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Corporate and M&A
Businessman waiting for the train
Having followed the curious case of a French dealmaker who inadvertently leaked a $US15b takeover on the train to Paris, Senior Associate Scott Phillips asks: “Has there been a similar leak in the Qantas Lounge?”

In a comment article published in today's Australian newspaper, Scott recounts the story of Vincent Le Stradic from Lazard, who spent the two-hour Eurostar journey from London to Paris sending emails about an industry shaping takeover, paying no regard to the casually dressed man with a three-day stubble sitting next to him. 

The wash-up from the ensuing AMF investigation is that the UBS eavesdropper and a colleague are facing fines of 45,000 and 400,000 euro. UBS itself is facing a million euro fine. 

“So what would happen if the deal had involved an ASX listed company and the leak was not on the Eurostar to Paris but the Eastern Suburbs line to Martin Place?” Scott asks.

“The eavesdropper needs to be extremely careful. Australia’s insider trading regime is unforgiving.”

Scott Phillips

“For starters, the eavesdropper needs to be extremely careful. Australia’s insider trading regime is unforgiving.”

To read Scott’s full article about the potential consequences if such a scenario were to take place in an Australian context, click here.

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