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Linklaters and Clifford Chance act on first UK hospital refinancing

Uría & Menéndez and former Andersen Legal firm J&A Garrigues are advising on Spain's first initial public offering (IPO) in more than a year, the ¤1.8 billion ($1.76 billion) flotation of Enagas. The deal is the first Spanish IPO since airline Iberia was floated in March 2001. Garrigues is advising Enagas and its parent company Gas Natural, while Uría is advising joint coordinators Goldman Sachs and Banco Santander Central Hispano (BSCH).

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.

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.

The Ontario Superior Court of Justice has released its judgment in a case involving the triggering provisions in change-of-control agreements between a company and its senior executives – commonly known as golden parachutes.

Sidley Austin Brown & Wood and Allen & Overy have acted on a groundbreaking mortgage securitization for HBOS, which uses a master trust structure that is likely to generate repeat business for both law firms. The £3.5 billion ($5.3 billion) deal – Europe's largest mortgage securitization – is not the first to use a master trust structure to sell a UK deal into the US, but it is the first by HBOS and the choice of legal advisers sets a template for future deals.

After initially buying 9.9% of Storebrand last year to block a rival bid, Den Norske Bank (DnB) has now agreed a full merger with the company, which values the Norwegian insurer at about $1.8 billion. In spring 2001, DnB took advantage of Norway's controversial laws on the ownership of financial institutions to block a takeover bid for Storebrand by Sampo of Finland. DnB used Norway's Financial Institutions Act, which states that no party can hold more than 10% of a Norwegian financial institution unless it bids for more than 90%, to force Sampo to drop its approach.

Norton Rose has advised Deutsche Bank for the third time in recent months on structuring a securitization deal from Portugal – this time helping develop the country's mortgage market. Banco Nacional de Crédito Imobiliário (BNC) has become the second originator of a residential mortgage-backed securities transaction in Portugal, proving that the Magellan securitization for Banco Comercial Portugues in December was not just a one-off.

"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."

Freehills has ended its alliance in Singapore with Alban Tay Mahtani & de Silva. The two firms entered into a formal law alliance in September 2000, but had been closely affiliated for two years before that. Freehills said in a statement: "The two firms have benefited from the opportunity and the relationship, but agree the formal alliance is not necessary for each to pursue its goals." The termination of the alliance does not mean an end to the relationship between the firms, says a lawyer at Alban Tay. "We are still working with Freehills," he said.