Magazine - April 2000

In publication since 1982, IFLR has become the trusted source for in-house counsel and law firms specialising in financial law.

Cover Story

  • The SEC’s new M&A rules in operation

    The SEC’s new tender offer and M&A rules went into effect on January 24 and are already proving to be very different from the old rules. Meredith M Brown, Alan H Paley and William D Regner, of Debevoise & Plimpton, examine how the new rules are working in practice

Features

  • Managing your website during a virtual roadshow

    Foreign issuers conducting roadshows on the internet need to take heed of the US regulatory environment. Robert Mullen of Milbank, Tweed, Hadley & McCloy LLP provides guidance on the key issues affecting concurrent SEC-registered and offshore offerings

  • Austrian firms poised to respond to rumour frenzy

    As the argument for embracing a loose alliance of pan-European law firms subsides, Austrian firms seek to strengthen their international ties with a view to a possible merger. Stephen Mulrenan reports

  • Using commercial insurance to avoid project risk

    Managing risk through the use of commercial insurance in international projects can be confusing. Noam Ayali of Chadbourne & Parke, Washington DC, explains what lies behind the jargon and how to successfully incorporate insurance into a lender’s security package

  • Securitization in the shipbuilding industry

    Securitization techniques are being adopted in increasingly unusual ways. Richard Henderson of Watson, Farley & Williams, London, summarizes the available structures for ensuring off balance sheet financing for shipbuilders

  • Using Cayman Islands special purpose vehicles

    Securitization and debt repackaging are growth areas in offshore financial centres. Ian Ashman of Walkers, George Town, discusses the uses and developments of Cayman Islands special purpose vehicles in these structured finance transactions

News analysis

  • Canadian market wakes up as five firms merge

    Five Canadian law firms have merged to create the country's second largest firm, Borden Ladner Gervais, with nearly 600 lawyers. The new entity brings together members from each of Canada's important financial centres. Borden & Elliot, the largest, is based in Toronto, McMaster Gervais in Montreal, Scott & Aylen in Ottowa, Ladner Downs in Vancouver and Howard, Mackie in Calgary. The new firm came into existence on March 1.

  • All change as Freehills adopts national partnership

    The regional partnerships of Australia's Freehill Hollingdale & Page voted at the start of March to adopt a single national partnership. The new arrangement will become effective as of July 1 of this year.

  • Clifford Chance scoops leading Lovells securitization lawyer

    Clifford Chance has boosted its international securitization practice by attracting one of Lovells' leading capital markets partners, Peter Voisey. The loss will be a blow to Lovells and gives Clifford Chance a total of eight partners in its stand-alone group.

  • Freshfields sharpens European focus

    UK firm Freshfields has announced further expansion of its Amsterdam office with the hiring of Winfred Knibbeler, a leading competition lawyer. Knibbeler will joins as partner from Dutch firm Nauta Dutilh.

  • Haarman Hemmelrath opens in Moscow

    German firm Haarmann Hemmelrath has added to the recent opening of offices in London and Brussels by moving into Moscow. The new office complements to the firm's existing eastern European network which includes Prague, Warsaw, Bucharest and Budapest.

  • Two heads are better than one at Garrigues & Andersen

    Garrigues & Andersen, has appointed Jose Maria Alonzo and Miguel Gordillo as joint managing partners. The directors of Garrigues voted unanimously to maintain the joint-management system that was introduced three years ago when the Spanish firm merged with the big five's Arthur Andersen. They replace Daniel Garcia-Pita and Alberto Terol. Antonio Garrigues will remain as president.

  • Shearman & Sterling recruits non-lawyer to board

    US law firm Shearman & Sterling has hired a non-lawyer, Clinton Kendrick, to its executive board. The firm calls Kendrick "an international financial services executive and entrepreneur". He joins the firm from Matrix Global Investments, where he was CEO. The other members of the four-man board are: Stephen Volk, senior partner; Whitney Pidot, managing partner; and David Heleniak, European coordinator.

  • Watson Farley steals corporate team for Singapore office

    Watson Farley & Williams announced on March 20 that it has acquired an entire Singapore team from French firm Klein Goddard. The six partners, one consultant, 15 fee-earners and two trainees will join the existing Watson Farley office in Singapore, which was acquired from UK firm Sinclair Roche & Temperley in September 1998.

  • Errata

    In the International Bond Survey (IFLR March 2000 pp10-13) IFLR incorrectly attributed the lead manager role on the $950 million Barclays Bank Gracechurch Card Funding securitization to Allen & Overy.

