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Beijing Datang Power Generation Company has listed on both the London and Hong Kong stock exchanges. It is the first Chinese company to have an equity listing in London. The share offer raised about US$400 million and was made possible by the signing last October of a Memorandum of Understanding by regulators and exchanges in the UK and China.

First Bank System of Minnesota is making an agreed US$8.7 billion all-share bid for US Bancorp. The merged bank will be known as US Bancorp, and will be the eighth-largest US bank by market capitalization. The deal highlights the trend towards geographic consolidation among US banks.

A team of associates from Skadden, Arps, Slate, Meagher & Flom's Beijing office has defected to Vinson & Elkins. The move halves Skadden's Beijing office, leaving two partners and three associates.

Russian gas company RAO Gazprom has obtained a US$2.5 billion credit facility, its first such facility without government guarantees and other public sponsoring. The loan is secured by proceeds from gas sales contracts with Western gas purchasers, and will finance sections of the Jamal pipeline. It is governed by German law and underwritten by an international consortium of banks lead managed by Dresdner Bank Group.

US company SBC Communications has completed its US$16.5 billion acquisition of the Pacific Telesis group. The merger creates the largest US provider of local telephone services, with a market value of US$47.9 billion. The merger was completed after approval from the California Public Utilities Commission.

• UK firm Clifford Chance has appointed 22 partners. Fifteen are in the London office. They are: in finance, David Bickerton, David Eatough, Hilary Evenett, Rachel Kelly, Geeta Khehar, Robert Lee, Gavin Teague and Russell Wells; in property, Andrew Forryan; in corporate, Mark Poulton and David Pudge; in contentious, Rob Lambert and Rae Lindsay; in tax, Michael Wistow, and in tax, pensions and employment, Bruce Hedley. The Hong Kong office has gained three partners: Paul Kruger and Robert Trefney (finance) and Philip Rapp (China). Simon Clinton and Thierry Schoen become corporate partners in Singapore and Paris respectively. Juan Jose Lavilla becomes an administrative law partner in Madrid. Mark Huddlestone has been made finance partner in Amsterdam.

Despite the growing economy, Finland’s lawyers find there is not enough work to go round. Firms are being forced to refocus and reassess their business. Clare Hepburn reports

Howard M Liebman of Morgan, Lewis & Bockius, Brussels, believes that the Renault affair is evidence that European monetary union is premature

UK firm Lovell White Durrant is to open for business in Russia. In charge of setting up a Moscow office is partner Christopher Smith, head of Lovell's Central and Eastern European practice and of the Prague office. Smith previously set up the firm's Beijing office and will be dividing his time between Moscow and Prague. Resident head of the office will be Daniel Gogek, an associate who moves from Freshfields' Moscow office. He was previously at White & Case and Coudert Brothers. Freshfields partner Christian Salbang worked closely with him and says: "The last we knew was that he had decided to leave the law and go back to Canada to work in business, so it is rather a surprise. But he is a competent fellow with a lot of experience and I hope he finds at Lovell what he wasn't able to find at Freshfields."

US firm Chadbourne & Parke has installed recently-acquired project finance partner Ian Johnson as head of a new office in Singapore. Joining him there is senior associate Bruce Rader, who moves to Singapore from New York. The office opened on April 14, and will focus on project finance, capital markets and cross-border transactions. It aims to strengthen the firm's Asian presence and complement the Hong Kong office.