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Changes in Italy’s legislation and government have done much to increase the work-load of firms in Italy. But as Thomas Williams reports from Milan and Rome, a second wave of competition from across the Atlantic is forcing Italian firms to reevaluate their strategies

UK lawyers have reacted angrily to the German government's attempt to frustrate the agreement of a European takeover code. The 12-year long negotiations to establish a pan-European code were thrown into disarray at the end of May when German government officials bowed to domestic pressure and withdrew their support for the draft European directive. European member states now have until the end of this month, when the conciliation period over the takeover code ends, to agree a compromise or the draft directive will collapse and with it any hope of agreeing a European code.

According to article 758 of Poland's Civil Code, as amended by the Law on Amendment of the Civil Code Act of July 26 2000, agency is based on a contract by means of which the person accepting the mandate (agent) assumes the obligation to mediate permanently, within the scope of the activity of his or her enterprise, for a financial consideration, in the conclusion of contracts with clients for the benefit of the entrepreneur being the principal, or in the conclusion of such contracts in the prinicipal's name.

The long-awaited amendments to the provisions of Canada's provincial securities legislation governing takeover and issuer bids (sometimes referred to as the Zimmerman amendments) took effect on March 31 2001. The amendments apply to each Canadian province that has securities legislation governing takeover and issuer bids, other than Québec, where the securities regulators are awaiting legislative approvals required to implement the amendments.

The Prudential Insurance Company of America, the second biggest life insurer in the US, is set to raise $3.9 billion later this year in an initial public offering (IPO) when it demutualizes.

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.

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.

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.

The Hong Kong and English courts of appeal have been trying to disentangle their respective company laws to identity classes of creditors for schemes of arrangement. Joe Bannister of Lovells, Hong Kong looks at two recent judgments and asks if progress has been made