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April 30 1997

Switzerland

In the largest ever leveraged buyout effected on the European continent, Doughty Hanson & Co Ltd acquired the Geberit Group. Doughty Hanson, acting as general partner of various limited partnerships, controls Geberit International SA which purchased the shares of the Group's parent company, Geberit Holding AG, from certain members of the Geberit family who had held all of the shares in Geberit Holding AG either directly or through four personal holding companies.

April 30 1997

Spain

Before they can be listed on a Spanish exchange, the shares of investment companies and holdings in investment funds must meet a minimum diffusion requirement which stipulates that they must have at least 100 shareholders or unitholders, whose participations must not exceed 25%.

April 30 1997

Sweden

As mentioned in last month's International Financial Law Review (see page 56) a parliamentary committee has suggested a wide-ranging reform of the Companies Act, in particular proposing rules allowing companies to repurchase their own shares.

April 30 1997

Denmark

The Danish rules on netting are found in Sections 57 and 58 of the Securities Trading Act (STA) of December 20 1995 which entered into force on May 1 1996.

April 30 1997

Cyprus

The long-awaited Mergers and Acquisitions (M&A) Law was finally passed by parliament in April 1997. The M&A Law is based on EU Directives and is fully harmonized with EU rules.

April 30 1997

Colombia

The Colombian government, recognizing the importance of an efficient telecommunications infrastructure, has taken steps in the last few years to liberalize Colombia's regulatory framework. These changes have created significant investment opportunities in a number of areas, including local telephone services.

April 30 1997

Lloyd’s cases strain US securities law

Four US appeal court rulings on Lloyd’s-related litigation have failed to resolve the issues. The conflict challenges part of the US securities law regime. By David Bernstein of Rogers & Wells, New York

April 30 1997

Brazil

Privatization: amendments to corporate and capital markets law. On April 10 1997, Congress approved a Bill introducing amendments to Law 6404/76 (Law on Corporations) and 6385/76 (Law on Capital Markets). Rights of minority shareholders have been altered to allow more flexibility in cases of mergers or split-ups. The aim of the Bill is to assist the privatization process.

April 30 1997

Tesco expands into Ireland

UK supermarket chain Tesco has expanded into Ireland with its £630 million (US$1 billion) acquisition of Associated British Food's Irish supermarket interests. These include market leaders Quinnsworth, in Ireland, and Stewarts, in Northern Ireland. The deal, which has yet to be cleared by the European Commission, is Tesco's second attempt to enter the Irish market. It is the largest transaction to take place in Ireland.

April 30 1997

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