Shearman & Sterling has represented International Petroleum Investment Company (IPIC) in relation to the recent disposals by IPIC of (i) approximately 1.3 billion ordinary shares of Barclays PLC (representing approximately 13.5% of Barclays issued share capital) and (ii) £1,250,000,000 principal amount of 14% Step Up Callable Reserve Capital Instruments of Barclays Bank PLC, each by means of accelerated bookbuild offerings managed by Credit Suisse Securities (Europe) Limited.

IPIC is wholly owned by the Government of the Emirate of Abu Dhabi and is primarily focused on investing in the hydrocarbon sector outside the Emirate of Abu Dhabi. IPIC is run by an independent Board of Directors, whose Chairman is H.H. Sheikh Mansour Bin Zayed Al Nahyan.

The Shearman & Sterling team was led by London-based corporate finance partner Laurence Levy and debt capital markets partner Mei Lian, with assistance from counsel Robert Ferguson, associates Alistair Mavor Thomson and Tom Lewis, and trainee solicitors Karan Chopra and Dolynn Yap. Abu Dhabi-based advice was provided by partners Philip Dundas and Tim Pick and associate Malcolm McKinnon. Tax advice was provided by partner Iain Scoon and associates Carine Stoffels and Will Smith. Regulatory advice was provided by partner Barney Reynolds, counsel Azad Ali and associate James Brilliant.