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Cleary Gottlieb acts in largest US cross-border deal of the year

Cleary Gottlieb Steen & Hamilton is representing financial institution HSBC in the $14 billion acquisition of consumer lender Household International, in this year's largest cross-border deal in the US.

December 01 2002

Securitization industry hopes for Italian law to enable whole business deals

The Italian government's plans for civil code reform affecting businesses are likely to be pushed back, allowing the securitization industry more time to lobby officials on changes enabling a form of whole business securitization to take place.

December 01 2002

Revenue bond clears some of California's energy-crisis debris

Six law firms last month advised on the completion of the largest revenue bond deal in US history. The transaction, on behalf of California's Department of Water Resources (DWR), raised $11.3 billion in power supply revenue bonds as part of the state's attempt to finance its way out of last year's energy crisis. The deal closed on November 14.

December 01 2002

Canada

Shareholder rights plans or poison pills are a common Canadian takeover bid defence strategy. Used properly, these plans buy target boards time to assess an unsolicited bid and, if necessary, seek alternatives beneficial to its shareholders. Used improperly, they can block a takeover bid and impede a shareholder's right to choose whether to sell its shares and to whom.

December 01 2002

Watchdogs begin early implementation of prospectus directive

Regulators have already released proposals on implementing the prospectus directive, though the directive itself is not yet ready.

November 01 2002

In brief

Davis Polk advises on $180 million secondary offering

November 01 2002

Tight deadlines leave little room for corporate governance exemptions

The US Securities and Exchange Commission has admitted that tough deadlines for implementing Sarbanes-Oxley mean the regulator has little time to consider exemptions for foreign issuers.

November 01 2002

Law firms unite to stem confusion over Sarbanes-Oxley loan clause

Twenty-four of the most prominent law firms in the US have united to issue a consensus view on the proper application of Section 402 of the Sarbanes-Oxley Act, which bans companies from giving directors and executive officers personal loans.

November 01 2002

Accounting standard-setters struggle with securitization puzzle

The European Securitisation Forum has added its voice to those questioning proposed changes to international accounting standards. Rob Mannix reports

November 01 2002

Wall Street in a spin as states get tough

Regulators from around the US are queuing up to condemn investment banks for their use of analysts and allocation of shares in lucrative offerings. Ben Maiden reports from New York on the battle over Wall Street

November 01 2002

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