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Linklaters advised ING Bank on the establishment of its €40 billion global-issuance programme. The new programme consolidates ING Bank's previous note issuance and is structured to comply with the EU Prospectus Directive. The programme allows ING to issue a variety of securities: MTNs, share-linked notes, index-linked notes, exchangeable notes, inflation-linked notes, fund-linked notes, credit-linked notes and warrants. The Linklaters team was led by partner Richard Levy. Loyens & Loeff advised on Dutch taxation matters.

A consortium of international and Indonesian investors completed a $1 billion leveraged buyout of PT Adaro Indonesia, Indonesia's biggest coal mine. The deal comprised senior debt of $600 million and $400 million of mezzanine financing. Allen & Overy Shook Lin & Bok advised the arrangers. KhattarWong & Partners, Freehills, Erriah & Uteem Chambers, Melli Darsa & Co Law Offices and Fenech & Fenech Advocates also advised. Milbank Tweed Hadley & McCloy advised the consortium and Latham & Watkins acted for the Indonesian investors.

Christian Lambie, Allen & Overy The Royal Bank of Scotland acted as arranger and lead manager on a £355 million ($616.5 million) issuance of commercial mortgage-backed notes by Trafford Centre Finance, a member of Peel Acquisitions Group. The transaction involved the issuance of reserve notes, on which no interest or principal is payable while held by the issuer. Partner Christian Lambie led the Allen & Overy team advising RBS. Travers Smith advised The Peel Acquisitions Group. Sachin Zodgekar is in-house counsel at RBS.

Recent legislative changes have made real estate investment companies an effective instrument through which to invest in the real estate market in Greece. George Photopoulos of Photopoulos & Associates explains

Gaz de France IPO largest this year The part privatization of Gaz de France (GdF) represents the world's largest initial public offering (IPO) so far this year. France's stake in GdF will diminish to 79.45% on completion of the IPO. The deal values GdF at €23 billion, based on proceeds of €2 billion. Cleary Gottlieb Steen & Hamilton advised Gaz de France and Gide Loyrette Nouel represented the French State. Linklaters advised the underwriters and global coordinators.

Michael R Tsibris of Moussas & Tsibris provides an overview of merger and acquisition processes in Greece and highlights recent legislative developments

Greece has drafted legislation to implement the latest EC competition directive. Constantine Lambadarios and Melina Katsimi of Lambadarios and Associates outline the changes

Michael Parshall and Jonathan Swain explain how a Takeovers Panel decision in Australia is set to force disclosure of cash-settled equity swaps in some M&A transactions

John White and Andrew Pitts take a first look at the SEC's revised securities offering rules and some of the comments that might have influenced the changes

West Coast firm Cooley Godward will be heading east when it opens a Washington, DC office later this year. It will be the first time the firm has had an office in the US capital, although it has had an office in Reston, Virginia, since 1999. Three partners joined that office last month from DLA Piper Rudnick Gray Cary, including the former managing partner of Gray Cary's Washington office. Margaret Kavalaris and colleagues Michael Marinelli and Tami Howie, who between them practice a combination of corporate finance, securities and international trade law, will be the nucleus of the Washington office, which is due to open by the end of 2005, and they will be joined by other members of the Reston branch.