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In March 2006, the High Court rejected Ecuador's application to set aside the award of an Uncitral investment arbitration tribunal, the latest twist in the ongoing dispute between Occidental Petroleum and Ecuador.

The Romanian parliament has recently adopted a package of four laws that aims to develop the Romanian capital market. The package consists of: (i) Law 31/2006 on securitization; (ii) Law 32/2006 on mortgage bonds; (iii) Law 33/2006 on mortgage lending banks; and (iv) Law 34/2006 amending Law 190/1999 on mortgage loans for real estate investments.

Simmons & Simmons added to its corporate group in London with the hire of Gavin Weir, a specialist in M&A, equity capital markets and corporate governance. Weir has particular experience of corporate finance transactions in the life sciences and financial institutions sectors. He was previously a senior associate in Allen & Overy's corporate department.

After the recent tax reform imposed since 2004, Norway has become a favourable domicile for institutional investors investing in shares (and other objects covered by the exemption method). According to the new tax legislation, dividends and capital gains on shares are exempt from taxation for limited liability companies and similar entities (companies). So dividends and capital gains on shares are only taxable when received or gained by individuals.

Clifford Chance, Linklaters and Lovells helped to set a leveraged financing record in Japan by advising on the $12 billion bridge financing of Vodafone's Japanese mobile phone business. Lovells represented the buyer Softbank and Vodafone was advised by Linklaters. Tokyo partner Tim Jeffares led a multi-office team of Clifford Chance lawyers acting for lead arrangers Deutsche Bank and Mizuho Corporate Bank. The lead arrangers also appointed Mori Hamada & Matsumoto as Japanese counsel while Nagashima Ohno & Tsunematsu advised the lead arrangers on local law issues.

The timing couldn't be better. First there was the £8.2 billion ($14.6 billion) takeover of UK gas company BOC by German peer Linde, financed by a €15 billion bridge loan (more than double Linde's market capitalization), then there was German drug and chemical group Bayer's €16.3 billion purchase of rival Schering, involving high-yield debt, a convertible bond and a rights issue in its financing.

The implementation of the Prospectus Directive in Germany has led to a lot of work for a new team at regulator BaFIN. Simon Crompton talks to Jan Budaeus about the pressures involved

Greg Jordan, Reed Smith US firm Reed Smith and UK firm Richards Butler announced that they intend to merge. The deal, which is still subject to settling a merger agreement, due diligence and partnership votes slated for late May, would be completed by January 1 2007. The combined firm, which will operate under the name Reed Smith, would include approximately 1,300 lawyers and will have forecast total revenue of $725 million. According to the letter of intent Greg Jordan, Reed Smith's managing partner, will lead the combined firm.

Securitization is increasingly being used as a source of takeover financing, giving structured finance lawyers access to M&A deals, says Ben Maiden

Scott Farrell and Michael Young analyse the impact of an Australian court decision which goes against the international trend to require more disclosure of equity swaps