Search results for

News round-up Following the example of their neighbours across the water in Denmark, medium-sized Norwegian firms have started the year with a rash of mergers that has seen local market distribution shrink and conflict of interest problems grow.

It is 90 years since a Darwin to Alice Springs railway was first proposed. On April 20 2001 the proposal got the final go-ahead when the AustralAsia Railway Corporation; Dennis Burke, the Northern Territory chief minister; Dean Brown, the South Australian premier; and the Asia Pacific Transport Consortium signed the final key documents in Sydney, completing the transaction. The A$1.3 billion ($700 million) project involves the construction of the 1,400km railway linking Darwin to Alice Springs. The railway will also incorporate the existing Tarcoola to Alice Springs railway line and will provide rail access to a new Darwin port.

Andersen Legal is re-entering the Hong Kong market after its failed association with Ede Charlton. It will return to the Hong Kong market through a merger with Kwok & Yih, a local firm comprising five partners and 16 associates that is strong in capital markets, corporate finance and M&A.

Lovells is to strengthen its capability in Tokyo, with plans to focus on expanding its mergers and acquisitions (M&A) and securitization teams by adding lawyers from its London office and by looking to bring in new hires. Lovells has kick-started its plans to grow in Japan by relocating new partner Tim Lester, a securitization specialist, from London to Tokyo. Lester, who is one of 24 partners who were made up by Lovells on May 1, moved to Tokyo to join Rupert Lewi (corporate finance) and Michael Hancock (structured and project finance), the firm's two locally-based partners.

Financial institutions have called on the Securities and Exchange Commission (SEC) to clarify its new disclosure rule.

The Athens Stock Exchange launched a new market for high-tech, high-growth companies in April, looking to capitalize on the same opportunities as exchanges like the Neuer Markt. Yannis Avgerinos, of the British Institute of International & Comparative Law, looks at the rules for companies listing on the new exchange

On March 30 2001 the Ministry of Finance introduced a new Advance Tax Rulings (ATR) system. Under the new guidelines ATRs can be obtained - as in the past - for holding companies, financial service companies (eg financing and licencing companies), hybrid financing structures and permanent establishments. The aim of the new system is to improve the fiscal climate and to avoid the criticism that was heard in the past within the EU. An ATR will take the form of an agreement and will be published in an anonymous form

UK firm Linklaters has advised on a $4.3 billion transaction to take diamond mining group De Beers private. The deal, which is the second largest transaction ever to take a publicly-quoted company private, was confirmed at the end of March and is expected to become effective under the South African Scheme of Arrangement this month. Linklaters advised DB Investments, a consortium company formed by Anglo American, Central Holdings and Debswana Diamond Company, on the financing of its take-private of De Beers group. The firm also acted alongside Maitland & Co as legal advisers to Central Holdings and acted for Anglo American. Clifford Chance advised mandated lead managers UBS Warburg and Dresdner Kleinwort Wasserstein, while Ashurst Morris Crisp advised Debswana.

Allen & Overy and Clearly, Gottlieb, Steen & Hamilton have advised UK telecommunications company Cable & Wireless on the issue of a $1.5 billion bond exchangeable into ordinary shares of the Hong Hong internet company Pacific Century CyberWorks (PCCW). The bonds may be exchanged into Cable and Wireless' 14.7% stake in PCCW or held until their redemption date in June 2003. Allen & Overy's partner Roger Wedderburn-Day led the firms' team, which included tax partners John Baldry and Crystal Beal, international capital markets partners Simon Hill and David Benton, and corporate partner Stanley Chow, who advised on the Hong Kong aspects of the transaction. Clearly, Gottlieb, Steen & Hamilton partner Ashar Qureshi advised Cable & Wireless on US law.

Allen & Gledhill has advised Singapore Telecom on its A$17.2 billion ($8.3 billion) takeover bid for Australian telecoms company Optus, using a novel share exchange structure. Lucien Wong led the Allen & Gledhill team.