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Korea's Corporate Restructuring Promotion Act became effective on September 15 2001. The Act supersedes other laws governing corporate restructuring.

The biggest change to New Zealand's dairy industry nears completion with the imminent passing of the Dairy Industry Restructuring Bill which, by early October, ought to have had its final reading in the House. The Bill clears the final hurdle for the merger of New Zealand's two largest dairy companies and the integration of the statutory dairy marketing board into one new huge company, Fonterra Cooperative Group. Fonterra will account for 96% of New Zealand's dairy industry, nearly 25% of all New Zealand export earnings and 7% of gross domestic product, and be the world's largest exporter of dairy products.

By means of the Circular Letter No 10 of August 6 2001, the Superintendency of Industry and Trade (Colombian Competition Authority) stated new terms and conditions for the approval of integrations, mergers and acquisitions.

Milbank Tweed Hadley & McCloy has represented the lenders on the $262.5 million financing of the Salalah privatization and power project in Oman.

Linklaters advised Guoco Group on a general offer to repurchase 10% to 25% of its share capital by way of a modified Dutch auction. The deal was announced on September 10 and is scheduled for completion by the end of November. The value could be as much as HK$5.46 billion ($700 million). The deal is the largest general offer to repurchase shares (in terms of value) ever announced in Hong Kong. It followed the structure that Linklaters had earlier established for the HK$4.12 billion share repurchase by The Hong Kong and China Gas Company in June 2001.

Cleary Gottlieb Steen & Hamilton and Clifford Chance have secured euro 4.5 billion ($4.1 billion) worth of funding for two deals in one of the biggest business acquisitions in Germany.

Franco Vigliano

Shearman & Sterling has finalized the $440 million financing of a third international passenger terminal at Manila's Ninoy Aquino International Airport.

Credit Suisse First Boston (CSFB) has appointed Gary Lynch, a partner at Davis Polk & Wardwell and former head of the SEC's enforcement division, as its new global general counsel.

Dozens of companies have taken advantage of temporary trading rules, introduced after the terrorist attacks on the US, to buy back their own shares.