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A committee appointed by the Finnish Ministry of Finance has issued a proposal concerning amendments to the deposit guarantee scheme.

The Law Reform Commission has announced a plan that will give financially distressed companies the chance of avoiding insolvency proceedings by providing the company with a court-sanctioned moratorium from creditors while a provisional supervisor takes control of the company to restructure its debt.

Shanghai has promulgated the New Regulations of Shanghai on the Examination and Approval of Foreign Investment Enterprises (the New Regulation), effective from October 1 1996. The New Regulation is significant in that it provides that the Shanghai Municipal People's Government shall, in accordance with state guidelines and the actual situation of Shanghai, formulate guidelines on foreign investment and the guiding directory of foreign investment enterprises for Shanghai.

Media group United News & Media, recently merged with MAI, has bought conference organizer Blenheim Group. The offer is worth about £590 million (US$970 million).

UK fund manager Invesco is buying US competitor AIM Management Group for US$1.6 billion. The deal creates a top five independent fund manager with more than US$150 billion under management.

Public equity markets are beginning to play an important role in infrastructure finance. Roger Dyer and Ian Harvey-Samuel of Freshfields, Singapore, discuss the guidelines for listing infrastructure project companies in Hong Kong, Singapore, Malaysia and Thailand

US hospital management company Tenet Healthcare has made a successful bid of US$1.8 billion in stock for rival OrNda Healthcorp. The merger creates a company with revenues of US$8.5 billion and 126 hospitals. Tenet also assumed US$1.3 billion of OrNda debt.

German law firms Droste and Boesebeck Barz & Partners are to merge. The new firm will be called Boesebeck Droste. The merger will be effective from January 1 1997.

The dissolution of the international partnership between Canadian firms Ogilvy Renault and Osler Hoskin & Harcourt was coolly calculated many months in advance by Ogilvy. This much is revealed by an Ogilvy Renault internal memo dating from 1995 obtained by International Financial Law Review which discusses the future of a potential independent Ogilvy Renault office in London. The official reason given by both firms for the split in London in February 1996 was that Ogilvy Renault had announced it was to open an office in Toronto in the summer of 1996. However, the memo states that in mid-1995 Ogilvy Renault was "considering various alternatives" to its arrangements with Osler Hoskin. The memo was addressed by then managing partner of the London office, Michael Fortier (now based in Montreal), to managing partner Raymond Crevier.

Elizabeth Wall, group director of legal services at Cable & Wireless, London, talks to Diana Bentley