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  • One of Washington’s most highly regarded law firms, Covington & Burling, announced last month that it would merge with the smaller firm of Howard, Smith & Levin.
  • Marne et Champagne, the second largest producer of champagne, is to raise euro396 million ($393 million) through a bond issue secured on more than 60 million bottles of champagne.
  • US firm Milbank, Tweed, Hadley & McCloy has secured its second significant leveraged buy-out (LBO) in Asia's improving markets.
  • Salomon Smith Barney of the US, a subsidiary of Citigroup, is buying the investment banking group of the UK's Schroders for £1.35 billion ($2.23 billion).
  • Vodaphone AirTouch has raised a euro30 billion ($29.8 billion) syndicated loan in connection with its bid to buy German telecommunications company Mannesmann.
  • United Pan-Europe Communications (UPC) has succeeded in its bid to raise $1.6 billion through a high-yield bond in late January.
  • UK firm Allen & Overy is advising on one of the first true acquisition financings in the UAE. Albert Abela Corp, a company specializing in services such as in-flight and hotel catering, is to buy Unilever's African & Eastern Group. Unilever's operations include liquor outlets which supply licensed purchasers, hotels and the airport Duty Free. There are less than 10 licenses to operate such suppliers in the UAE.