Magazine - December 1999

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

Cover Story

  • Legal certainty for securities held as collateral

    The EU’s Finality Directive is designed to provide greater legal certainty following the introduction of the euro. Richard Potok of Potok & Co, London, looks at the progress of the implementation of Article 9(2) of the Directive throughout the Union.

Features

News analysis

  • Linklaters expands into eastern Europe

    Linklaters & Alliance is to gain three new offices in central and eastern Europe. The offices, in Hungary, Romania and Slovakia, add to the Alliance's network in the region, which already includes Warsaw and Prague. The offices in Bratislava, Budapest and Bucharest will open on January 4 and will be incorporated into the Alliance under the co-ordination of Nick Eastwell, capital markets partner responsible for emerging markets

  • Bruckhaus Westrick to open in Munich

    German firm Bruckhaus Westrick Heller Löber is to open a new office in Munich on January 1 2000

  • Holland & Knight forms Argentine alliance

    The US's Holland & Knight has formed an alliance with an Argentinean firm in its second international link-up this year. The firm has established a representative office as part of its strategic alliance with local firm Alvarez Prado, Cabanellas & Kelly

  • European equities survey

    Due to an administrative error, Bruckhaus Westrick Heller Löber was omitted from some tables in IFLR's European equity survey (IFLR October 1999). The corrected tables appear below

  • News-In brief

    Jones Day Reavis & Pogue has recruited two new partners. Conrad Everhard has joined the firm's New York office from Bryan Cave. Everhard will be a member of the firm's business practice group and technology specialized industry practice. Geoffrey Stewart joins the firm's Washington office from Hale and Dorr and will operate in the litigation group. He is experienced in complex commercial litigation.

  • Cutting Edge

    Milbank Tweed leads on first US-style LBO in post-recession Asia

  • Jones Day taps Clifford Chance experience in Shanghai

    US firm, Jones Day Reavis & Pogue held its official opening ceremony for its new office in Shanghai, China, on November 18. The opening came just days after China signed an agreement with the US moving it towards membership of the World Trade Organization. The Cleveland-based firm was one of six foreign firms to receive a licence for the financial centre of China on March 12 of this year. It becomes the 27th US law firm to have an office on the mainland.

  • News-In brief

    Reports of a potential merger between San Francisco firm Orrick, Herrington & Sutcliffe and London IP/IT boutique Bird & Bird emerged at the end of October. The stories have been met with denials and silence at the two firms. However, rumours continue to circulate.

  • Israel completes largest project finance deal

    A number of US and UK firms have advised on the successful completion of the largest project finance deal in Israel. The deal involves the $1.2 billion financing of the cross-Israel toll road and closed at the end of October. The financing consists of a $850 million bank facility, including a fixed rate institutional tranche, and a $300 million private placement in the US and the reminder in equity.

  • Hungary completes privatization of OTP Bank

    The Hungarian government has completed the sale of OTP Bank, the largest Hungarian commercial bank in terms of assets and branch network.

  • Baker & McKenzie to advise on new Brazil project

    Baker & McKenzie and Brazilian firm Pinheiro Neto Advogados are advising on the latest important project finance transaction in the region. The financing is on behalf of Petróleo Brasileiro (Petrobras) in relation to the $2.5 billion Barracuda and Caratinga project.

  • First European securitization of airport revenues

    Simmons & Simmons and Allen & Overy have advised on the first European securitization of airport revenues. It is also the first securitization of airport revenues without external guarantee.

  • Barclays in largest UK credit card securitization

    Clifford Chance, Orrick Herrington & Sutcliffe and Linklaters have all advised on the largest securitization of UK credit cards. The transaction is valued at $1 billion backed by receivables from UK consumer credit and charge cards. Barclays Bank, including Barclaycard, was the originator, with Barclays Capital as seller of the bonds and lead manager.

  • South Africa privatizes SAA stake

    On November 19 South Africa completed the partial privatization of Africa's largest airline, South African Airways (SAA).

  • Warner-Lambert, American Home Products announce merger plans

    Warner-Lambert and American Home Products (AHP) announced on November 4 that they intend to combine in what they referred to as a merger of equals.

  • UK firms help rehabilitate Latvian bank

    Three UK law firms have completed the rehabilitation of a bank in eastern Europe. Simmons & Simmons, Clifford Chance and Freshfields have all worked on the successful rehabilitation of Latvian bank Rigas Komercbanka, which went into administration in February of this year. The bank reopened for business on October 26 and is now known as First Commercial Bank of Latvia.

  • Bayer to buy Lyondell division for $2.45 billion

    Germany's Bayer, one of the world's leading suppliers to the polyurethane industry, has announced that it intends to acquire the global polyols business of Lyondell Chemical.

International briefings