London’s Allen & Overy to Merge With Shearman & Sterling to Create $3.4 Billion Global Law Firm
London-based Allen & Overy and New York firm Shearman & Sterling said Sunday they plan to merge, representing one of the largest tie-ups in recent history with a projected $3.4 billion in annual revenue.
The proposed merger, pending approval by partners, would create Allen Overy Shearman Sterling, or A&O Shearman, with 3,900 total lawyers and 800 partners in 49 offices in 29 countries. In terms of revenue, it would be the third-largest firm globally, the firms said. Kirkland & Ellis and Latham & Watkins are the largest firms in terms of revenue, with DLA Piper currently third, according to annual rankings by legal magazine The American Lawyer.
Greek Conservatives Trounce Opponents in Elections, Buoyed by Economic Upturn
ATHENS-Greece’s governing center-right resoundingly beat its left-leaning opponents in national elections Sunday, as voters rewarded Prime Minister Kyriakos Mitsotakis for a robust recent economic performance.
But with Mitsotakis falling just short of a majority in Parliament, Greece is expected to hold another national vote in late June or early July, under a different electoral system that is likely to help his New Democracy party win an outright victory.
Bakhmut Is Largely Under Russian Control, Says Ukrainian General
KOSTYANTYNIVKA, Ukraine-Ukrainian forces have lost effective control of the eastern city of Bakhmut, Ukraine’s top commander in the region said, as Moscow declared its first significant conquest since last summer after months of relentless fighting that has cost thousands of lives and obliterated the city.
Col. Gen. Oleksandr Syrskiy said Ukrainian forces were clinging to a tiny part of Bakhmut and advancing around its flanks, but acknowledged that the city was largely under Russian control.
How Bud Light Blew It
Budweiser’s famous Clydesdale horses still live in St. Louis, Mo., where its brewer, Anheuser-Busch, has been making beer since the 1850s. Visitors can tour the flagship brewery to check out a vintage delivery truck and pick up a Budweiser eagle T-shirt at the gift shop.
The company’s marketing hub is about 950 miles away in a sleek building in Manhattan’s Chelsea neighborhood. Employees can brainstorm in the break room while helping themselves to beer on tap, or take a drink up to the roof deck.
Beijing Bans Micron as Supplier to Big Chinese Firms, Citing National Security
China is banning major Chinese firms from buying from Micron Technology, saying its products pose a major national-security risk. The move caps an investigation that underscores strained relations between Beijing and Washington.
The Cyberspace Administration of China said Sunday its review of Micron products found “significant security risks” that would affect national security and warned operators of key Chinese information infrastructure-such as telecommunications firms and state-owned banks-against purchasing the company’s goods.
Largest U.S. Pension Sells Apple, Intel, NIO, and Li Auto Stock
The largest public pension in the U.S. recently lowered positions in outperforming stocks in its portfolio.
The California Public Employees’ Retirement System sold shares of iPhone maker Apple (ticker: AAPL), chip giant Intel (INTC), and Chinese electric-vehicle makers NIO (NIO) and Li Auto (LI) in the first quarter. Calpers, as the pension is known, disclosed the stock trades in a form it filed with the Securities and Exchange Commission.
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Expected Major Events for Monday
04:30/NED: May Consumer confidence survey
05:30/IRL: Apr WPI
06:00/DEN: May Consumer expectations
06:00/NOR: 1Q Labour Cost Index – preliminary figures
06:30/SWI: 1Q Industrial production
08:00/ICE: Apr Harmonized CPI
08:00/POL: Apr Average gross wages
08:00/POL: Apr Agricultural prices
08:00/POL: Apr PPI
08:00/POL: Apr Industrial Production Index
09:00/EU: Mar Construction output
09:00/LUX: Apr Unemployment
09:00/BEL: May Consumer Confidence Survey
10:00/UK: Apr Aluminium Production report
14:00/EU: May FCCI Flash Consumer Confidence Indicator
15:59/GRE: Mar Balance of Payments
17:59/POR: Mar Balance of Payments
17:59/POR: Feb ICSG Copper Report
All times in GMT. Powered by Onclusive and Dow Jones.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
05-22-23 0015ET
