Sources consistently regard this firm as the best in Portugal for corporate law, and in March 2006, its name was fortified following the merger with one of Porto’s leading firms, Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. This has made the team “unbeatable,” according to one source, and the integration has also boosted the practice’s ability to act in big transactions. Indeed, the corporate practice was present in both of Portugal’s biggest deals in 2006: the hostile takeover bids of Sonaecom for Portugal Telecom and Millennium bcp for Banco BPI, with lawyers advising Sonaecom and Millennium bcp respectively. Furthermore, sources point out contract negotiation as one of the team’s strengths, whilst clients highlight the “lawyers’ language skills, the ease of communication and of working together.” Clients/Work Highlights: Lawyers advised Bertelsmann on the acquisition of the Portuguese group Bertrand. The team represented REN (Rede Eléctrica Nacional) in the sale of its 18.3 % shareholding in Galp Energia, SGPS to Amorim Energia, a transaction valued at EUR945 million. Other clients include: Millennium bcp; Enernova; EDP; Investifino; Miller Developments and Sag Gest.

Sources consistently regard this firm as the best in Portugal for corporate law, and in March 2006, its name was fortified following the merger with one of Porto’s leadings firms: Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. This has made the team “unbeatable,” according to one source, and the integration has also boosted the practice’s ability to act in big transactions. Indeed, the corporate practice was present in both of Portugal’s biggest deals in 2006: the hostile takeover bids of SonaeCom for Portugal Telecom and Millennium bcp for Banco BPI, with lawyers advising SonaeCom and Millennium bcp respectively. Furthermore, sources point out contract negotiation as one of the team’s strengths, whilst clients highlight the “lawyers’ language skills, the ease of communication and of working together.” Clients/Work Highlights: Lawyers advised Nutrinveste on the acquisition of a majority stake of 80% of East Coast Olive Oil valued at USD21 million. The team represented Sonae on the sale of its 17.4% shareholding in Sonae Sierra to Grosvenor Investment. Millennium bcp; Enernova; EDP; Miller Developments and Sag Gest also figure in the group’s client list.

It is not an overstatement to qualify 2006 as the year of Morais Leitão, Galvão Teles, Soares Da Silva & Associados. Following its merger with an Oporto-based corporate boutique at the beginning of 2006, two of the firm's key clients launched the largest takeover bids ever in Portugal, both of them hostile: Sonaecom announced a €11.9bn bid for the Portuguese telecoms giant Portugal Telecom and Banco Comercial Português launched a €4.33bn bid for Banco BPI. Capital markets expert Carlos Osório de Castro and highly acclaimed corporate partner João Soares da Silva took the lead roles.

João Soares da Silva runs Morais Leitão’s “fantastic” M&A practice, which comprises nine partners and 28 associates following the firm’s integration in January 2006 with Oporto corporate heavyweight Osório de Castro Verde Pinho Vieira Peres Lobo Xavier e Associados. Among other obvious advantages (giving Morais Leitão access to key clients in northern Portugal, for example), the merger meant that “outstanding M&A lawyer” Carlos Osório de Castro is now a member of Morais Leitão’s M&A department, adding serious expertise to an already excellent team. As well as Osório de Castro, one partner (Eduardo Verde Pinho) and five associates joined the M&A department from the Oporto firm. Morais Leitão notched up another impressive deal tally over the past year. Soares da Silva was especially busy at the end of 2005, leading teams advising Millennium BCP on two deals that closed in December. The first saw the team advise Millennium BCP on its negotiation with several bidders for the sale of a 100% stake in the shareholding of a Macao banking and insurance group for €176.5 million. And in the second, the team acted on the sale of a 50% shareholding of a Portuguese bank focused on car financing business, involving the negotiation of the restructuring of the joint venture set up to handle the fleet rental and management services business. The busy period continued into 2006. In January, Nuno Galvão Teles acted for EDP, Portugal’s largest electricity company, on the €1.6 billion sale of its shareholding in Galp Energia to Américo Amorim Group, as well as on EDP and REN’s simultaneous shareholders’ agreement in relation to Galp Energia, in which they set out the rules that would apply to the relations between shareholders and the terms and conditions of the put options for REN’s shareholding in Galp Energia. At the time of writing, Carlos Osório de Castro and Paulo Rendeiro were acting for Sonae Sierra, one of the largest European companies in the shopping and leisure centre sector, on the sale of 50% of its stake in Rio Sul Shopping and Serra Shopping to a fund managed by Rockspring Investments (London) for an undisclosed amount.

According to observers, the charismatic Miguel Galvão Teles “has a presence which fills the room.” They go on to describe him as “a sharp lawyer who knows when to be tough or soft, flexible or inflexible.”

“Outstanding and aggressive corporate lawyer” Carlos Osório de Castro receives enthusiastic praise from his clients: “He is always two steps ahead of everyone else - he has written or influenced law codes himself so he is the one who knows what can or cannot be done and understands loopholes - fantastic for designing operations.” Peers add that: “Osório de Castro’s negotiation skills are exceptional: he is probably one of the brightest lawyers in the area.”

Interviewees recognise Nuno Galvão Teles’ ability to establish “long-term relationships with clients”.

Segismundo Pinto Basto is considered a “solid and excellent professional.”

According to observers, the charismatic Miguel Galvão Teles “has a presence which fills the room.” They go on to describe him as “a sharp lawyer who knows when to be tough or soft, flexible or inflexible.”

“Outstanding and aggressive corporate lawyer” Carlos Osório de Castro receives enthusiastic praise from his clients: “He is always two steps ahead of everyone else - he has written or influenced law codes himself so he is the one who knows what can or cannot be done and understands loopholes - fantastic for designing operations.” Peers add that “Osório de Castro’s negotiation skills are exceptional: he is probably one of the brightest lawyers in the area.”

Interviewees recognise Nuno Galvão Teles’ ability to establish “long-term relationships with clients.”

Segismundo Pinto Basto is considered a “solid and excellent professional.”

Clients highlight Tomás Vaz Pinto’s “good personable style, which helps avoid confrontations.” His commercial approach and advice on contractual issues were also emphasised to researchers.