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New rules that open China's fund management and securities industries to foreign investment do not remove all barriers to overseas banks. Nicholas Howson and Lester Ross of Paul, Weiss, Rifkind, Wharton & Garrison report

Allen & Overy and Clifford Chance are reaping the rewards of one of the largest management buy-outs in Europe this year after senior executives at Irish real-estate company Green Property were successful in taking the company private last month. Green Property managing director Stephen Vernon made the bid through the Rodinheights consortium backed by Merrill Lynch International and Bank of Scotland. Rodinheights' €1 billion ($989 million) bid was announced on July 3 beating those of rival consortia like Deutsche Bank Real Estate Private Equity and Goldman Sachs & Co's Whitehall fund. Rodinheights is offering €9.80 for each of Green Property's shares and shareholders are expected to accept the offer this month.

Ed Greene of Cleary, Gottlieb, Steen & Hamilton calls for greater cooperation between Europe and the US to solve some of the problems afflicting world markets

Six military transport ships are to be built by a private company and manned by civilian sailors in the latest twist in the UK government's use of private finance initiative deals.

Germany's national railway operator, Deutsche Bahn, concluded a whirlwind month of negotiations at the beginning of July to acquire 65% of Stinnes, the logistics and freight company, from E.ON, the energy group, for €2.5 billion ($2.5 billion). The transaction is one of the largest acquisitions to close since the German Takeover Act was introduced in January this year and its legal structure points a way forward for future acquisitions under the new laws.

Peugeot has closed a complex €1.5 billion ($1.49 billion) securitization of French and Spanish car loans using a Dutch special purpose vehicle (SPV), the biggest European car deal yet, involving three jurisdictions.

"Morgan Stanley is not going to take a big position if the market could move against it, and the market surely would"

By Yang Ho Oh, Bae Kim & Lee

Jay K.Lee , Kwon Hoe Kim , Kim Shin & Yu

By Woong-Soon Song and Robert Young, Shin & Kim