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Following the recent increase in mergers and acquisitions in Turkey, M Togan Turan and Omer Collak of Paksoy & Co investigate the M&A process

Based on the aforementioned characteristics of Slovenian corporate governance, the independent experts proposed in their report certain changes to the Code as well as to the company law. The changes focused on the independence of supervisory board members.

On March 13 2006, a bill concerning the Financial Instruments and Exchange Law (the FIEL) was submitted to the Diet. The FIEL will amend, with respect to various financial instruments, a number of statutes to ensure greater investor protection and to regulate traders dealing in financial instruments. Under the new regime, investor protection will be broadened and strengthened, but some regulations will be eased to reduce trading costs associated with excessive restriction. The FIEL is expected to come into effect within 18 months of its promulgation.

The Latvian government has considered draft amendments to the Competition Law of 2001.

On February 15 2006, the federal government passed Provisional Measure 281, which establishes specific rules of income tax for foreign investors investing in: (i) federal government bonds; or (ii) quotas of private equity funds (FIP), umbrella funds investing in private equity funds (FICFIP) and emerging companies investment funds (FIEE).

Until corporate Europe fully embraces high yield debt it is US law firms that will continue to take the lead. By Daniel Andrews

The National Bank of Greece (NBG) acquired a controlling stake in Finansbank, Turkey's eighth-largest bank, for $2.8 billion. Freshfields Bruckhaus Deringer, led by corporate partner David Crook, advised NBG, with Pekin & Bayar providing Turkish counsel. Verdi ve Yazici advised Fiba Holding, which holds the untraded shares in Finansbank. Skadden Arps Slate Meagher & Flom acted for Goldman Sachs and Credit Suisse, the financial advisers to NBG.

Freshfields Bruckhaus Deringer advised German chemicals company Wacker Chemie on its €1.2 billion initial public offering (IPO) on the Frankfurt Stock Exchange, the largest in Germany for a year. Sullivan & Cromwell acted for Morgan Stanley and UBS, the global coordinators and joint bookrunners, who were also advised in-house by Cristoph Wolf and Holger Meyer respectively.

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.

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.