Shearman & Sterling advised industrial conglomerate Textron on the sale of its Tools and Test Business (“Tools & Test”) to Emerson, a global technology and engineering company, for approximately $810 million. The acquisition, joined with Emerson’s Ridge Tool Company, creates a global $1 billion professional tools business with the broadest offering for mechanical, electrical and plumbing contractors. The closing of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals.
Drawing on our vast deal and case experience, Shearman & Sterling has developed this Resources page, which provides a wide array of substantive and practical information on our antitrust and competition practice. Please review some of the informative materials we regularly publish as a value-added service to our clients, as well as information on upcoming events and details of recent activities and newsworthy items.
Shearman & Sterling, together with counsel representing other defendants in the ongoing U.K. air cargo follow-on litigation, received Litigation of the Year – Cartel Defense award from Global Competition Review (GCR) for its work on behalf of Cargolux Airlines. This award is an annual celebration of “creative, strategic and innovative litigation on behalf of a defendant in a private action for cartel damages” over the past year. The 2018 GCR Awards ceremony was, held in Washington, DC on April 10.
Shearman & Sterling is pleased to announce that Matthew Readings will take over as London Office Managing Partner, effective Wednesday, April 11. Matthew will work closely with EMEA Regional Managing Partner Marwan Elaraby, our other Regional Managing Partners and Senior Partner Dave Beveridge. He succeeds Nick Buckworth, who will continue in full-time practice and focus on his role as Global Head of Finance.
We are proud to host the inaugural conference for leading women general counsel and chief legal officers on June 14 in our New York office. The full-day event will include high-profile speakers from media, industry, government and non-profits, interactive presentations, and the chance to connect with colleagues who are leading and changing the legal landscape.
Partner James Webber (London-Antitrust) will speak on “Practical Challenges in Merger Control” at the EU Merger Control Conference organized by Knect365 in Brussels on May, 24 2018. The presentation will discuss practical tips for EUMR processes, gun jumping, timeline changes and transatlantic cooperation.
Partner Matthew Readings (London-Antitrust) will moderate a panel on “Compliance for Financial Services” at the Competition Law Challenges in the Financial Services Sector conference organized by Knect365 in London on May 22, 2018. The panel will discuss GDPR, cybersecurity, reporting and other subjects. The panelists are Gerben Pauwels (Argenta Bank) and Aiste Slezeviciute (RBS).
Traditionally, the European Commission’s (EC) approach towards public funding of infrastructure was that such aid fell outside the scope of State aid rules. Recent investigations show that this approach is changing, as the scope for commercial exploitation of infrastructure has increased due to increased liberalization, privatization, market integration and technological progress.
Last year’s Antitrust Annual Report described American Express’ sweeping victory over the Department of Justice (DOJ) and 17 state Attorneys General (AGs) in the Second Circuit pertaining to its use of Non-Discrimination Provisions (NDPs) in its merchant contracts – that is, contractual provisions that forbid merchants from trying to influence consumers to use lower cost forms of payment. But the Second Circuit’s decision was not the end of the dispute. The Supreme Court agreed to hear the case –only without the DOJ’s continued participation.
Under the Federal Rules of Civil Procedure, there are no geographical limitations on discovery requests.