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  • Latin America-Brazilian natural gas company sold at a premium of 119%
  • Europe-Polish Zloty (PLN) to be fully convertible by the year 2000
  • Europe-Securities guidelines on the use of analysts’ reports
  • Europe-Internet transactions may be conducted by use of The Dankort
  • With the biggest privatizations over, international law firms in Hungary can no longer rely on highly profitable deals which require western legal know-how. As the market matures, the emphasis is on local law expertise. Rob Mannix reports
  • Europe-Valuation of non-cash contributions in Hungarian companies
  • China’s new contract law is a historic piece of legislation for investors and their counsel as China builds towards a market economy. Lam Wing Wo of Deacons Graham & James, Hong Kong examines the regulations which come into force in October
  • The merchant bank unit of Lehman Brothers Holdings is to buy Blount International, a manufacturer of tree-harvesting machinery, for $1.4 billion in cash and assumed debt.
  • France’s Renault and Japan’s Nissan are combining to create the world’s fourth largest car maker. Renault is taking a 36.8% stake in Nissan Motor, and a 22.5% stake in Nissan Diesel, the company’s truck division. All funds will have been transferred by the end of May. The new company will produce five million vehicles per year.
  • The demutualization of Mutual Life of Canada, the first by a Canadian life insurance company, is likely to give the company an initial value of between C$1.9 billion and C$2.9 billion ($1.2 billion to $1.9 billion). Mutual’s 900,000 members vote on the plans to demutualize on June 10. Their windfalls will be in the form of either cash or shares. Any bonuses are contingent on two-thirds of members voting in favour of the plans.