Cleary Gottlieb Wins Three IFLR European Legal Awards

International Financial Law Review presented Cleary Gottlieb with three IFLR European Awards at a ceremony in London on Wednesday, March 23. The firm was named “Most Innovative U.S. Firm in Europe” and “Equity Team of the Year,” as well as being awarded for our work on the “Equity Deal of the Year” - RUSAL’s Russian depositary receipts. The citations are as follows:

Most Innovative U.S. Law Firm in Europe
Cleary Gottlieb excelled in a number of categories in 2010, none more so than equity. The firm picked up nominations for four shortlisted deals in the category. These included Rusal’s Russian depositary receipts program and Volkswagen’s capital increase. Cleary Gottlieb also illustrated its restructuring prowess, winning a major role on the Oerlikon restructuring.

Equity Team of the Year
Cleary Gottlieb had a great year within equity, advising on four of the seven nominated deals. The firm’s German office won the issuer roles on the Deutsche Bank rights issue, Volkswagen capital increase and the Helikos IPO. The team also provided Russian, UK and U.S. advice to Rusal on its innovative RDR program.

Equity Deal of The Year
Russian mining company Rusal broke new ground when it became the first to launch a Russian depositary receipt (RDR) program in respect of its shares listed on the Hong Kong Stock Exchange.

RDRs are a brand new security in Russia; the regulation had not been tested before and there were no precedents in the market, so Rusal’s program set the standards for future issuances. The Russian securities regulator was part of the working group for the program, and its successful launch led to a number of regulatory changes relating to future RDR programs.