Davis Polk advised Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC as underwriters in connection with an $835 million SEC-registered secondary offering of 5,965,304 common shares in the capital of Canadian Pacific Railway Limited (CP) by certain funds managed by Pershing Square Capital Management, L.P. The common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “CP.”  

Davis Polk advised J.P. Morgan Securities LLC as sole underwriter in connection with an SEC-registered offering by General Mills, Inc. of $250 million aggregate principal amount of floating-rate notes due 2016. The newly issued notes constitute with the notes already outstanding a single series of $500 million aggregate principal amount of floating-rate notes with identical terms. 

Davis Polk advised Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Citigroup Global Markets Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representatives of the several underwriters in connection with the SEC-registered secondary offering of 37,950,000 shares of common stock of ING U.S., Inc., which included 4,950,000 shares sold pursuant to the underwriters’ fully exercised option to purchase additional shares. Total gross proceeds to ING Groep N.V., ING U.S.’s parent company and the selling stockholder in the offering, were $1.12 billion.

Slaughter and May advised Santander UK plc on the issuance of US$1.5 billion 5.000 per cent. Fixed Rate Subordinated Notes due 2023 (the 'Notes'), which are capable of qualifying as Tier 2 capital for regulatory capital purposes. The Notes were listed on the Main Securities Market of the Irish Stock Exchange.

The joint lead managers were Barclays Capital Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Santander Investment Securities Inc.

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Davis Polk advised the underwriters in connection with a follow-on offering of 4,312,500 shares of Class A common stock of Yelp Inc. The offering resulted in gross proceeds of approximately $288.9 million. Goldman, Sachs & Co., Citigroup Global Markets Inc. and Jefferies LLC acted as joint book-running managers of the offering. Oppenheimer & Co. Inc. and Cowen and Company, LLC acted as co-managers. Yelp’s Class A common stock is traded on the New York Stock Exchange under the symbol “YELP.” 

Simpson Thacher represented BTG Pactual US Capital LLC, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co and Santander Investment Securities Inc. as placement agents in connection with the initial public offering of 30,779,040 common shares of SER Educacional S.A. (“SER Educacional”) and listing on the São Paulo Stock Exchange (BM&FBovespa). The common shares were offered to the public in Brazil, to qualified institutional buyers in the United States under Rule 144A and to non-U.S.

NEW YORK, November 8, 2013 – Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partner Arnold Peinado, acted as special New York counsel to Morgan Stanley and Credit Suisse in connection with a $300 million offering of 6% notes due 2020 by United Continental Holdings, Inc. (“UAL”), which notes are guaranteed by United Airlines, Inc.

UAL expects to use the proceeds of the notes for general corporate purposes.  The notes were offered pursuant to UAL’s shelf registration statement.

Allen & Overy LLP has advised BNP Paribas in connection with a capital increase of AIXTRON SE in the amount of approximately 100 million euros. The capital increase was by way of  a private placement on an accelerated placement process (accelerated bookbuilding). AIXTRON SE issued 10,223,133 new shares from authorized capital to international institutional investors at a price of 9.90 euros per share. The offer comprises almost 10% of the registered share capital of AIXTRON SE before the transaction.

Herbert Smith Freehills has advised the joint lead managers on AMP Limited’s (AMP) offer of new securities known as AMP Subordinated Notes 2 (AMP Notes 2), which are fully paid, redeemable, subordinated, unsecured notes of AMP (Offer). The Offer is intended to raise A$200 million, with the ability to raise more or less.

The AMP Notes 2 are being offered at an issue price of $100 each and are expected to be quoted on the ASX.

DLA Piper have advised the management team of Bestinvest, the UK wealth manager and online investment service, on its acquisition by a company owned by Permira funds for an undisclosed sum.

The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2014.

Founded in 1986, Bestinvest is a dynamic and fast-growing UK private client investment group that is dedicated to rigorous and unbiased investment research and which has a relentless focus on excellent client service and the highest levels of professionalism.