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  • Swiss pharmaceuticals company Novartis is selling its Wasa crispbread unit to Italy’s Barilla Alimentare. The Italian food company is paying Sfr475 million ($315 million) including debt. The deal is part of Novartis’s move to refocus its consumer health division.
  • Europe-Polish Zloty (PLN) to be fully convertible by the year 2000
  • US firm Simpson Thacher & Bartlett advised Lehman Brothers and Morgan Stanley on Sweden’s first ever high-yield bond issue.
  • 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.
  • 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.
  • A senior Chinese official has confirmed that the country’s expected future membership of the WTO will lead to a relaxation of restrictions on foreign law firms. In particular, the rule that firms may open only one office would be dropped, but joint ventures between local and foreign firms will not be permitted.
  • Over 50% of UK law firms would consider forming a multi-disciplinary partnership (MDP) in the next five years. Accountants are the preferred partners, followed by barristers’ chambers.
  • Pillsbury Madison & Sutro, a San Francisco firm, has lost its executive director, a substantial group of compensation and benefits lawyers, and has had to fire another nine partners.
  • New York-based firm Paul, Weiss, Rifkind, Wharton & Garrison has appointed a firm chairman for the first time, with the aim of focusing on long-term issues and studying international opportunities. Alfred Youngwood, who is both chair of the firm and chair of the firm’s management committee, reveals that the first option being considered is a London office.
  • Baltimore-based Piper & Marbury is in merger talks with 340-lawyer firm Rudnick & Wolfe.