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  • Two recent decisions by US federal courts appear to have nullified an important legal weapon in the fight against insider trading. By Jonathan Blackman of Cleary, Gottlieb, Steen & Hamilton, New York
  • Michael Olislaegers and Axel Haelterman of Loeff Claeys Verbeke, Antwerp and Brussels, provide a detailed overview of the structure and functioning of Europe’s new screen-based securities market for growth companies
  • US power producer CalEnergy has made a hostile bid of £659 million (US$990 million) for UK regional electricity company Northern Electric.
  • US chocolate company Hershey has agreed to buy the North American confectionery business of Leaf Inc, the US subsidiary of Finland's Huhtamaki. The price is US$440 million plus annual licensing fees. Hershey has also agreed to sell Huhtamaki its two European operations, Germany's Gubor and Italy's Sperlari, for US$110 million.
  • The US$150 million financing has been agreed for Termovalle I, a 200Mw gas-fired power project located near Cali, Colombia. The project was developed by a consortium consisting of KMR Power Corporation of the US and Marubeni Corporation of Japan.
  • British Telecom has launched a US$21 billion bid for the 80% of US telecommunications company MCI Communications which it does not already own. This is the largest ever foreign takeover of a US company. The combined company will be called Concert.
  • The UK's Britannia Building Society has bought a £1.1 billion (US$1.8 billion) mortgage book from Citibank International. The book consists of about 30,000 residential mortgages in the UK. On the same day, Britannia issued £100 million step-up subordinated notes under its MTN programme.
  • Transnational Tort Litigation
  • South Africa's largest industrial company and one of the world's top five brewers, South African Breweries, made a US$362 million offering of ADSs into the US and internationally. The offering was conducted under Rule 144A and Regulation S. The lead managers were Robert Fleming and Cazenove & Co.
  • P&O, the UK shipping firm, is set to merge its ocean container business with that of Dutch counterpart Royal Nedlloyd. The merged entity, P&O Nedlloyd Container Line, requires EU regulatory clearance and will have assets of US$1.5 billion.