Sydney, 28 May 2008 - Baker & McKenzie received an award for New Zealand Deal of the Year at the Mettle ALB Australasian Law Awards held in Sydney last Thursday, 22 May 2008. The transaction was recognised on the basis of its size, complexity, breadth and innovation. Baker & McKenzie Partner Andrew Reilly accepted the award on behalf of the Firm.

Baker & McKenzie advised Fletcher Building Limited on its acquisition of Formica Corporation from Cerberus Capital Management L.P. The sale closed on 2 July 2007 at a price of US$700 million, with additional contingent payments of up to US$50 million based on Formica achieving specific performance milestones.

A global Baker & McKenzie team assisted Fletcher Building with various aspects of the transaction. In New York, the team included Corporate Partners Charles Niemeth and Alan Zoccolillo, Intellectual Property Partner Pamela Church and Associate Lisa Rosaya, Employee Benefits Partner Richard Reilly and Tax Counsel Ross Macdonald. Washingtonbased Antitrust Partner David Laing and Counsel Brian Burke provided merger control advice on the transaction.

Due diligence assistance was also provided by Bankruptcy Partners Joe Samet and Ira Reid and Associate Matthew Sandiford in New York, Litigation Partner Robert Allen and Associate Robert Berry in Dallas, as well as attorneys in the Firm's offices in Germany and Austria. US Capital Markets Partner Andrew Reilly led a team from the Firm's Sydney office that provided US law advice to Fletcher Building on its NZ$327.6 million placement of ordinary shares to institutional investors in May 2007, and on the US$325 million private placement of debt with US institutional investors in September 2007. Net proceeds from the equity and debt placements were used to partially finance the acquisition.

Andrew Reilly commented on the award: "We were delighted to represent Fletcher Building on the acquisition of a company such as Formica, with a broad global presence. The acquisition exemplifies the benefits that the Baker & McKenzie global network can offer. Over 40 lawyers from 15 offices in 10 countries handled the transaction seamlessly across several jurisdictions. We were also uniquely placed to assist Fletcher Building's access to US capital markets expertise from our Sydney office for its equity and debt placements."

Fletcher Building, a New Zealand corporation, is a building materials manufacturer and distributor with operations in concrete, steel, plasterboard, panel products, aluminium extrusion, insulation, roofing, flooring, sinkware and aggregates. The company is also involved in residential and commercial construction in New Zealand.

Formica, which is based in Cincinnati, Ohio (USA), is a manufacturer and distributor of decorative surfacing products with businesses in Asia, Europe and North America.