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  • Deutsche Telekom and Telecom Italia are to form the world’s second largest telecommunications company in what they describe as a merger of equals. The merger will be achieved through a stock swap with Deutsche Telekom shareholders owning 57% of the new company. The German government is selling part of its 72% stake in Deutsche Telekom and will hold a 40% stake in the merged company.
  • The Pepsi Bottling Group has issued 100 million common stock shares in an initial public offering worth $2.2 billion. The New York-based group manufactures and distributes Pepsi-Cola drinks.
  • Baker & McKenzie, Freshfields, Sullivan & Cromwell and Davis Polk & Wardwell lead the rankings for privatization issues in 1998, according to tables published in Privatization International.
  • Baltimore-based Piper & Marbury is in merger talks with 340-lawyer firm Rudnick & Wolfe.
  • New York-based firm Anderson Kill & Olick has made 22 partners redundant and is closing its offices in San Francisco and Phoenix
  • Following the break-up of Spanish mid-tier firm Mullerat & Roca at the beginning of this year Sebastia Roca has merged his third of the firm to form Roca & Junyent, a new 60-lawyer firm.
  • Beleaguered French firm Gide Loyrette Nouel has ousted Xavier de Roux as chairman of its management committee.
  • The Irish government has taken the first step towards liberalization of the electricity market with a bill to appoint a regulatory commission. Kevin Hoy of Mason Hayes & Curran discusses how the industry will be transformed by the implementation of EU policy
  • US firm Vinson & Elkins has added Edward Gilbert as a partner in its Singapore office
  • Rules governing the listing of derivative warrants have just been introduced by the Cayman Islands Stock Exchange. The Exchange’s Chief Executive Officer, Ann Nealon explains the rules and the success they have already achieved with issuers