Mayer Brown assigned to Northern Rock

Mayer Brown has been awarded the final contract in conjunction with the nationalisation of Northern Rock, it has been announced.

Mayer Brown has been awarded the final contract in conjunction with the nationalisation of Northern Rock, it has been announced.

The internationallaw firm has assigned Clare Canning to advise Andrew Caldwell of BDO Stoy Hayward, who has been tasked with putting a value on the shares of Northern Rock immediately prior to its nationalisation.

Scrutiny of Mr Caldwell's decision is likely to be exceptional, as both private and institutional investors have joined forces since the nationalisation to launch a judicial review of the government's ''confiscation'' of their shares.

The near-completion of the Northern Rock nationalisation comes over a year since the economic crisis took hold and is to be started just a week before the Bank of England is rumoured to be planning on lowering interest rates.

It is believed interest rates will be cut next week to increase investment in all markets, after confidence that the retail price index will begin to tumble on its own accord returned to the monetary policy committee.