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Shearman & Sterling has advised Investcorp and Barclays Private Equity on their acquisition of N&W Global Vending, Europe’s largest coffee and vending machine manufacturer.

Freshfields Bruckhaus Deringer has appointed Chris Pugh as head of its global dispute resolution group.

O’Melveny & Myers has boosted its Singapore office with a new hire from Lehman Brothers.

Davis Polk & Wardwell is assisting PCCW, a Hong Kong telecoms provider, on its possible privatisation.

Blake Dawson is to strengthen its presence in south-east Asia with a new office in Singapore.

Orrick Herrington & Sutcliffe has advised Cosco Pacific, a Chinese operator of container terminals, on a concession agreement with the Piraeus Port Authority in Greece.

Basel II is pro-cyclical, encouraging market highs and lows, and must be changed. Even the people that wrote it think so

The Rights Issue Review Group report will make UK rights issues more efficient. But it could have gone further

Clifford Chance has advised JP Morgan Securities as the dealer manager on the first public tender offer for exchangeable bonds in Asia since the financial crisis bit last year. Korean chemical and construction materials manufacturer KCC Corporation made the offer, which involved paying cash for some of its outstanding exchangeable bonds. The transaction was a reverse book-build where investors submitted bids to JP Morgan detailing a price that they would accept for their exchangeable bonds. The Clifford Chance team was led by partner Connie Heng out of Hong Kong.

On January 5 2009, the electronic share certificate system under the Law on Book-Entry Transfer of Corporate Bonds, Stock and Other Securities (shasai-kabushiki-tou-no-furikae-ni-kansuru-horitsu) will be implemented. Upon implementation, all shareholders’ rights in listed companies will be recorded and managed electronically in transfer account books (furikae-kouzabo) maintained by record-keeping organisations (kouza-kanri-kikan) such as banks and securities companies. Under the present system, shareholders hold paper share certificates and transactions are conducted by physically transferring the paper share certificates. In accordance with the Act on Custody and Transfer of Share Certificates (kabuken-tou-no-hokan-oyobi-furikae-ni-kansuru-horitsu), shareholders of listed companies also have the option of depositing paper share certificates of those listed companies with the Japan Securities Depository Center, (JASDEC) (hofuri), a public custody organisation in Japan. However, with the implementation of the new system, paper share certificates will no longer be used and all accounts will be maintained electronically. The introduction of the electronic share certificate system should be beneficial to both shareholders and listed companies.