Baker McKenzie and Sullivan & Cromwell represented Mitsubishi UFJ Trust and Banking Corporation (MUTB) on its $2.9 billion (A$4.1 billion) acquisition of Colonial First State Global Asset Management from the Australian financial group Commonwealth Bank of Australia (CBA).

Davis Polk and Wardwell and Herbert Smith Freehills are advising CBA in the deal following the Australian bank's bid to focus on its domestic banking business and its intention to demerge its wealth management and mortgage broking businesses.

According to Reuters, two of Australia’s top banks shelved plans for share market spin-offs as it struggles to adjust in the face of a damning inquiry into the financial sector. 

Baker McKenzie partners Ben McLaughlin, Tetsuo Tsujimoto, Toshio Shimada and Masato Honma oversaw the deal for MUTB

The Sullivan & Cromwell team handling the U.S. regulatory aspects of the deal was led by senior chairman H. Rodgin Cohen and partners Donald J. Toumey, Donald R. Crawshaw and Keiji Hatano.

A team led by partner Tony Damian is handling the transactions for Herbert Smith Freehills.

U.S. based partners Byron B. Rooney, Phillip R. Mills, Gregory S. Rowland and Michael Mollerus led the deal for Davis Polk.


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