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From November 1 1996, the Ghana Stock Exchange adopted new rules establishing the Securities Clearing and Settlement House (SCSH), which serves as a centralized clearing and settlement facility for stock exchange trades. The SCSH is run on a day-to-day basis by the managing director of the stock exchange. Policy for the SCSH is set by the Stock Exchange Council.

The Arbitration and Mediation Centre of the Chamber of Commerce of Santiago has proved to be an efficient alternative for the resolution of business disputes in Chile. Around 25 disputes were submitted to the Centre in 1995 and 1996 and the majority were resolved by agreement of the parties with the participation of the arbitrators. Typically, the first phase of arbitration consists of a conciliation effort on the part of the arbitrator exploring alternatives to a negotiated settlement.

In the first survey to consider the Medium-Term Note (MTN) market for law firms, IFLRev has identified the leading firms in establishing new programmes and in making drawdowns. The same three names keep coming up. By Richard Forster and Samantha Wigham

US buy-out specialist Kohlberg Kravis Roberts (KKR) agreed to pay US$1.05 billion for about 90% of the shares of US electrical equipment company Amphenol.

Hilton Hotels, the US hotel and gambling group, is making a US$6.4 billion hostile bid for ITT, its largest rival, in an attempt to create the world's biggest hotel and gambling company.

Cravath, Swaine & Moore, New York, is representing the US drugstore chain Revco in its acquisition by rival CVS. The US$2.8 billion stock swap merger will mean CVS becomes the US's second largest drugstore chain by sales.The team of Cravath lawyers comprises corporate partners Alan Stephenson, Philip Gelston and Richard Hall, assisted by corporate associates Caroline Gottschalk, Andrew Woeber, Richard Cundiff and Andrew Pitts. Partner Michael Schler and associate Craig McCracken are advising on tax law, while senior attorney Henry Morgenbesser and associate Scott Price are handling employee benefits issues. Also advising is senior attorney Jeffrey Smith, specializing in environmental law, and special antitrust counsel is Louis Sernoff from Baker & Hostetler, Washington DC.

US industrial equipment group Ingersoll-Rand acquired Newman Tonks, a UK architectural hardware company, in an agreed £230 million (US$368 million) bid.

Roche Holding of Switzerland is buying US company Tastemaker for an estimated US$1 billion. The transaction is planned to boost Roche's flavours and fragrances division, Givaudan-Roure.

The European Investment Bank (EIB) made the first issue of Euro-denominated bonds, under Luxembourg law. The Euro 1 billion 5.25% notes are due in 2004 and will be payable in Ecu until the third stage of monetary union (planned for January 1999), and thereafter in Euros. Banque Paribas, Caisse des Depôts et Consignations and Swiss Bank Corporation managed the issue.

International marine container lessor, passenger transport and hotels company Sea Containers has completed a securitization of marine cargo containers. This is the first securitization using equipment rather than a stream of payments as assets. The transaction involved the transfer by Sea Containers of a portion of its marine containers and related assets to a special purpose Bermuda subsidiary, Sea Containers SPC. SPC is using the equipment as collateral for up to US$200 million in notes.