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Christopher Stephens tells how Argentina's IMPSA steered its investment in a power project in the Philippines through three restructurings to an innovative exit

Ben Maiden reports on how Argentina cleared the final legal hurdles to its bond exchange

Wachtell Lipton Rosen & Katz and Sullivan & Cromwell advised the New York Stock Exchange (NYSE) on its headline-grabbing acquisition of electronic trading system Archipelago. When completed, the deal will enable the NYSE to become a public company and might spell the end of its 200-year old floor-based auction trading system. O'Melveny & Myers also advised the NYSE with Sullivan & Cromwell representing Archipelago.

Song-Il An and Je Won Lee of Lee & Ko discuss the Korean legal issues relating to a financial institution's participation in a private equity fund

In one of the largest Austrian deals of the year, Cerha Hempel Spiegelfeld Hlawati advised OMV in the sale of its subsidiary Agrolinz Melamine International to the Abu Dhabi-based International Petroleum Investment Company. M&A partners Clemens Hasenauer and Albert Birkner led the team advising OMV on the deal, which was worth €241 million. A team fromHadef Al Dhahir & Associates in Abu Dhabi represented IPIC. DLA Weiss-Tessbach Rechtsanwälte advised IPIC in Austria. Hilmar Kroat-Reder acted as OMV's in-house counsel on the transaction and David Forbes led the in-house team at IPIC group.

Ben Moshinsky looks back over 12 months in which retail investors remained nervous and the equity markets stayed quiet but securitization continued to grow

Stringent public offer rules make public-to-private deals in France more challenging than in other EU jurisdictions. But changes to takeover rules could make structuring deals easier. Olivier Assant and Benjamin Kanovitch explain

The Market Abuse Directive is being implemented in Greece by Law 3340/2005 on the protection of the capital market from abuse of privileged information and market manipulation. For the purposes of the Law, market abuse means abuse of privileged information and market manipulation. The Law applies to actions or omissions that take place:

The Finnish takeover regime, with its unusually high threshold of two-thirds for mandatory bids, has for a long time stood out as an exception from the takeover regimes of other European jurisdictions. In connection with the upcoming implementation of the EU Takeover Directive, Finland is lowering the mandatory bid threshold and modernizing its current regime.

As part of the changes to the capital markets in the EU, the rules that apply to public securities offerings on the EU regulated markets are about to change. From July 1 2005, Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading (and amending Directive 2001/34/EC) will enter into force.