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Cyprus

In June the new Banking Law of Cyprus was passed by the House of Representatives. Its main aim is to harmonize the island's legislation with that of the EU, to regulate the banking system and give protection to depositors.

July 31 1997

A passion for banking

Jean-Pierre Mattout, general counsel of Banque Paribas, Paris, talks to Samantha Wigham

July 31 1997

Cinven buys French healthcare concern

UK venture capital house Cinven is acquiring the private hospital and healthcare businesses of French conglomerate Générale des Eaux for £1.1 billion (US$1.7 billion) in the biggest-ever UK management buy-out. As a result, Cinven will own the largest private healthcare providers in the UK and France. Cinven's investment clients and ABN Amro funds are providing equity finance.

July 31 1997

UK plans new Super-SIB

Consultation on the restructuring of the UK’s financial services regulatory system offers a golden opportunity for the industry to make sure parliament gets it right. By Tim Herrington and George Staple, Clifford Chance, London

July 31 1997

Recapitalization of Exide Europe

Battery manufacturer Exide Europe has recapitalized its existing debt through a Ffr1.718 billion (US$287 million) syndicated loan, a US$175 million receivables securitization and a Dm175 million (US$99 million) high-yield bond. The proceeds will be used to pay down existing bank debt and to fund the acquisition of German battery manufacturer Deta. Bankers Trust acted as lead arranger, agent and security agent for the 33-member syndicate in connection with the French franc loan.

July 31 1997

PacifiCorp acquires The Energy Group

US utilities group PacifiCorp is offering to buy all outstanding common shares of the UK's Energy Group for about US$5.8 billion. PacifiCorp will also assume US$3.8 billion of The Energy Group's debt. This is the largest transaction in the UK utility industry and is an example of the growing tendency among US utilities companies to invest in the deregulating UK market.

July 31 1997

First internationally syndicated secured public utility financing

Saudi Consolidated Electricity Company in the eastern province of Saudi Arabia (SCECO-East) has borrowed up to US$500 million to finance part of the cost of construction of Ghazlan II, a 2400MW power plant. This is the first internationally syndicated secured financing for a Saudi Arabian public utility. Gulf International Bank acted as agent and security agent.

July 31 1997

Chinese corporation lists in London and Hong Kong

Jiangxi Copper Company has become the second Chinese state-owned enterprise to list in both Hong Kong and London, after the dual listing of Datang Power in May. The flotation raised HK$1512.7 million (US$195 million).

July 31 1997

Compaq buys Tandem

Compaq Computer is acquiring Tandem Computers for about US$3 billion in stock. Tandem is best known for its fault-tolerant computer systems, and the merged company will be the world's largest supplier of computers based on the Intel chip and Microsoft software.

July 31 1997

Cutting Edge close-up: AT&T: securitization for a buy-out

In 1996, AT&T Corporation (AT&T) closed the sale of its equipment finance and leasing subsidiary, AT&T Capital Corporation (AT&T Capital), to management and Hercules Holding (Cayman) Limited, which is owned by a group of companies led by GRS Holding Company. The acquisition, which closed on October 1 1996, was followed , two weeks later, by the issue of approximately US$3.2 billion of equipment-lease-backed-notes ('the notes'), approximately US$1.2 billion of which was used to finance the acquisition.

July 31 1997

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