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Shareholders of German companies have had their right to say how hostile takeover bids should be dealt with curtailed. Last minute changes to the controversial takeover bill last month will allow board directors to take some form of poison pill defensive action against hostile bids as soon as they obtain the consent of the company's supervisory board.

Andrew Malcolm of Linklaters, Hong Kong, analyzes the fifth retail bond offering by HKMC, whose structure and use of publicity provide a model for future deals

The Takeover Panel’s ruling on WPP’s bid for Tempus could spell the end for material adverse change conditions. Tunde Ogowewo of King’s College London’s School of Law reviews the case

The New Zealand government has recently tabled the Securities Markets and Institutions Bill, in the first major revamp of New Zealand's securities and markets legislation since 1988. The Bill aims to increase both domestic and international confidence in New Zealand's securities markets and institutions by strengthening monitoring and the enforcement of securities law, requiring greater disclosure and providing for more effective enforcement of breaches. It will also bring New Zealand law into line with Australia, particularly in the areas of continuous disclosure and the enforcement of insider trading.

Like the International Swaps and Derivatives Association (ISDA), the European Federation of Energy Traders (EFET; www.efet.org) has set up a standard master agreement for the delivery and acceptance of electricity (the General Agreement). As in the schedule to the ISDA Master Agreements, the parties may choose between alternative concepts and may also fine tune the General Agreement to their liking in the election sheet.

Coudert Brothers LLP

Due to a production error, the article that appeared in November's IFLR on page 11 (Heidelberger's acquisition of majority stake in Indocement, by Philip Rapp and Lee Taylor of Clifford Chance (Singapore) and Vincent Mignon of Heidelberger Zement) was combined with a separate article. We apologise to readers and to Clifford Chance and Heidelberger Zement for any confusion this may have caused. A corrected version of the article can be viewed at http://www.legalmediagroup.com/IFLR/default.asp?Page=1&cIndex=3&SID=3215&M=11&Y=2001.

While the US and its allies send armed forces to Afghanistan in a bid to win the so-called “war on terrorism”, governments and international bodies such as the IMF and OECD are developing plans for a less visible but equally important war on terrorist funding. Herbert Morais of Dewey Ballantine’s Washington, DC office, who attended the OECD’s Financial Action Task Force emergency meeting last month, reveals the Task Force’s tactics and the challenges ahead for governments and financial institutions

Allen & Overy secure Greek hat trick

Asia was awash with new equity in 2000, with huge initial public offerings from all corners of the region. The contrast with 2001 could not be starker. Nevertheless, last month's initial public offering (IPO) of the Petroleum Authority of Thailand (PTT) is not to be sniffed at. In fact, it is Asia's second largest this year and is a foretaste of Thailand's privatization programme.