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By Ewout Stumphius, Loyens & Loeff, Rotterdam

By Izzet Sinan of Morgan, Lewis & Bockius, Brussels

Morgan Lewis & Brockius

Andreas Doepel and Nina Wilkman of Borenius & Kemppinen, Helsinki

M&A and Corporate Governance By Kartini Muljadi SH of Kartini Muljadi & Rekan, Jakarta

Legal and tax issues in cross border M&As By Deanne D’Souza-Monie and Sandeep Farias of Nishith Desai Associates, Mumbai

Chilean Securities Act

The French securitization market has experienced a significant boom over the last 18 months, as corporates and French financial institutions alike learn to reap the benefits of an increasingly flexible and reliable legal framework introduced by the law of December 23 1988. This established a new type of entity, the fonds commun de créances (FCC) aimed at providing market participants with a vehicle for securitization structures. In so doing, France was the first civil law country to deal successfully with the constraints imposed by the civil law regime in terms of the transfer of assets and create an entity capable of matching the flexibility available in Anglo Saxon jurisdictions.

Strategic Defence Take-over Insurance (SDTI) was recently launched by Lloyd's in the US, offering companies coverage in the event of hostile bids and proxy contests. Companies purchase an option which guarantees the right to secure an insurance policy, in the event that a hostile bid is received by a target company. Insured companies are reimbursed for direct costs associated with a hostile bid. The costs include expenditures on investment bankers, public relations/ advertising firms, legal advisers, proxy solicitation costs, and printing and mailing costs.

Pillsbury Winthrop of the US and Mexico's Creel, Garcia-Cuellar y Muggenburg have advised UK mobile phone company Vodafone on its first bid to establish a market in Latin America. Last month the company bought a 34.5% stake in Grupo Iusacell from the Peralta family for $973.4 million. Iusacell is Mexico's second largest mobile operator after Telefonica of Spain. The deal is being seen as a much needed boost for Iusacell, which last October lost out to Telefonica in negotiations to acquire five mobile phone companies operating in the north of the country.