IFLR Search

Do stock options have a future?

Henry Morgenbesser, Marina Casani and Felicity Gemson of Allen & Overy report on the American companies rethinking their policy on options for staff

August 31 2002

European Union

A new EU regulation has been introduced with the stated objectives of improving the efficiency and effectiveness of insolvency proceedings with a cross-border element and avoiding the incentive for parties to transfer assets or proceedings within the EU in an attempt to forum-shop. The new regulation, Council Regulation (EC) No 1346/2000 on Insolvency Proceedings Within the EU (except Denmark), came into force on May 31 2002.

August 31 2002

Freshfields boosts Deutsche Bank ties with double securitization mandate

Freshfields Bruckhaus Deringer has advised Deutsche Bank on two securitizations, building on the firm's relationship with the bank for structured finance work in Europe. The first of the two deals, for the Buhrmann Group, was one of the few structures so far to securitize trade receivables originated by different subsidiaries in different jurisdictions, financing them using both commercial paper and medium-term funding.

August 31 2002

Clifford Chance sidesteps French privatization law to complete €1.9 billion deal

Clifford Chance has advised France Telecom on the latest part of its disposal programme, which has seen the company selling its transmission tower business Télédiffusion de France (TDF) to a private equity consortium for €1.9 billion ($1.8 billion). Ashurst Morris Crisp advised the consortium, which consists of Charterhouse Development Capital, CDC Ixis Equity Capital and Caisse des Dépôts, the French bank. Clifford Chance advised France Telecom and White & Case and Linklaters advised the banks.

August 31 2002

Why lawyers should not become corporate watchdogs

Ira Schacter and Alexandra Scheibe of Cadwalader, Wickersham & Taft explain how the Act could damage the relationship between lawyers and their clients

August 31 2002

Lukoil becomes first Russian company on LSE

Lukoil has proved that a Russian company can cope with international standards of disclosure by becoming the first Russian issuer to successfully list on the London Stock Exchange (LSE). The Russian government postponed the privatization of 5.9% of its stake, citing poor market conditions, but the company went ahead with the London listing.

August 31 2002

Minter Ellison helps scoop $14 billion Chinese gas mandate

Minter Ellison is advising the Australian-led consortium that has won a contract worth up to $14 billion to supply liquefied natural gas to the Guangdong LNG Project in southern China. The decision to award the contract to the North West Shelf Venture – which comprises Woodside Energy, BHP Billiton, BP, ChevronTexaco, Shell and Japan Australia LNG – creates Australia's largest-ever single export deal.

August 31 2002

Will toll road amendments spark public-private finance in Germany?

It is the largest economy in Europe, yet Germany has managed only a handful of public projects backed by private money.

August 31 2002

Singapore to increase disclosure requirements for hedge funds

Singapore's financial market regulator is to increase disclosure levels for retail hedge funds, calling for clearer prospectuses explaining their risks and objectives. The Monetary Authority of Singapore is consulting on the regulations, which will make companies offering hedge funds to retail investors disclose in clear language the differences between hedge funds and traditional funds, the risks and the objectives of the investment.

August 31 2002

Korea cracks down on leading corporates

South Korea's competition watchdog has said some of the country's largest companies could have to sell shareholdings worth $2.9 billion or risk losing their voting rights on the stakes. The Fair Trade Commission has accused the Korean conglomerates (chaebols) of violating Korean laws aimed at limiting the size of companies.

August 31 2002

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