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US firms Skadden, Arps, Slate, Meagher & Flom, Cravath, Swaine & Moore, and Baker & Botts advised on international energy company Conoco's initial public offering, valued at about $4.2 billion. The offering consisted of Class A common stock of Conoco. 191,456,427 shares were offered at $23 a share. 172,456,427 of the shares were offered initially in the US and Canada. The Houston office of Baker & Botts and the New York office of Skadden, Arps, Slate, Meagher & Flom advised Conoco. The Baker & Botts team was led by corporate partners Walter Smith, Michael Watson, David Kirkland Jr, and partners James Raborn (employee benefits) and William Griffith (tax).

Telecom Italia has bought a 25% stake in Telekom Austria, Austria's fixed net telecoms provider. Post und Telekom Austria (PTA), the state-owned parent company, sold the shares for Sch27.2 billion ($2.3 billion). The package includes a an 18.75% stake in Mobilkom, the cellular subsidiary, in addition to Telecom Italia's existing 25% holding. The transaction is the largest deal ever closed in Austria and is the second step in the privatization of PTA, following the sale of the Mobilkom stake to Telecom Italia in 1997. The next step will be Austrian Telekom's IPO, scheduled for after 2000.

By Barbara Galli

US firm Shaw Pittman Potts & Trowbridge has opened a London office. The office plans to take advantage of a gap it has identified in the London market for specialist advice in the negotiation and structuring of technology transactions and outsourcing. The firm, which already has 100 attorneys in the US practising technology, decided to expand its practice into Europe to meet the needs of its existing UK and US clients and to attract new clients. Paul Mickey, managing partner of Shaw Pittman, explains: "London is the centre for financial transactions in Europe. The types of institutions with technology needs are clustered here."

The new Channel Islands Stock Exchange (CISX) has started operations. The exchange already has 23 members — most are Guernsey or Jersey-based company subsidiaries, including Kleinwort Benson (Guernsey), Deutche Morgan Grenfell (CI) and Midland Bank Fund Managers (Guernsey). The CISX admitted its first listing on October 27. Tamara Menteshvili, chief executive for the CISX, says: "There is strong interest in the exchange not only locally but internationally, from places like Hong Kong, Australia, New York and a variety of European jurisdictions." The exchange has taken 18 months to create, in a joint effort by both islands' financial services commissions.

The consolidation of the South African legal market continues with the merger of three firms Bowman Gilfillan Hayman Godfrey, John & Kernic and Findlay & Tait. The 60 partner new firm Bowman Gilfillan will be one of the largest in the jurisdiction. Senior partner Peter James of John & Kernic says: "Traditionally clients have used us for their intellectual property work and other firms for other aspects of business law. Now we'll be able to offer a fuller service. The major international clients also look more closely at larger firms."

Investors in Barings, the collapsed merchant bank, face further litigation after liquidators blew cold on the City Disputes Panel's (CDP) compensation plan. The City's arbitration service put together the package during three years of negotiations after rogue trader Nick Leeson lost $800million gambling on the Hong Kong and Osaka stock markets, forcing the bank to fold. The panel's package sought to compensate holders of Barings' $150 million floating rate notes, issued in 1986. The agreed package offered $85 million, put up by ING, the former directors of Barings and its former auditors Coopers & Lybrand and Deloitte & Touche. ING bought Baring for £1 in 1995. The majority of the '86 noteholders are so-called vulture funds, specialist traders of distressed debt, who have bought up the bonds with the hope of increasing the compensation award.

Since introducing its specialist debt listing facility, the Cayman Islands has dealt with over 120 applications. Anne Nealon of the Cayman Island Stock Exchange explains the listing rules for structured bonds

The London Stock Exchange has revealed plans to use the Internet for its shelf registration system. Nick Ferguson examines securities registration and trading in cyberspace, which will revolutionize capital markets

Resisting the pressure to devalue the renminbi, the central bank and State Administration of Foreign Exchange have taken steps to prevent damage to China’s foreign exchange system. By Thomas E Jones of Freshfields, Hong Kong