Announcement

Milbank Expands European Global Corporate/Private Equity Practice With Three New Partners

Milbank Names Rolf Gerald Fueger, Peter Nussbaum and Norbert Rieger As Partners and Opens Office in Munich Germany

NEW YORK, NY, May 12, 2004 – Milbank, Tweed, Hadley & McCloy LLP today announced that the international law firm has elected Rolf Fueger, Peter Nussbaum and Norbert Rieger as partners, and will establish a new office in Munich, Germany. Under their leadership, the Munich office will significantly expand Milbank’s corporate transactional capabilities in Europe and globally. The Munich office, which is Milbank’s second in Germany and complements the firm’s existing European offices in Frankfurt and London, is scheduled to open in June.

In making the announcement, Milbank’s Chairman Mel Immergut noted, “We are fortunate to have Rolf, Peter and Norbert join us in Germany, where they are recognized leaders in their fields. Their extensive experience in structuring and executing complex M&A transactions in Germany and the rest of Europe will add an important element to our global corporate practice. Working closely with our existing M&A, private equity and finance practices in London and Frankfurt, they will greatly enhance our ability to deliver first-rate legal advice on the full range of M&A transactions throughout Europe.”

Michael Goroff, Milbank’s London partner in charge of Milbank’s European private equity practice, added “Corporate and private equity clients require advice on M&A, deal structuring, finance and tax matters, and most of our success in Europe has been due to our ability to provide this in an integrated fashion using a close knit group with all the relevant skills. With the outstanding team we are now adding in Munich, we become able to provide this integrated advice in a seamless manner, and at the highest levels of sophistication, in three key jurisdictions for this kind of work – the U.S., the U.K. and Germany.”

Mel Immergut also commented, “Over the past few years our European corporate and finance practices have grown substantially, and these appointments bring the total number of European Partners to 16, consisting of 6 U.K. and 5 U.S. qualified partners in London and 2 U.S. and 3 German qualified partners in Germany. Our corporate practice, which has focused in particular on private equity transactions, has taken the leading role in some of the most complicated leveraged buyouts in Europe. Our acquisition finance practice has participated in a number of “first-of-a-kind” transactions in Europe and has become one of the established leaders in European high yield bonds. The addition of Rolf, Peter and Norbert further extends our ability to service the European M&A, private equity and capital markets with the most focused and sophisticated legal advice available in those areas.”

Prior to joining Milbank, Messrs. Fueger, Nussbaum and Rieger were partners in the Munich office of Freshfields Bruckhaus Deringer, where Mr. Nussbaum was the co-head of that firm’s global private equity sector group. All three attorneys are fluent in German and English.

ROLF GERALD FUEGER is a leading tax lawyer focusing on the tax and finance structuring of complex transactions, in particular for private equity houses. He publishes frequently and is the co-editor of the monthly magazine “International Tax Planning” (Praxis Internationale Steuerplanung). He also regularly lectures on subjects of international and domestic tax law and is a member of the International Fiscal Association.

PETER NUSSBAUM is a leading practitioner in M&A and equity capital markets. He has particular experience in transactions involving publicly listed companies and in working for private equity houses. For example, he advised in the recent past on three recommended tender offers and the first PIPE transaction in Germany.

NORBERT RIEGER has specialized on corporate reorganization and German stock corporation law of listed companies. He frequently advises on measures of corporate squeeze-outs and all aspects of public M&A. For example, he advised on the first going private of a listed stock corporation by a financial sponsor in Germany after the enactment of the new law on tender offers. In addition, Norbert has a strong tax background and frequently publishes and lectures on tax and corporate law topics.

MILBANK IN EUROPE:
Milbank opened its first European office in London 25 years ago and opened a second European office in Frankfurt in 2001. The firm’s Global Corporate/M&A Group has worked on some of the most sophisticated transactions in virtually every geographical market. Milbank’s London office has been involved in some of the most complex acquisitions and private equity investments in the UK, Germany and throughout Europe. The Frankfurt office is a leader in sophisticated cross-border lease and acquisition finance transactions. Notable Milbank transactions include:

• Representing the private equity sponsors in the €2.7 Billion Acquisition by Kabel Deutschland GmbH of three separate German cable companies (ish Gmbh, iesy Hessen GmbH & Co. KG and Kabel Baden-Wuerttemberg GmbH & Co KG)

  
  

• €2.9 Billion Leveraged Buyout of Messer Griesheim GmbH: This landmark transaction integrated acquisition and finance techniques standard in the U.S. and UK markets with the structures and constraints of a German transaction, and was one of the largest industrial LBOs completed in Europe in 2001.

  
  

• €2.6 Billion Leveraged Buyout of Cognis Group: The LBO of the specialty chemicals business of the German company Henkel was completed in record time by employing many of the techniques pioneered in the Messer Griesheim transaction.

  
  

• Representing the Goldman Sachs private equity funds in their participation in the €1.8 billion LBO of the broadband cable network of Deutsche Telekom AG and the creation of Kabel Deutschland GmbH.

  
  

• Advising Marquard & Bahls' subsidiary Oiltanking GmbH in connection with the private placement of $130 million of senior notes.

Milbank, Tweed, Hadley & McCloy LLP is a premier global law firm headquartered in New York, with offices in Washington, D.C., Los Angeles, Palo Alto, London, Frankfurt, Munich, Tokyo, Hong Kong and Singapore. Milbank is a recognized leader in mergers and acquisitions, capital markets and corporate finance, project finance, acquisition finance and other major fields of legal practice. Milbank has English, German and U.S. law capabilities, and provides a full range of services to many of the world’s leading financial, industrial and commercial enterprises, as well as governments, institutions and individuals.