Davis Polk advised Ally Financial Inc. in connection with its $2.4 billion initial public offering of common stock. The U.S. Department of the Treasury (U.S. Treasury), as selling shareholder, sold 95,000,000 shares of common stock of Ally as part of the planned exit of its investment in Ally. The underwriters have the option to purchase up to an additional 14,250,000 shares of common stock from U.S. Treasury to cover over-allotments. If the over-allotment option is exercised in full, the proceeds of the offering to U.S. Treasury will be over $2.7 billion.

On April 10, 2014, Judge William H. Pauley III of the United States District Court for the Southern District of New York dismissed an antitrust class action against Cravath client American Express in Ross, et al. v. American Express Co., et al., No. 04-c-v-5723. This judgment followed a five-week bench trial in January and February 2013.

Dubai—Dentons has advised Ajman Bank on US$155 million Islamic financing facilities made available by a syndicate of banks. The facilities comprise of a dual commodity murabaha and wakala arrangement with a two year lifespan. Noor Bank acted as the arranger and bookrunner for the deal, and along with Emirates Islamic Bank, First Gulf Bank, United Arab Bank and Warba Bank which participated in the facilities.
 

Slaughter and May advised International Personal Finance plc (IPF), a leading international home credit business with a market capitalisation of circa £1.3 billion and a FTSE 250 company, on the update of its EUR 1 billion Euro Medium Term Note Programme (the Programme).

The Firm represented Barclays Bank PLC, BNP Paribas, HSBC Bank plc, Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International plc, Wells Fargo Securities, LLC and other underwriters in connection with a €1.5 billion offering of debt securities by Wal-Mart Stores, Inc.

Wal-Mart offered and sold €850 million principal amount of its 1.900% Notes due 2022 and €650 million principal amount of its 2.550% Notes due 2026. The net proceeds from the offering will be used for general corporate purposes.

Simmons & Simmons has advised Macquarie Capital on the investment in Takeaway.com. Netherlands based Takeaway.com is one of the world’s leading food order sites and is active in The Netherlands, Belgium, Germany, Austria, Switzerland, France, The United Kingdom, Luxemburg, Denmark and Sweden. All websites of Takeaway.com cover more than 7000 associated delivery restaurants.

The combined $103m investment was done by Macquarie Capital and Prime Ventures. Takeaway.com subsequently acquired Lieferando.de, one of the largest food delivery websites in Germany.

An international Linklaters team advised Eurex Clearing AG in connection with its admission as a clearing house pursuant to the European Market Infrastructure Regulation (EMIR). The German Financial Supervisory Authority (BaFin) approved the application of Eurex Clearing AG on 10 April 2014 and granted the licence to Eurex Clearing AG.

Allen & Overy LLP advised BofA Merrill Lynch, Deutsche Bank AG, London Branch, and Société Générale Corporate & Investment Banking in connection with the issue of a EUR 300 million convertible bond by LEG Immobilien AG.  The convertible bond with a term of 7.2 years provides for an investor put option after 5.2 years and a coupon of 0.5% p.a. payable semi-annually.

The Allen & Overy-Team comprised partner Dr. Oliver Seiler, counsel Dirk Eisel and associate Dr. Alexander Schlee (all capital markets law, all Frankfurt).

The Firm recently represented Blackstone Mortgage Trust, Inc. in connection with its public offering of 9,200,000 shares of class A common stock, inclusive of the shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, in each case at a price to the underwriters of $27.72 per share, or approximately $255.0 million in the aggregate.

New national public-private partnership to transform the home energy loan market -- warehouse facility to facilitate $100 million medium term note program