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"Fortis and JPMorgan have jointly developed a new equity-linked bond structure that enabled the Dutch issuer to raise €1.25 billion of tax deductible finance without immediate earnings-per-share dilution."

Herbert Smith and Clifford Chance have advised on Malaysia's largest initial public offering. The $800 million deal for Maxis Communications, sold into the US under Rule 144A, represents a huge step forward for the Malaysian market. Maxis ran a beauty contest to select its legal representation, choosing Clifford Chance for its strong telecoms practice and its US-law team, headed by Crawford Brickley in Singapore. Brickley was also lead partner for this deal, which involved giving a 10b-5 opinion to the US SEC.

By Stephen Hoare

Hong Kong's securities and futures industry will soon be regulated by a single piece of legislation, designed to level the playing field between financial institutions. Simon Berry and Jill Wong of Allen & Overy report

Companies contemplating a German acquisition with US shareholders could face conflicts between German and US tender offer rules. By Christian Nahr of Fried Frank Harris Shriver & Jacobson

A Delaware court has rejected claims of vote buying in the shareholder vote for Hewlett-Packard’s merger with Compaq. Meredith Brown and Gary Kubek of Debevoise & Plimpton, New York, examine the decision

Freshfields Bruckhaus Deringer's FRESH Capital Securities deal enabled Fortis to raise tax deductible debt that would be treated by the regulators as equity. Donald Guiney explains how the deal worked

Commodity swaps in Italy are classified as financial instruments as are equity, currency and interest rate swaps. This is pursuant to article 1, paragraph 2 of Legislative Decree No 58 of the Consolidated Law on Financial Intermediation (February 24 1998). According to the public authority responsible for regulating the Italian securities market (Consob) trading in commodity swaps can be considered an investment service as defined in article 1, paragraph 5 of the same Decree.

Various mergers, particularly in the media and food retailing markets, have caught the public eye over the past few years and drawn attention to various weak points in Austria's cartel and competition laws. The Austrian Parliament has responded by passing amendments to both the Cartel Act and the Competition Act and these will take effect on July 1 2002. According to the legislator, the new regulations are expected to enhance the attractiveness of Austria to both national and international investors.

David Bernstein's departure from the role of chief counsel at the European Bank for Reconstruction and Development (EBRD) has left the way open for Michel Nussbaumer to take charge of a restructured team. Nussbaumer has been promoted to senior counsel and team leader of the bank's new Legal Transition and Knowledge Management Team. The initiative will involve an expanded team of lawyers and specialists, which will use the experiences gained through working in the EBRD's 27 countries of operation to sustain a transparent and predictable legal environment.