We are today more serene he acknowledges

The slight resumption of merger-acquisition operations facilitated the first quarter of business lawyers. "After a phase of panic late 2008, and then anxiety in 2009, opens a caution period", notes Patrick Dziewolski, a partner at Bredin Prat, who wants to see a positive signal. Analogous observation for Fabrice de La Morandière, responsible Department at Linklaters ' corporate' associate. "We are today more serene," he acknowledges. He believes that "fire window emerges to sell of beautiful assets or even to its market as banks lend again money". Other professional shows be "more sought on new folders". So far, "it is hardly the case for all firms," he says.

For his part, Patrick Jaïs, associate of the Department "corporate"-M & A in De Pardieu Brocas Maffei, note that the transactions that are market are more often "acquisitions is making good relations maintained by the companies with their banks." or even "without debt or operations performed by actors like insurance, structurally with the means of their ambitions", finds.

In fact, in the first quarter, the France has recorded an annual growth of 202 - based, it is true, very low - value of its merge operations and acquisition, to 13.4 billion, according to the Mergermarket Institute. Volume, however, with 107 transactions announced, the progression is 11. The acquisition by Schneider and Alstom of Areva T & D for $ 5.8 billion is the largest industrial operation for a long time. And most important announced abroad is that of AXA SA on the Asian business of AXA Asia Pacific Holdings, for $ 8.6 billion. So that lawyer firms associated with these operations are in a good position in the rankings.

Winning tiercé

The winner three of the French charts prepared by Mergermarket, on the basis of the value of the transactions, place the British Linklaters on the first step of the podium, followed by Weil Gotshal Manges & American and Australian Allens Arthur Robinson. The Office of the "Magic Circle" Linklaters has intervened in various operations of the place, including those of Sanofi-Aventis with Merial and AXA Private Equity on the sale of Spotless Group to BC Partners.

Ranked on the basis of the number of operations is first in the cabinet De Pardieu Brocas Maffei, Linklaters and Gide Loyrette Nouel. "We have increased in number and size of operations for three main reasons: we have recruited, in early 2009, Patrick Jaïs and his team, which allowed us to increase the capacity of our Department M & A;. We are well equipped in all disciplines; "Finally, our fees are more reasonable than those of our major Anglo-Saxon competitors", justifies Guillaume Touttée, associate of the Department "corporate"-M & in De Pardieu Brocas Maffei.

Some firms appear simultaneously in the two rankings. This is the case of Linklaters, Bredin Prat, Darrois Villey Maillot Brochier and Gide Loyrette Nouel, European Alliance CMS Bureau Francis Lefebvre, the British firm Lovells and Cleary Gottlieb Steen & Hamilton and Weil Gotshal Manges & Americans, and a firm affiliated with a "big four", PricewaterhouseCoopers Legal. New: the emergence of Australian, implanted in France, but involved firms in the wholesale "deal" of AXA Asia Pacific Holdings.

Of course, these three months data are only an indication in an economic context always to low visibility. "Beyond July, as read in of coffee", prevents an ACE of the M & A... Or perhaps look at New York, where the offices of lawyer are currently busy, and draw, wrongly or rightly, an extrapolation for the France.

Completeness of Mergermarket rankings on lesechos.frlesechos.fr