏来测验实习申请者的勇气。参加高伟绅假期计划的学生被要求试用这一视频游戏并反馈给律所，如果成功则预计将作为明年实习申请者测试的一部分，和现有的心理计量测验共同进行。高伟绅的发言人称，该所一直在使用心理计量测验来作为实习申请者的“筛选工具”，而在几年前该所就已经废弃了文字推理测试。一般来说，律所使用心理计量测验来测量申请者识别问题和解决问题的能力，在做出结论时对证据重要性的理解，以及对推断、抽象和归纳进行区分的能力。
Clifford Chance trials video game test for trainee applications
Clifford Chance will begin using a video game to test the mettle of its trainee applicants should a trial prove successful,?Lawyer 2B?has learned.
Vacation scheme students at the magic circle firm have been asked to try out the video game and feed back to the firm.
The video game is expected to be rolled out to trainee candidates next year if the trial is a success. It will run alongside the firm’s existing psychometric tests.
A Clifford Chance spokesperson said the firm has “always used psychometric testing” as a “sifting tool” for trainee applicants. The firm abolished its verbal reasoning tests in favour of critical reasoning a couple of years ago.
Typically firms use psychometric tests to measure a candidate’s ability to identify problems and problem solve, their understanding of the importance of evidence when making conclusions, and the ability to differentiate between inferences, abstractions and generalisations. (The Lawyer)
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