Shearman & Sterling advised the underwriters, led by Morgan Stanley, Deutsche Bank and ABN AMRO, with respect to the international aspects of ABN AMRO’s €3.8 billion IPO and listing of shares on the Amsterdam Stock Exchange. This is the largest ever Dutch privatisation and the largest ever Dutch IPO.
The Dutch state sold 23 per cent of its holdings, selling 188 million shares at €17.75 apiece in the initial public offering, valuing ABN AMRO at €16.7 billion.
The full group of underwriters includes Morgan Stanley, Deutsche Bank, ABN AMRO, Bank of America, Barclays, Citigroup, JPMorgan Chase, ING Groep and Rabobank.
Shearman & Sterling's European Capital Markets practice has been active in advising on many of the highest profile IPOs and privatisations in Europe. Earlier this month, the firm announced its lead role advising on Poste Italiane’s €3.4 billion IPO and the listing of its ordinary shares on the Milan Stock Exchange.
The Shearman & Sterling team was led by partner David Dixter and associates Pawel Szaja and Rainer Adlhart (all London-Capital Markets). Partner Barney Reynolds and counsel Azad Ali (both London-Financial Institutions Advisory & Financial Regulatory Group) advised on regulatory matters. Partner Kristen Garry (Tax-Washington) and associate Adam Sternberg (Tax-New York) advised on US tax matters.