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  • Private equity is still hung over from the heady days when leveraged buyouts were in the billions and finance was easily obtainable. The credit crunch has forced private equity houses to rethink their strategies. Takeovers of whole companies are out and smaller stakes in a diverse portfolio of targets is in.
  • The Act for the Amendment of the Financial Instruments and Exchange Act (FIEA) (Act 58 of 2009) was approved and enacted on June 17 2009 and promulgated on June 24 2009. The Amendment will take effect on a date specified by a subsequently issued cabinet order, within one year of this promulgation.
  • In one of the largest private equity exits this year, Weil Gotshal & Manges is advising Lion Capital and Blackstone on the sale of Orangina Schweppes to Suntory for €2.6 billion.
  • Morgan Lewis has named Charles Lubar as the new Managing Partner of its London office. Lubar was Managing Partner in London until the mid-nineties, and will resume his role from the beginning of October. He replaces Robert Goldspink, who retires at the end of September.
  • The best quotes from this year's research for the IFLR1000
  • Jones Day has advised General Motors on antitrust matters relating to the investment of Magna International and Sberbank into the car company, particularly on merger control in the EC. Baker & McKenzie and Sidley Austin assisted Magna International, the Canadian company that will take a 55% stake in Opel with its Russian partner Sberbank. White & Case represented Sberbank.
  • Davis Polk & Wardwell advised Palm in a $325 million underwritten public offering of 20 million shares of common stock.
  • Fasken Martineau is expanding into France by acquiring 15 new attorneys from Gravel Leclerc & Partners and Dewey & LeBoeuf in Paris.
  • Cleary Gottlieb Steen & Hamilton advised Vale in its final purchase of Rio Tinto, for $1.6 billion.
  • Weil Gotshal & Manges advised Genworth Financial on its $622 million Class-A common stock offering.