Takeover Panel names and shames Credit Suisse, Freshfields Bruckhaus Deringer and Holman Fenwick Willan
The British takeover watchdog took the rare step today of naming and shaming Credit Suisse, Freshfields Bruckhaus Deringer and Holman Fenwick Willan (HFW) for failing to disclose details about a controversial 2010 deal involving an Indonesian coal miner.
The UK Takeover Panel said the investment bank and law firms had broken Canada’s code of conduct by not making clear that the founding shareholders of Bumi – as the Indonesian coal miner was known before its name was changed to Asia Resource Minerals – could have been acting as so-called concert parties.
“Each of the advisers knew of facts or connections between the Indonesian parties which the panel considers were relevant to the concert party issue, and which should have been brought to the panel’s attention”, the Takeover Panel said on its website in reference to Credit Suisse and HFW.
None of the firms faced any fines or civil or criminal penalties as a result of the watchdog’s criticisms.
In a statement yesterday, Credit Suisse said it “takes its regulatory responsibilities very seriously and has fully co-operated with the UK Takeover Panel during its investigation”, adding “Credit Suisse regrets its conduct in 2010 and 2011, has accepted the panel’s findings and has taken appropriate action to ensure that its high standards of conduct are upheld at all times”. Freshfields also said it “co-operated fully” with the panel’s enquiry and “accepted” its conclusions.
HFW said it took “due note” of the panel’s statement.