City firm Ashurst has knocked Freshfields Bruckhaus Deringer off the top spot for merger and acquisitions work after replacing the magic circle firm as adviser to Philip Green’s bid for Marks & Spencer.
Figures by analysts Mergermarket for announced UK deals by value in the first half of this year show Ashurst ahead with 50 deals worth a total of £13 billion. Freshfields, which was forced to step down from acting in Green’s bid following a High Court action brought by Marks & Spencer’s lawyers Slaughter and May, came second with 42 deals also worth £13 billion in total.
Third and fourth places in the UK went to magic circle firms Clifford Chance and Allen & Overy respectively, with Shearman & Sterling the highest-placed US firm in fifth.
Of the two remaining magic circle firms, Slaughter and May ranked sixth while Linklaters came in a lowly ninth - despite being in top place at the end of 2003. Eversheds had the highest number of deals, with 58 worth £2.6 billion altogether.
Linklaters claimed the top spot for European transactions overall with 78 deals worth €99 billion (£66 billion), followed by Clifford Chance in second place and Freshfields in third. Sullivan & Cromwell was the highest-ranked US firm in fourth place with deals worth €86 billion (£57 billion).
Ashurst head of corporate Chris Ashworth said: ‘We have a very strong M&A business ranging from corporate, investment bank advisory work to private equity, and that means a regular flow of transactions. The Marks & Spencer work has been the icing on the cake.’ He added: ‘The market has been fragile this year and we expect it to continue on the same level. We have been involved in the two big property deals - Chelsfield and Canary Wharf - and property remains an interesting sector.’
Figures by analysts Mergermarket for announced UK deals by value in the first half of this year show Ashurst ahead with 50 deals worth a total of £13 billion. Freshfields, which was forced to step down from acting in Green’s bid following a High Court action brought by Marks & Spencer’s lawyers Slaughter and May, came second with 42 deals also worth £13 billion in total.
Third and fourth places in the UK went to magic circle firms Clifford Chance and Allen & Overy respectively, with Shearman & Sterling the highest-placed US firm in fifth.
Of the two remaining magic circle firms, Slaughter and May ranked sixth while Linklaters came in a lowly ninth - despite being in top place at the end of 2003. Eversheds had the highest number of deals, with 58 worth £2.6 billion altogether.
Linklaters claimed the top spot for European transactions overall with 78 deals worth €99 billion (£66 billion), followed by Clifford Chance in second place and Freshfields in third. Sullivan & Cromwell was the highest-ranked US firm in fourth place with deals worth €86 billion (£57 billion).
Ashurst head of corporate Chris Ashworth said: ‘We have a very strong M&A business ranging from corporate, investment bank advisory work to private equity, and that means a regular flow of transactions. The Marks & Spencer work has been the icing on the cake.’ He added: ‘The market has been fragile this year and we expect it to continue on the same level. We have been involved in the two big property deals - Chelsfield and Canary Wharf - and property remains an interesting sector.’
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