Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of one peer who recently acted opposite the team: “Its performance was faultless and the lawyers showed great professionalism all the way through - they perfectly understand the market and know how to react in each situation.” Clients share this view and add that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: Lawyers assisted EDP - Energias de Portugal on the USD2 billion issuance of medium term notes listed on the LSE. The team advised Inapa on a EUR122 million rights issue on several operations in European countries within the paper and paper pulp markets. Other notable clients include Millennium BCP; REN; Mota-Engil and Banco Santander.

Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of one peer who recently acted opposite the team: “Its performance was faultless and the lawyers showed great professionalism all the way through - they perfectly understand the market and know how to react in each situation.” Clients share this view and add that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: Lawyers assisted EDP - Energias de Portugal on the USD2 billion issuance of medium term notes listed on the LSE. The team advised Inapa on a EUR122 million rights issue on several operations in European countries within the paper and paper pulp markets. Other notable clients include Millennium BCP; REN; Mota-Engil and Banco Santander.

Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of a rival who recently acted opposite the team: “Its performance was faultless and lawyers showed great professionalism all the way through - they understand the market perfectly and know just how to react in each situation.” Clients agree, adding that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: The group advised Portucel on the Secondary Public Offering of the 25.7% stake held in the company by Parpública SGPS. Sonaecom instructed the group to advise on the preparation and submission of a takeover bid for the acquisition of the share capital of PT - Multimédia. The group represented Millennium bcp in the EUR28.4 million acquisition of 100% of the share capital of bcpBank Canada by BMO Financial Group. Other notable clients of the group include EDP; REN; Mota-Engil; Banco Santander and Inapa.

Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of a rival who recently acted opposite the team: “Its performance was faultless and lawyers showed great professionalism all the way through - they understand the market perfectly and know just how to react in each situation.” Clients agree, adding that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: The group advised Portucel on the Secondary Public Offering of the 25.7% stake held in the company by Parpública SGPS. Sonaecom instructed the group to advise on the preparation and submission of a takeover bid for the acquisition of the share capital of PT - Multimédia. The group represented Millennium bcp in the EUR28.4 million acquisition of 100% of the share capital of bcpBank Canada by BMO Financial Group. Other notable clients of the group include EDP; REN; Mota-Engil; Banco Santander and Inapa.

Morais Leitão, Galvão Teles, Soares da Silva & Associados’ expertise in equity capital markets is simply outstanding. Fielding two of the finest capital markets partners in Portugal, João Soares da Silva and Carlos Osório de Castro, its track record is unmatched. The firm was involved in several of Portugal’s highest-profile transactions last year, including Sonaecom’s failed attempt to take over PT. Millenium BCP also instructed the firm on its unsuccessful €4.3bn bid for Banco BPI, and on its negotiation and launch of a $1.5bn extendible floating rate notes issued by BCP Finance Bank.

Morais Leitão has a strong equity capital markets practice which has proved its pre-eminence over the last year. It has done a variety of significant deals with high-profile clients, which have afforded it a place in tier one of the capital markets rankings. One international bank commented that Morais Leitao has been its firm of choice in Portugal for a long time: "We have always been very satisfied with the work." The client added: "João Soares da Silva, Nuno Galvão Teles and Carlos Osório de Castro make an outstanding team with a long tradition in banking and capital market transactions." In January 2007, a team led by partners João Soares da Silva and Luísa Soares da Silva assisted Investifino Investimentos e Participações in a €131 million transaction. This advice related to the process of an acquisition of shares corresponding to 26.46% of the total share capital of Grupo Soares da Costa (one of Portugal's largest construction companies), and the subsequent submission of a public tender offer for the acquisition of all ordinary shares and preference shares of the group. The deal was highly innovative, as it was the first use in Portugal of a mechanism allowing for the suspension of the duty to launch an offer immediately after the mandatory bid thresholds were crossed. In one of the biggest deals in Portugal last year, worth approximately €1.2 billion, Morais Leitão advised Sonaecom in the structuring and submission of a bid for the acquisition of the shares representing the share capital of Portugal Telecom (PT) Multimédia, by means of a public takeover. The tender offer was announced in February 2006, and approved by the competition authority in December of the same year. But on March 2, PT's shareholders rejected the removal of the limitation voting rights contained in the company's bylaws, the approval of which was also a condition of the takeover offer. This transaction, along with the unsuccessful takeover offer by Sonaecom of Portugal Telecom (worth €13 billion, and by far the biggest deal in Portugal) caused a considerable impact on the Portuguese media and information technology market. The firm also advised Millennium BCP in May 2007 on a €5.3 billion transaction. The team, which also comprised finance and competition expertise, assisted in the structuring and submission of a public bid to acquire of the shares of Banco BPI, the third-largest bank in Portugal. In June 2006 Banco de Portugal announced its non-opposition to the takeover and the insurance regulator, Instituto de Seguros de Portugal, followed suit shortly after. Following a lengthy process, the Portuguese competition authority finally decided in favour of the deal, but imposed several conditions that were in the end not met. The firm also worked on rights issues and the negotiation of an underwriting agreement with leading international banks.

Carlos Osório de Castro received enthusiastic praise from his peers for being “one of the brightest minds in the country.” He also impresses with his “tough but fair approach and genuine efforts to understand his clients’ business.”

João Soares da Silva’s “precise and effective advice, as well as his professionalism and dedication” are major draws for clients, who also enjoy his ability to deal with “extremely complex corporate and capital market issues.

Market sources identify Filipe Lowndes Marques as the “best asset” of the firm’s securitisation practice.

Carlos Osório de Castro received enthusiastic praise from peers, with one declaring: “He is one of the brightest minds in the country.”

João Soares da Silva’s “precise and effective advice, coupled with professionalism and dedication” are major draws for clients.

Market sources identify Filipe Lowndes Marques as the “best asset” of the firm’s securitisation practice.