Belgian firms enter international arena Belgian firms are no longer content to remain isolated domestic practices. The merger of Liedekerke and Schlitz Linden highlights their international aspirations. Ben Maiden reports from Brussels
Dutch firms plan strategy to meet global rivals The presence of major international firms is stirring up competition in the Dutch market. Ben Maiden reports on the mergers, alliances and partner poachings which characterize the new Dutch legal market
Japan’s first hostile takeover British telecoms company Cable & Wireless (C&W) has bought Japanese telephone business International Digital Communications (IDC) in the country’s first successful hostile takeover.
LTCB sells $11 billion loan portfolio Japan’s Long-Term Credit Bank (LTCB) is selling $11 billion-worth of loans to the GE Capital Corporation, a US financial services group
Tyco buys Raychem for $2.9 billion Bermuda-based Tyco, one of the world’s leading underwater telecommunications providers, is to buy Raychem, a US company that designs, manufactures and distributes electronic components, for $2.87 billion
Georgia-Pacific buys Unisource US holding company Georgia-Pacific is acquiring North America’s largest paper distributing and marketing company, Unisource
Comment Will an annual risk assessment audit become essential for a listed company? Eversheds partners Robin Johnson and Jonathan Sinclair argue that the Turnbull report* will create such a role for lawyers
Commission outlines action plan for single financial market A series of policy objectives and specific measures to improve the single market for financial services over the next five years have been outlined in the Financial Services Action Plan adopted at the start of May by the European Commission
Commission predicts further mergers in the financial sector At the start of June, the Commission published its Annual Report on Competition Policy
Supplementary pension schemes: Commission communication At the start of May, the Commission adopted a communication setting out a series of initiatives designed to enable supplementary pension schemes to benefit from the single market and the euro.
Basle reforms fail to remove market distortion The Basle Committee’s proposals for a standardized approach to the calculation of bank risk asset ratios suggest that there will be as many losers as winners. Chris Bates and Nicholas O’Neill of Clifford Chance, London outline how the reforms will mean a shift in banks’ risk management and products
Accountants change the rules for US M&A The US Accountancy Board, the FASB, has brought an end to the pooling of interests for the accounting treatment of mergers and acquisitions in the US. David Bernstein of Rogers & Wells, New York reviews the effect of the decision and questions the wisdom of amortizing goodwill on M&A deals
Commerzbank moves into Italian asset management Commerzbank is the first big European bank to set up an asset management group in Italy under new rules adopted in 1998. Gianluca Santilli and Andrea Marino of Santilli e Associati are advising the bank and describe the structure
Belgium restricts creditors’ rights Bankers financing assets in Belgium need to be wary of restrictions on their rights under the new Law on Judicial Composition. Thierry Bosly of De Bandt, van Hecke & Lagae Linklaters & Alliance identifies the dangers, and the solutions offered by practitioners
Dutch regulators clarify restricted circle concept The Dutch Central Bank and Securities Board have given the clearest guidance to date on the qualification criteria for restricted circle offerings. By Pieter Riemer of Trenité Van Doorne, London
Reforming China’s asset appraisal regime Before China can improve the effectiveness of foreign investment and restructure its state-owned industries it must first reform its asset appraisal industry, writes Steven Blayney, White & Case, Hong Kong
Clifford Chance’s fees under scrutiny in Hong Kong Clifford Chance is under investigation in Hong Kong after charging HK$18.7 million ($2.4 million) for its role in the winding up of Peregrine.
SJ Berwin plans European expansion UK firm SJ Berwin is to open an office in Madrid as the next stage of its European expansion programme.
Weil Gotshal lures Wilde Sapte partner The London office of US firm Weil Gotshal & Manges has recruited partner Bruce Johnston from UK firm Wilde Sapte to boost its project finance capability.
Dragsted and Schluter form Denmark’s largest firm Two Danish firms are merging to knock 80-lawyer Kromann & Munter from its position as the country’s largest firm.
Continental firms merge Continental firms Beiten Burkhardt Mittl & Wegener (Germany), Moquet Borde & Associés (France), Pavia e Ansaldo (Italy) and Meyer Lustenberger (Switzerland) have joined to form the partnership BBLP
Skadden completes India’s Dabhol II project The second phase of the Dabhol power project in India has reached financial close.
$35 billion Global Crossing/US West merger Bermuda-based telecoms carrier Global Crossing is to merge with regional telecoms operator US West
Wal-Mart buys Asda Wal-Mart, the world’s largest retailer, has bid £6.7 billion ($10.8 billion) in cash for UK supermarket chain Asda.
