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Improved economic situationNoronha Advogados London

German chemicals group Degussa SKW Co has set up £1.55 billion syndicated multicurrency acquisition facilities to fund the £1.36 billion acquisition of UK company Laporte.

In the largest cross-border acquisition of a Singapore company, Milbank, Tweed, Hadley & McCloy represented Singapore's NatSteel. Wilson, Sonsini, Goodrich & Rosati represented the US acquiror, Solectron. Stamford advised the target NatSteel Electronics. The deal is valued at $2.4 billion.

Korea's securitization market will be one to watch during 2001. Brown & Wood's Hong Kong office recently advised Chase Securities on the arrangement of a novel asset-backed securities issue for Asiana Airlines.

Alessandro Varrenti White & Case has become the latest international firm to open up offices in Italy. The US firm has set up shop in Rome and Milan through a merger with Italian firm Varrenti e Associati. The combined firm will advise under the hefty title, Studio Legale White & Case Varrenti e Associati. It will have 20 lawyers and three equity partners. Alessandro Varrenti, name partner of the original Italian entity, becomes a White & Case partner, and is joined by two other partners from White & Case's international network. Ken Lee arrives from the firm's Mexico office, while Anthony Giustini is moving over from Paris.

Simmons & Simmons has become the latest UK firm to add a German office to its European network. The City firm has decided that Kaiser, a mergers and acquisitions (M&A) boutique with seven lawyers, will give it the foothold it needs in the German market.

The Amsterdam office of Freshfields Bruckhaus Deringer has tempted over a finance partner from The Netherlands' leading independent firm, Nauta Dutilh.

Tweny-six lawyers have quit Brazilian firm Machado, Meyer, Sendacz e Opice to set up a new mergers and acquisitions, corporate restructuring and banking boutique. The former Machado Meyer lawyers have set up Souza, Crescon Avedissian, Barrieu e Flesch in São Paulo, and are certain they can fill a niche in Brazil's legal market. Alongside the five former Machado Meyer partners — Cristiane Naomi Kaneko Flesch, Luis Antonio Semeghini de Souza, Marcos Rafael Flesch, Maria Cristina Cescon Avedissian and Roberto Barrieu — the new firm will comprise 21 former Machado Meyer associates, seven trainees and three staff.

Baker Botts has hired Christine Ferguson, former counsel at the European Bank for Reconstruction and Development (EBRD) to strengthen the firm's central Asian team. Partners expect a wave of projects work to flow from a gas pipeline financing in Azerbaijan. Ferguson specializes in debt and equity transactions for natural resources, banking, telecoms, and other projects work in Azerbaijan and Albania, and joins as of counsel to head the US firm's Baku office. Ferguson, a former Moscow-based Clifford Chance partner, joins four local lawyers in Baku. She will use her experience in financing and hydro-carbons in Russia, the Balkans and central Asia, to win regional work.

Davis Polk advises on $1.3 billion stock offering