Weil Gotshal & Manges LLP and Proskauer Rose LLP represented American Realty Capital Properties Inc., which offered to buy Cole Credit Property Trust III Inc. for at least $5.7 billion, seeking to create one of the largest real-estate investment trusts that leases space to single tenants. Sullivan & Cromwell LLP is advising Cole Holdings as owner of the external manager to Cole Credit Property Trust III.
Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said the Fed will probably need to raise interest rates before mid-2013 and that policy makers should have waited to see how the economy performed before pledging to hold rates at record lows for two years.
The U.K. government is determined to keep secret British companies that applied to sell goods with potential military uses to Iran, saying international banks are under U.S. pressure to drop them as clients.
After being rigged by some of the world’s biggest financial institutions, the London interbank offered rate, the benchmark for more than $300 trillion of securities and loans, is now increasingly being set by a smaller group of banks.