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The Treasury Ministry has recently enacted, by Decree No. 87 of January 24 1997, published in the Official Gazette on April 2 1997, new provisions amending the terms, conditions and timing of state subsidies for export credits and credit in the execution of works abroad under Law No. 227 of May 24 1977.

The second-largest computer networking company, 3Com, is acquiring modem maker US Robotics in a US$6.6 billion stock swap, in an attempt to seize market share from market leader Cisco Systems.

Microsoft, the largest computer software company, is buying WebTV Networks of Palo Alto for around US$425 million in stock and cash. WebTV, which will become a Microsoft subsidiary, has developed technology enabling consumers to surf the internet using their television sets.

The Republic of Croatia has made its first offering of Eurobonds. The issue included an international tranche of US$300 million of 7% notes under rule 144A and a domestic tranche of Kuna 300 million. Merrill Lynch lead-managed the issue.

Advanced Micro Devices, one of the largest US manufacturers of microchips, has concluded the financing of a microchip plant in Dresden. This is one of the largest project financings to take place in the former East Germany. Arranger and lead manager Dresdner Bank helped complete syndicated debt finance totalling Dm1.65 billion.

Road Administration Adviser: Veikko Palotie & Co

Allen & Overy has announced further appointments in eastern Europe with three Hungarian lawyers joining associate Kinga Sugar in the Budapest office. The firm's Budapest strategy has been under consideration since August 1996 when the firm reviewed its association with local practice Déri & Co. "When we came into the region we thought the best way to operate was to associate with another firm," says Ian Elder, the London partner responsible for Hungary. "But after a while you get tensions on whether to expand or make certain investments and we decided it was better to be in control of our own destiny." Last month the firm added nine lawyers in Warsaw and Elder says that the right model for the region is shown by Poland where the firm had no local practice to associate with.

Irish firm Matheson Ormsby Prentice has formally opened its first US office in Palo Alto, California. The office opened quietly at the start of 1997 and so far, says head of financial services David McGeogh, Dublin, the response has been promising: "As no other Irish firms have an office on the west coast, and as our focus is US inward investment into Ireland, we are not competing directly with anyone." The firm decided on Palo Alto, he says, for a number of reasons: the number of the firm's existing clients on the US west coast; the abundance of US electronics and computer companies in the region; and the relatively low set-up costs. The office is permanently staffed by senior associate Deirdre Dunne and another corporate associate, and will be supported by McGeogh and tax partner Liam Quirke from Dublin, who between them will spend around 10 weeks a year in the US. McGeogh says: "We are starting small, but within two to three months we will have a much better idea of how we need to expand."

The new managing partner of UK firm Ashurst Morris Crisp has set an agenda for European expansion. London partner Ian Nisse, elected by secret ballot of the partnership to the new role, says the firm is set to open one or two new offices within the EU. "It is no secret that Frankfurt is very high on our agenda as Germany is a very big focus of ours," says Nisse. "We are also looking at Italy and Spain." Nisse adds the firm will at the same time seek to expand its existing Brussels and Paris offices.

Dutch firm Houthoff has joined law firm association the Conference of European Lawyers. The firm is thereby linked with Liedekerke Wolters Waelbroeck & Kirkpatrick in Brussels, France's Siméon & Associés and German firm Wessing Berenberg-Gossler Zimmermann Lange. According to Houthoff's chairman, Jan-Mark Dingemans,there were a number of motives for the move. "The main one was the long-standing wish to have our own office in Brussels. We had one there 15 years ago, but we closed it down," he says. Houthoff left the Denton International group of firms last December. Dingemans says: "The Denton Hall concept did not work. There was no quarrel; we left on friendly terms."