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Since January 1 2002, the purchaser of at least 30% of the stated capital of a listed German stock corporation has been obliged to submit an offer to the remaining shareholders to acquire their shares. Since January 1 2002, if a purchaser owns at least 95% of the stated capital, the German Stock Corporation Act offers the possibility of squeezing out the minority shareholders by way of a resolution of the general meeting on payment of an adequate cash compensation.

With a view to further protecting investors in Hong Kong, the Hong Kong Stock Exchange and the Securities and Futures Commission (SFC) recently published a Consultation Paper on Regulation of Sponsors and Independent Financial Advisors.

One of the most tricky aspects of an M&A transaction involves the transfer of information during the due diligence stage. In Canada, this process has traditionally occurred through the use of a physical data room. But this method of due diligence is not without its problems and inconveniences. Since 2000, electronic data rooms (EDRs) have been increasingly used internationally in a variety of types of transactions. But M&A practitioners have been cautious in adopting EDRs to support their due diligence processes. This may be attributable to the sensitivity of information in M&A deals, security concerns and perceived costs associated with the new technology.

The Austrian Ministry of Justice has published a draft bill on financial collateral arrangements (Financial Collateral Act, www.justiz.gv.at/gesetzes/). Comments are to be submitted until June 30 2003. This is the first step to implement the rules set forth in the Financial Collateral Directive (Directive 2002/47/EC of the European Parliament and of the Council of June 6 2002 on Financial Collateral Arrangements) into domestic Austrian law. It is planned that the Financial Collateral Act will enter into force on December 1 2003.

Securities regulation in Hong Kong is failing to meet the needs of international business. If it doesn’t change soon, investors may look to Singapore instead. By Andrew Crooke

Medco Energi's recent high yield bond deal combined a simultaneous new issue with an exchange offer and consent solicitation for the first time in Indonesia. By Tim Steinert of Freshfields Bruckhaus Deringer and Joan Janssen of Freshfields Drew & Napier

Reinsurance broker Benfield raised £157 million ($261 million) from its initial public offering on the London Stock Exchange in June, bringing welcome fee income to the advising firms equity practices.

Baker & McKenzie, Clifford Chance and Walder Wyss & Partner have advised on Switzerland's first-ever commercial mortgage-backed securitization (CMBS).

An agreement to create a Sino-foreign insurance joint venture with a single overseas investor will be an important test of China's investment laws.

Financing has closed on the SR125 toll road, a groundbreaking public-private project in California. The $635 million deal is a rare example of a privately funded toll road in the US and is one of the first to use European-style financing technology for such a project.