UK: McDermott, Will & Emery Expands into Italy with Carnelutti
Last Updated: 8 September 2003

LONDON — Larry Gerber, the Chairman of McDermott, Will & Emery announces today the next significant step in the Firm’s continued expansion plans in Europe. He confirms that agreement has been reached with highly respected Italian market leader Carnelutti Studio Legale Associato to combine the practices of the two firms.

The agreement means that the Firm has added Milan and Rome to its existing practices in London, Munich and Düsseldorf, adding significantly to its international network and reach. This action is consistent with the Firm’s goal of establishing a high level full service practice in each of the major European financial and commercial centres.

Founded at the end of the 19th century, Carnelutti is the oldest established independent full service law firm in Italy with 20 partners and more than 50 other fee earners. It has particularly well regarded banking, corporate, employment, litigation, M&A, media, telecoms and tax practices. The M&A market in Italy is estimated to be worth $61bn and Carnelutti is very active in that market in relation to the value and number of completed transactions. One of the firm’s most recent major deals was the high profile acquisition by SAB Miller of national brewer Birra Peroni. Other recent highlights include advising Israel’s Dai telecom on its first transaction in the mobile phones market in Europe; advising Danone on its sale of Galbani to BC Partners which was Italy’s third largest private equity transaction ever; and advising on the largest MBO in the asset management sector.

Larry Gerber comments "Given its economic strength and positioning, Italy is an important market for us, and for our clients, and we wanted to work with a market leader here." He continues "We will continue to expand our capabilities to support our clients in Europe and elsewhere in line with their business needs."

Marino Bastianini, Carnelutti’s Chairman says "Italy is the world’s sixth largest economy. We advise many large Italian companies and foreign investors interested in the rapidly expanding commercial market here. We also advise Italian clients operating abroad, so the combination with McDermott, Will & Emery and all that they stand for is a sound strategic move for all of us."

Carnelutti’s Vice Chairman Luca Arnaboldi agrees: "For some time we’ve been overhauling our management and operations to create a more Anglo-Saxon structured model. Being independent for so long, we wanted to join forces with a firm that has the same core values, models and above all approach. We have already worked with McDermott, Will & Emery on a number of matters, as it is crucial to ensure we are teaming up with a firm which shares our vision for the future domestically and internationally."

According to John Reynolds, Managing Partner of McDermott’s London office, "A top tier presence in Italy strengthens our position in Europe. The Italian M&A marketplace for example, is third only behind the US and the UK in number of deals for the first half of this year. We will be working closely with our new Italian partners to ensure our practices are integrating effectively to ensure a cohesive approach to client service."

Biographical Notes

Marino Bastianini has served as Chairman of Carnelutti since 1983. His practice includes mergers and acquisitions and corporate restructuring, with a particular emphasis on international law. Mr. Bastianini received his law degree from the University of Milan in 1957. He is a member of the International and Italian Bar Associations.

Luca Arnaboldi has been Managing Partner of Carnelutti since 2000. He focuses his practice on M&A, corporate finance and media. Admitted to the Italian Bar in 1989, he earned his law degree from the University of Milan in 1986. He is a member of the International and Italian Bar Associations.

McDermott, Will & Emery Facts

McDermott, Will & Emery is an international law firm with more than 950 lawyers who practice from the Firm's offices in Boston, Chicago, Düsseldorf, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Rome, San Diego, Silicon Valley, and Washington DC.

The Firm opened its London offices in November 1998, now more than 65 lawyers, Munich in January 2002, 19 lawyers, and Düsseldorf in September 2002 with 8 lawyers.

McDermott, Will & Emery represents clients and advises on matters in more than 50 countries worldwide.

Carnelutti Facts

Carnelutti is the oldest existing law firm in Italy with more than 100 years of experience. The firm was originally founded in Venice in the late 19th century by renowned jurist Francesco Carnelutti.

Carnelutti’s corporate lawyers, led by Marino Bastianini, the firm’s chairman have taken a leading role in some of the most important Italian and international transactions.

Carnelutti clients include Italian and foreign investment banks, and financial groups. The firm advises on all regulatory and legal requirements and assists in all authorisations required by Consob (Italian equivalent of the SEC) and the Bank of Italy for distribution of mutual funds and other financial products.

Carnelutti was the first Italian law firm to understand the importance of hiring tax professionals in order to offer additional assistance in mergers and acquisitions. Led by Andrea Rittatore Vonwiller, the department currently includes both lawyers and tax advisors.

Carnelutti assists industrial and financial groups with labour law issues and corporate downsizing. Angelo Zambelli, a well-established professional in the field, has assisted top management of the largest Italian corporations in dealing with labour-related matters.

Alberto Rittatore Vonwiller has considerable experience in mergers and acquisitions and corporate finance work, including both hostile and friendly takeovers, joint ventures, shareholder agreements, securitisations, loans and commercial contracts.

Mr. Rittatore Vonwiller and Massimo Trentino, based in the firm’s Rome office, are famed as two of Italy’s top M&A professionals. Mr. Trentino has considerable experience in corporate finance work, including IPOs and bond issues, mergers and acquisitions, and establishment of mutual funds, incorporation of asset management companies, listing of mutual funds, and in obtaining authorisation for and issuing of financial products.

For more information, please contact:

For more information, contact:

 
     

John Reynolds

Managing Partner

Scott Megregian

Marketing Partner

Sarah Hargrove

Head of Marketing

020 7577 6994

020 7577 6911

020 7577 6937

jreynolds@europe.mwe.com

smegregian@mwe.com

shargrove@europe.mwe.com

For more information on McDermott’s US and European offices, contact:

 

Amy Nigrelli

Marketing Director

+1 312 984 6932

anigrelli@mwe.com

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