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Allen & Overy has returned to Orrick Herrington & Sutcliffe's Singapore office to collect what it left behind the first time, namely Hooman Sabeti-Rahmati. Allen & Overy hired Ken Aboud from the New York firm in November and is now reuniting him with former colleague Sabeti-Rahmati, an associate who will work alongside Aboud in the firm's securitization practice.

Europe's lawmakers and regulators stepped away from the harmonization of financial legislation last month after German, Spanish and Italian politicians sunk a last-ditch compromise on pan-European takeover legislation. Corporate lawyers are dismayed at the European Parliament's failure to ratify the deal, hammered out in June after last-minute German objections to the restriction of defensive measures.

Despite having one of the most securitization-friendly legal regimes in Asia, Hong Kong’s originators have not yet embraced the technique. Patrick Lines of Freshfields Bruckhaus Deringer in Hong Kong reviews the development of the market and the possibilities for growth

On July 18 2001 Hong Kong’s telecoms regulator published the information memorandum and auction rules that will govern the auction of four 3G licences. Applications to participate in the auction must be submitted on September 17 or 18 2001. Vivianne Jabbour, Gabriela Kennedy and John Hartley, of Lovells’ Hong Kong office, consider some of the most important issues raised by the rules

Troubled German microchip-maker Infineon last month called in technology-focused Brobeck Hale & Dorr and Clifford Chance for a $1.4 billion secondary share offering in difficult market conditions. Infineon made the share offering in Germany and the US and through private placements to international institutional investors elsewhere on July 3. The 60 million share secondary offering in the US and Germany was priced at euro 25 ($21) a share.

The UK’s Court of Appeal ruled last month that a bank can avoid payment on a performance bond if it has been acquired fraudulently. Paul Friedman and Philip Young of Baker & McKenzie, London, review the case and assess its implications for banks and bondholders

Freshfields Bruckhaus Deringer has acted for Deutsche Bank as arranger on the first French whole-business securitization to use a domestic special purpose vehicle (SPV). The euro 700 million ($590 million) Powerhouse Finance transaction is the first whole-business deal to use a domestic Fonds Commun de Créances (FCC). Previous securitization deals in France have used vehicles based in offshore jurisdictions such as Jersey or Ireland.

Latham & Watkins and Davis Polk & Wardwell have structured the $1.1 billion limited recourse financing for the Hamaca heavy oil production and upgrading project in Venezuela. The deal is the first heavy oil project since the Sincor-sponsored transaction in mid-1998, and marks renewed interest and confidence in the country.

Amarchand & Mangaldas & Suresh A Shroff & Co has negotiated the biggest deal in Indian corporate history. The firm's client was a mobile phone company owned by the two Indian business houses, Birla and Tata, and US telecoms company AT&T. The deal got underway when Birla-AT&T Tata company accepted a merger proposal from BPL, a mobile phone company controlled by Rajeev Chandrashekar, an Indian tycoon. That was in September 2000. Amarchand negotiated the deal directly with BPL and nine months later the three business houses, and AT&T, agreed to a merger valued at $2.1 billion.

Linklaters in Brazilian joint venture