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The UK government has agreed to sell the Married Quarters Estate of the Armed Forces to the Annington Group for £1.6 billion (US$2.5 billion). The transaction, one of the largest ever UK conveyancing deals, requires the sale of 2400 properties to Annington and a sale and leaseback of 55,000 properties under 999-year head leases.

US consumer products company Gillette is set to acquire Duracell International, the US battery manufacturer, in a US$7.3 billion share exchange. As a result, US buy-out firm Kohlberg Kravis Roberts, which has a 34% shareholding in the target company, will become Gillette's second largest shareholder.

Zhuhai Highway Co

UK firm Amhurst Brown Colombotti has spoken to IFLRev following reports that the firm has transferred its Italian law department to another firm. It was alleged that Milan firm Studio Legale Sutti had taken over the department on the retirement of Italian law specialist Salvatore San Marco.

McKenna & Co has announced that it has taken five lawyers from UK rival Nabarro Nathanson, establishing 'the number one real estate practice in Warsaw'. Resident Nabarro partner Steven Shone has moved with three of his property team to McKenna & Co with one more set to join.

Volker Potthoff, general counsel to the Deutsche Börse, Frankfurt, talks to Graham Field

The Commission published a preliminary draft Notice on September 10 on cooperation between national competition authorities and the Commission in cases falling within Articles 85 and 86 of the EU Treaty.

In June 1996, the Securities Committee of China's State Council issued a notice on the recommendation of the fourth batch of mainland enterprises for overseas listings. What is new is the degree of participation it allows foreign investment bankers in selecting prospective listing candidates. The submission of an analytical report prepared by the underwriter on the reorganization and listing prospects of the recommended enterprise is now required. Thus foreign investment bankers will be involved in the early stages of the screening process.

Chinese incorporated companies began listing their shares (H-shares) on the Stock Exchange of Hong Kong (SEHK) in 1993. Some H-share companies failed adequately to comply with SEHK disclosure requirements. Stricter compliance was necessary. In 1995 a combination of stricter enforcement by the SEHK and better understanding of the requirements by H-share companies resulted in substantial improvement. To ensure continued compliance with disclosure requirements, the SEHK issued extra recommendations, which should be observed in addition to the uniform disclosure requirements for all SEHK-listed companies.

The Bank of Italy has introduced changes to Chapter XII of its Regulations concerning the issue of bonds by Italian banks. These have the effect that the existing distinctions made between different types of issuing banks according to their capital base have been abolished. As a consequence, banks with a capital base of less than L50 billion (US$ 196 million) are now allowed to issue bonds with a denomination of at least L5 million provided that the issue has 'market characteristics'.