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Morgan Stanley & Co International has completed a US$1.55 billion multicurrency revolving securities repo facility agreement. Barclays Bank arranged the facility.

US utility Entergy Corporation has bid £1.26 billion (US$2.11 billion) for the UK's London Electricity.

Jane M Freeberg of Watson, Farley & Williams, New York, reports on the EU Regulation blocking compliance with US sanctions against firms trading with Cuba, Iran and Libya

Peter Erwe and Peter Waltz of Oppenhoff & Rädler, Frankfurt, report that investment firms from other EU member states can now take advantage of the single passport under the Investment Services Directive in spite of delays in its implementation into German law

Two sets of rules came into force in January to provide a legal and regulatory framework for a new collective investment vehicle. Tim Cornick of Macfarlanes, London, looks at the issues

The privatization of infrastructure in the Middle East is taking private sector developers, investors and governments into uncharted but potentially profitable territory. By Martin Amison of Trowers & Hamlins, London

The Turkish government has completed a US$630 million project financing of a power plant. The Marmara Ereglisi plant will supply power to utility Turkiye Elektrik Uretim ve Ticaret, under a 20-year agreement. The state gas company will supply natural gas. Financing is sponsored by a consortium of Enron Corporation and Wing International, the UK's Midlands Electricity, and Turkey's GAMA Endustri. Eximbank, the Overseas Private Investment Corporation (OPIC) and the Republic of Turkey are arranging the financing with a consortium of international commercial banks. Bankers Trust Company, ABNAmro and Bayerische Landesbank Girozentrale were lead lenders for the project.

US rail services company CSX is seeking to merge with US freight railroad Conrail, in a cash and share deal worth US$9.4 billion. The merger would create one of the largest freight transportation and logistics companies. Conrail is also facing a US$10 billion hostile bid from Norfolk Southern Corporation, a rail network company.

Garrett & Co, the UK firm linked to big six accountant Arthur Andersen, is continuing its expansion by opening a new office in Cambridge. Gerry Fitzsimmons is managing partner. He joins from rival Taylor Vinters's Cambridge office, where he headed the commercial department. The office is hoping to recruit five lawyers who specialize in corporate finance, intellectual property or employment law. "Cambridge is an increasingly exciting place to practise these areas," explains Fitzsimmons. "There is scope here for a quality national practice. There are a lot of science companies which are growing very fast in the local marketplace." He dismisses the competition, saying: "There aren't any national firms here, and we are recruiting aggressively." The firm now has six offices in the UK.

Singapore firm Chor Pee & Company has broken into two new practices following disagreements between partners. The firm dissolved on December 31. Name partner Lim Chor Pee has started a new practice to be called Chor Pee & Partners, and is taking 20 of the original firm's 28 lawyers with him. But the remaining lawyers claim that he cannot use the name, because it is too similar to the old firm's name.