Magazine - January 1999

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

Cover Story

  • The DaimlerChrysler revolution

    When DaimlerChrysler’s stock began to trade on the NYSE in mid-November, a quiet revolution began for foreign equity securities trading in the US. By Nicholas DS Brumm of Cravath, Swaine & Moore, New York*

Features

  • Market Focus - Canadian firms fight the lure of the US dollar

    Growing opportunities abroad for young Canadian lawyers have forced domestic firms to reassess their strategy. Stephen Mulrenan reports

  • New investment opportunities in German energy

    The German government has been formulating plans for energy reform since early 1996 and a new energy bill has finally been completed. By Jan Byok of Wessing

  • Surviving Russias meltdown

    Brenda Horrigan and Theodore Matheny of Salans Hertzfeld & Heilbronn examine the background to the crisis and suggest solutions to regenerate the securities market and banking sector

  • Debt-equity swaps — a solution for Russian loans?

    Robert Sexton of Salans Hertzfeld & Heilbronn, Paris explains how debt-equity swaps could help foreign creditors seeking recovery of Russian loans given the precedent of the US junk bond crisis

  • Leading Asia out of the gloom

    Firms in Asia are all looking to restructuring to survive but who’s really bringing in the corporate recovery work in the region? Alison Shaw reports from Hong Kong

  • Profile-Thomas Bischof

    Thomas Bischof, general counsel of the finance department at Swisscom, Berne, talks to Stephen Mulrenan

News analysis

  • Inside-White & Case in merger talks with Brown & Wood

    "We are in conversations with Brown & Wood, looking towards a merger," says James Hurlock, chair of the management committee of New York firm White & Case. Talks began in late October, and the firms hope to have an agreement, if the discussions progress satisfactorily, by the end of February. A merger would create the world's fifth largest law firm.

  • Inside-New chairman for UK Law Commission

    Lord Irvine, the Lord Chancellor, has appointed a new chairman for the UK Law Commission, the body responsible for examining possible reforms to legislation. Justice Robert Carnwath will take up his position in February.

  • Heard at the bar

    US law firm Morgan, Lewis & Bockius has promoted Zoë Ashcroft to partner. Ashcroft is the tenth partner at the firm’s London office, and its first female partner. Her practice focuses on corporate and banking finance, with particular emphasis on transatlantic mergers and acquisitions transaction.

  • Salans partner moves to Freshfields

    UK firm Freshfields has appointed US arbitration lawyer Eric Schwartz, a former partner in the Paris office of Salans Hertzfeld & Heilbronn, as partner in its arbitration practice. Resident in the Paris office of Freshfields, Schwartz expects to take advantage of a greater depth of resources than he found at his old firm.

  • Guernsey firm reaps rewards of banking alliance

    Guernsey law firm, Ferbrache & Co (soon to be renamed Ferbrache Morgan) plans to poach partners from City firms in a bid to compete with other firms on the island. The planned growth has resulted from Ferbrache & Co receiving more work as a result of its alliance with The Bank of East Asia.

  • Stephenson Harwood in Brussels joint

    UK law firm Stephenson Harwood is to join forces in Brussels with Italian firm De Berti Jacchia Perno & Associati and Paris firm Barbé Carpentier Thibault Groener. The firm’s association with France’s largest law firm, Fidal, part of the KPMG legal network, is over. In its new association Stephenson Harwood plans to look at joint business

  • Kelley Drye & Warren poaches top partners for expanding practices

    New York law firm Kelley Drye & Warren has made lateral hires to set up an International Trade and Investment Group and expand its Financial Institutions Group.

  • London firm in Irish association

    The City firm Kennedys has formed an association with Dublin firm O’Connor Walshe as part of a strategy to provide legal advice throughout Ireland.

  • Telekomunikacja Polska IPO raises $930 million

    The Polish government has completed the second stage of its sale of a 15% stake of Telekomunikacja Polska SA (TPSA), the state telecoms company.

  • $79 billion Exxon/Mobil merger

    A stellar team of law firms has been assembled to represent Exxon and Mobil on their $79 billion merger, the largest in history. The merged company will be known as Exxon Mobil and, with a market value of $250 billion, will be the world’s biggest quoted energy company, ahead of Royal Dutch/Shell Group. The different firms are needed to cover regulatory and antitrust aspects, as well as corporate issues, for the US and the companies’ principal foreign subsidiaries.

  • Allen & Overy advises on $20 billion

    UK law firm Allen & Overy advised Citibank Credit Structures on the launch of new secured debt programmes with a total value of $20 billion.

  • Deutsche Bank to buy Bankers Trust

    Germany’s Deutsche Bank confirmed on November 23 that it was in the advanced stages of talks to buy US bank holding company Bankers Trust. The merger would create the world’s fifth-largest fund manager, with $500 billion-worth of assets.

  • Finland sells $1.4 billion stake in Sonera

    The Helsinki office of White & Case is advising the Republic of Finland and Sonera Group on the sale of the government’s 21.9% stake in Sonera. The transaction is the largest equity offering to date by a Finnish issuer as a total value of over $1.4 billion.

  • KPN and Qwest to form Europe’s biggest internet traffic network

    Dutch communications utility KPN, and US communications carrier Qwest are joining forces to put $700 million-worth of fibreoptic links into a network that will provide internet links across Europe. The venture, named KPN Qwest, will start in January. The companies plan to spend $500m more on the project in the next two years.

  • City of Krakow issues first Polish eurobond

    US law firm Weil Gotshal & Manges is advising the City of Krakow on its Dm66 million ($40 million) eurobond issue. The deal, which was challenging to structure because of the Polish authorization procedure, has raised hopes in the market.

  • Tyco buys AMP for $11.3 billion

    The industrial conglomerate Tyco has announced that it is to acquire AMP in an all-stock deal. The offer has rescued the Harrisburg, Pennsylvania-based electrical equipment manufacturer from the hostile takeover attempt by AlliedSignal announced in the summer. Tyco’s offer tops AlliedSignal’s cash bid by $1.6 billion.

  • $70 billion Astra and Zeneca merger

    On December 9 pharmaceutical groups Astra of Sweden and Zeneca of the UK announced that they are merging in a deal which will create Europe’s largest pharmaceutical group with a market capitalization of $70 billion. The deal is Europe’s largest ever merger.

  • Advisers on the Channel Tunnel Rail Link Eurobond

    The British government and London & Continental Railways (LCR) have announced the advisers for the planned financing of the first stage of the Channel Tunnel Rail Link (IFLR December 1998). HSBC and Warburg Dillon Read have been appointed as joint lead managers and arrangers on next year’s Eurobond offering, which is expected to raise £2.65 billion ($4.45 billion). Deputy Prime Minister John Prescott says: “These appointments are a significant milestone in the financing of this exciting project.”

International briefings