Shearman & Sterling advised Viacom Inc. in its merger with CBS Corporation, which will create a leading global multiplatform, premium content company with more than $28 billion in revenue.

Shearman & Sterling advised the underwriters, led by Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc., in Wanda Sports Group's $190 million initial public offering. The shares began trading on the Nasdaq Global Select Market under the symbol “WSG” on July 26, 2019.  

Shearman & Sterling advised the Abu Dhabi National Oil Company (ADNOC) on landmark strategic equity partnerships with Eni and OMV covering both the existing ADNOC Refining business and a new trading joint venture. The transaction includes one of the world’s largest-ever refinery transactions. Ruwais is the fourth biggest single site refinery in the world. ADNOC, Eni and OMV also incorporated a new trading joint venture at Abu Dhabi Global Market (ADGM) to focus on direct sales to customers, primarily in Asia, and in emerging markets.

Shearman & Sterling is proud to host our 2nd Annual General Counsel Forum on October 3, 2019 in our New York office. This year’s theme is Conquering 2020. We will discuss what female GCs need to know to lead their companies into the next decade.

Shearman & Sterling, together with Concurrences Review and Avisa Partners, are hosting the roundtable discussion “Which Competition Policy for the New EU Commission?” on September, 19 2019 in Brussels.

Partner Elvira Aliende Rodriguez (Brussels- Antitrust) will speak at the 6th Annual International Arbitration, Regulatory & Competition Law Global Summit organized by Wolters Kluwer and LegalPlus in Japan on September 12, 2019.

The European Union (EU) antitrust law concepts of ‘undertaking’ and ‘single economic entity’ allow fines to be imposed on parent entities of subsidiaries involved in cartel conduct, even where the parent was not itself involved or aware of the cartel. Recent case law developments in the cartels sphere have materially extended the circumstances in which such fines can be imposed on parents.

The European Commission (EC) is increasingly invoking conglomerate theories of harm in its merger reviews. The complexity of these theories is resulting in more in-depth Phase 2 reviews and behavioral access commitments are relatively common for conglomerate mergers in the high-tech space.

In January 2018, the U.S. Supreme Court granted certiorari in In re vitamin C Antitrust Litigation, the first lawsuit in U.S. history where the Chinese government has intervened to take a position in a case. The request for Supreme Court review followed a September 2016 decision by the Second Circuit that set aside a US$147 million treble damages verdict for the U.S.-purchaser plaintiffs. In setting aside the verdict, the Second Circuit held that the district court had failed to follow the reasoning in a submission by the Chinese Ministry of Commerce about the meaning and effect of Chinese competition law.