  • Jones Day’s London chief heads to Allen & Overy

    Stephen Fiamma will leave his position as partner-in-chief of the London office of Jones, Day, Reavis & Pogue on April 30 and will join Allen & Overy as a tax partner. Robert Thomson, an English lawyer and former head of litigation at Jones Day, will take over as partner-in-chief at the US firm's London office.

  • Morrison & Foerster hires new managing partner

    US firm Morrison & Foerster has recruited Stephen Toronto as new managing partner in its Beijing office. He becomes a member of the corporate group and also expand the firm's technology and finance practice.

  • Salans Hertzfeld bolsters Warsaw telecommunications practice

    Salans Hertzfeld & Heilbronn announced in March that it has hired Krzysztof Stefanowicz as its new IT and telecommunications partner in the Warsaw office. The arrival of Stefanowicz will increase the office's number of partners to four, and significantly expand its high-tech and telecommunications practice. Stefanowicz joins from Hogan & Hartson, also in Warsaw.

  • Athens ring road financing completes ... at last

    It's been a long time coming. In fact, it's taken longer to complete than any other syndication. But — at last — the financing agreements for Athens' new ring roads were signed in early March.

  • VeriSign buys Network Solutions for $21 billion

    Fenwick & West and Davis Polk & Wardwell are advising on the largest merger involving a Silicon Valley company. The deal is VeriSign's acquisition of Network Solutions and is valued at $21 billion. The agreement was announced on March 7 and is also the second largest involving Internet companies.

  • Telewest and Flextech announce £13 billion merger

    Telewest Communications and Flextech have announced that they intend to merge. The two companies have approximate market capitalizations of £10.1 billion ($16 billion) and £2.5 billion respectively.

  • MGM Grand takes on LasVegas with Mirage Resorts

    MGM Grand is to buy Mirage Resorts for $4.4 billion in a deal announced on March 7 2000. It will create the second-largest betting company in Las Vegas, behind Park Place Entertainment, which was formed at the end of 1998 by the Hilton Hotels Corporation.

  • Allen & Overy’s Italian desk secures euro3.8 billion financing deal

    Allen & Overy is beginning to see the fruits of its new London-based Italian desk, with the recent completion of what it says is one of the most important deals in Italy.

  • First European shopping centre securitized

    The Trafford Centre in Manchester, one of the UK's largest shopping centres, has become the first of its kind in Europe to launch a securitization financing.

  • BSCH extends Latin American links with Patagon.com

    Banco Santander Central Hispano (BSCH) is to acquire Patagon.com, an Internet brokerage company, in a deal valued at $500 million. The online Miami company will increase BSCH's reach into Latin America, where Patagon.com has websites in all the major Spanish- and Portuguese-speaking countries.

  • Simmons & Simmons grabs two deals in Hong Kong

    Simmons & Simmons has been used as adviser on two of Hong Kong's largest recent deals, underlining its status in the market. In the first, the UK firm advised Pacific Century Cyberworks (PCCW) on its acquisition of Cable & Wireless HKT. The successful bid is one the largest takeovers in Asia with a value of $36 billion. Cable & Wireless owns a 54% stake in HKT. The merger will make PCCW the third largest company on the Hong Kong Stock Exchange.

  • BP Amoco to buy Burmah Castrol

    BP Amoco announced in mid-March that it will buy Burmah Castrol for $4.7 billion. Once the deal is concluded, Castrol will become its leading lubricants brand and will provide BP Amoco with subsidiary outlets in 55 countries around the world.

  • Mission Critical boosts its IQ with $1.4 bilion merger

    Davis Polk & Wardwell is advising on its second recent high-tech merger (see Network Solutions). The US firm is advising Mission Critical Software on its intended merger with NetIQ Corporation. Both companies are valued at $1.4 billion in what they describe as "a merger of equals".

  • Commonwealth Bank of Australia acquires Colonial

    The Commonwealth Bank of Australia announced last month that it intends to buy Colonial Limited for $5.7 billion. The combined group will be among Australia's market leaders for lending deposits and asset management. It will also become the country's third largest issuer of new life insurance premiums.

  • Ancien French security structure puts the fizz into champagne industry

    Richard Parolai and John Woodhall of Clifford Chance, advisers to Nomura International, explain how an old French legal device was used in the first champagne securitization, which closed in late March

International briefings