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Davis Polk & Wardwell has advised Deutsche Telekom on US aspects of the company's sale of six regional cable television companies in Germany to Liberty Media Corporation. The transaction is valued at approximately euro 5.5 billion ($4.9 billion).

Bank clients desiring to transfer their bank assets in the event of death to certain persons outside of regular inheritance proceedings often approach their bank with the idea of granting a power over their assets that will become effective only on the death of the grantor. Swiss banks refuse to accept such powers because, under Swiss law, this would be considered a matter of inheritance laws requiring the mandatory form of a testament. On the other hand, Swiss law recognizes a power of attorney granted with immediate effect and remaining in effect after the death of the grantor (post mortem power). Such a power does not require a testamentary form. This type of power has until now frequently been used as a means of estate planning, although its obvious disadvantage is that the beneficiary of the power can dispose of the assets already during the life time of the grantor.

Under Italian legislation local authorities can determine the conditions and the structure of their debt and can operate according to discretionary powers, although this must be in compliance with the general conditions provided by law.

Bär & Karrer Seefeldstrasse 19

Switzerland’s independence and local laws have helped make it a major financial centre, but now it wants to be more like its EU neighbours. By wanting to have its cake and eat it, will Switzerland and its lawyers suffer a bad case of indigestion? Thomas Williams reports from Zurich

RWE chooses Cravath for $7.6 billion US deal

Baker Botts has advised Dominion on the $2.3 billion cash, stock and assumed debt acquisition of Louis Dreyfus Natural Gas.

Sidley Austin Brown & Wood has closed two mortgage-backed deals totalling $3.4 billion. The US firm's London office advised Morgan Stanley & Co International (MSIL) on three UK and Irish deals and is on the brink of closing another deal for UK bank Northern Rock.

Norton Rose has won the mandate to advise the government of Cyprus on changes to the country's electricity legislation in line with EU Directives.

"The terrorists went after Wall Street, so why not use Wall Street to go after them?"