World Tax - Home
The comprehensive guide to the world's leading tax firms

Axel Haelterman continues to lead the tax practice at Freshfields Bruckhaus Deringer. He is highly regarded by both clients and peers and is often referred to as the group's "star". The team's impressive client list features Barclays Capital, Deutsche ... [more]

Axel Haelterman continues to lead the tax practice at Freshfields Bruckhaus Deringer. He is highly regarded by both clients and peers and is often referred to as the group's "star". The team's impressive client list features Barclays Capital, Deutsche Bank and the Flemish government. Haelterman advised UCB, a pharmaceutical company, on the tax structuring regarding the divesture of business lines to GlaxoSmithKline in a deal valued at €600 million ($862 million). As well as the normal M&A tax issues in this deal, Haelterman had to consider new and difficult royalty entitlement transfer issues. The Freshfields Bruckhaus Deringer team has deliberately been shaped "as a small but highly reputed practice", Haelterman said.

An impressive client list and a varied selection of transactions have cemented Freshfields Bruckhaus Deringer's position in this year's ranking. The team, headed by Cyril Valentin, advised Eurotunnel on the tax aspects of the restructuring of its €9 ... [more]

An impressive client list and a varied selection of transactions have cemented Freshfields Bruckhaus Deringer's position in this year's ranking. The team, headed by Cyril Valentin, advised Eurotunnel on the tax aspects of the restructuring of its €9 billion ($12.7 billion) debt and of its equity, including the tender offer by a new holding company, as well as on the refinancing in 2008 (€800 million share capital increase and subordinated debt) of the early redemption of certain debt instruments. This was the largest European restructuring deal to date in Europe. It involved complex tax structuring both in France and the UK, notably to preserve the group's tax losses. The practice also advised CDC Capital Investissement on the acquisition of Socotec, the French leader in property and real estate inspection. Other clients include Goldman Sachs, HSBC France and GE Real Estate.

The team at Freshfields Bruckhaus Deringer is mentioned for its transactional tax advice. Peers especially commend its skill in advising on the tax aspects of financial instruments. Stephan Eilers retains his position as one of the best tax advisers ... [more]

The team at Freshfields Bruckhaus Deringer is mentioned for its transactional tax advice. Peers especially commend its skill in advising on the tax aspects of financial instruments. Stephan Eilers retains his position as one of the best tax advisers on the market. He is mentioned for his international cross-border work. He was promoted to head of the firm's global tax practice in May. Holger Häuselmann is also highly recommended, with one peer calling him the "finance tax guru". The team advised Deutsche Post on the tax aspects of the sale of a stake in Deutsche Postbank to Deutsche Bank this year. They also assisted Porsche on the intended acquisition of a majority stake in Volkswagen.

The tax team of Freshfields Bruckhaus Deringer is based in the firm's Milan office. There is no tax presence in Rome. Head of tax, Renato Paternollo, is highly recommended by peers. One referred to him as "a very reputable and exceptional tax practitioner". ... [more]

The tax team of Freshfields Bruckhaus Deringer is based in the firm's Milan office. There is no tax presence in Rome. Head of tax, Renato Paternollo, is highly recommended by peers. One referred to him as "a very reputable and exceptional tax practitioner". He specialises in the taxation of financial transactions, corporate reorganisations, M&A, private equity funds and real estate transactions. A large proportion of his client base is made up of European and US-based investment banks.

Peers commend Freshfields Bruckhaus Deringer for its transactional activity. Eelco van der Stok specialises in structured finance advice. Among the clients he advised this year are Merrill Lynch and JPMorgan. Hans Galavazi is recommended for M&A. He ... [more]

Peers commend Freshfields Bruckhaus Deringer for its transactional activity. Eelco van der Stok specialises in structured finance advice. Among the clients he advised this year are Merrill Lynch and JPMorgan. Hans Galavazi is recommended for M&A. He advised Essent on its partnership with RWE to become part of the fourth largest energy supplier in Europe. This $12 billion deal was complex due to the various political tensions and the new law under which the production division had to be separated from the network division. Machiel Lambooij heads the group. He assisted Rexel, the French distributor of electrical installation supplies, in respect of its €3 billion ($4.4 billion) public offer for Hagemeyer, and the subsequent €1.5 billion divestment to Sonepar. This was important because of the complexity of the international tax issues in connection with the divestment to Sonepar

Freshfields Bruckhaus Deringer's tax department is led by Miguel Klingenberg. The team advises a number of large multinationals and 70% of their clients are financial institutions. Partner Miguel Lorán advised la Caixa on the acquisition of Morgan Stanley's ... [more]

Freshfields Bruckhaus Deringer's tax department is led by Miguel Klingenberg. The team advises a number of large multinationals and 70% of their clients are financial institutions. Partner Miguel Lorán advised la Caixa on the acquisition of Morgan Stanley's Spanish retail private banking division, a deal worth $833 million. He also advised Nomura Internacional in the acquisition of the investment banking, global finance and equities businesses of Lehman Brothers in Europe and the Middle East. Partner Silvia Paternain advised Schweizerische Nationalbank on the acquisition of distressed Spanish assets previously held by UBS. This was the first large initiative of a "bad bank" creation, with the purchase of assets by SNB, the Swiss National Bank, from UBS. One client commends the firm's connections with the Spanish tax authorities. Adolfo Zunzunegui is highly recommended.

Colin Hargreaves is the head of a Freshfields Bruckhaus Deringer practice that has 12 partners and 37 other members of staff, including consultants, counsel, professional support lawyers and trainees. The practice has maintained its leading position ... [more]

Colin Hargreaves is the head of a Freshfields Bruckhaus Deringer practice that has 12 partners and 37 other members of staff, including consultants, counsel, professional support lawyers and trainees. The practice has maintained its leading position among City of London tax teams this year. Corporate and private equity, funds, restructuring, VAT, tax disputes and investigations are just some of the areas where the team has come to the fore. Partners have worked on some of the key financial services tax work that has come out of the economic downturn, such as capital raisings for Barclays, Bradford & Bingley and Lloyds Banking Group, and Nomura's purchase of Lehman Brothers' European, Middle East and Asia business. Sarah Falk was one of four partners from the firm's offices around Europe that advised the Japanese bank on the implementation and integration of the acquisition. The practice advised the Bank of England in relation to Icelandic banks, and draft and enacted banking legislation. Richard Ballard and a partner in Paris advised Citi and Deutsche Bank as joint underwriters and Lazard as joint sponsor and sole financial adviser on Hammerson's £584.2 million ($964.1 million) rights issue. Corporate transactions included David Taylor as the partner providing the tax advice to Siemens when it sold its 50% share in the Fujitsu Siemens Computers joint venture to Fujitsu Ltd for about €450 million ($653 million). Tax finance clients include all the significant global investment banks, such as Goldman Sachs, Barclays, Morgan Stanley and Deutsche Bank. Murray Clayson, David Haworth, and Helen Buchanan are highly rated partners in this area.

The firm hired its first transfer pricing economist in London this year when Danny Beeton joined the firm's tax practice from Grant Thornton. The firm believes the attitude of HMRC to going to court and its approach in the DSG litigation, which this year was the first UK case to look at transfer pricing methodology, means there is a real opportunity for law firms to combine a legal and economic service for clients. If rumours are to be believed, other law firms in the City think the same way and want to recruit a transfer pricing economist or two.