Search results for

In June the Minister for Economic Affairs tabled a proposal in parliament making it possible to merge (or cooperate through a holding company) between banks organized as savings institutions and mortgage credit institutions organized as member associations. On the same day BG Bank and Realkredit Danmark published their intention to do exactly that. Banks organized under the rules governing BG Bank until now have been subject to rules limiting shareholders' voting rights (also in a holding company controlling a bank organized as a savings institution company). The limitation of shareholders' voting rights may now be abolished by the shareholders. The abolition may pave the way for a mortgage credit association holding the majority of votes in a merged entity — as is required by law.

Sirona Dental System, the dental equipment business, has issued a Dm170 million (US$309.1 million) to refinance a subordinated bridge loan facility related to its leveraged buy-out from Siemens by Shroders Venture. The total purchase price was Dm750 million. Warburg Dillon Read acted as lead manager for the offering.

• Altman Weil, the US legal management consulting firm, has poached Rees Morrison from Arthur Andersen's Legal Business Consulting Group. Morrison, who has been a consultant for ten years, joins as a principal and will be in charge of a number of critical areas for government and corporate law departments, such as outside counsel cost control, upgrading technology and organization and reengineering process. • Debevoise & Plimpton has promoted four new partners in its New York office, as of July 1. David Bernstein is a litigator and a member of the firm's intellectual property practice group. Paul Loughran works in the corporate department and the securities practice group. David Mason is a member of the tax department and the investment management group, and a specialist in executive compensation. Christopher Tahbaz is a litigator focusing on complex commercial litigation and consumer class action.

Clifford Chance has completed its first SEC registered flotation in the US, as adviser to STET Mobile Holding (the selling shareholder) and to STET Hellas Telecommunications, one of the two GSM mobile telecom operators in Greece. The sale was of 12.1 million ordinary shares of STET Hellas in the form of American Depositary Receipts, registered with the SEC and quoted on the Nasdaq stock exchange, and of Dutch Depositary Shares listed on the Amsterdam stock exchange. The deal is valued at US$327 million. Clifford Chance's team included partners Rick Ely (US group) and Tim Schwarz (telecommunications) in London, and Frank Graaf in Amsterdam.

Riding high on London’s boom, foreign lawyers are benefitting from increasing US interest in Europe ahead of European Economic and Monetary Union. Barbara Galli reports

• US firm Paul Hastings Janofsky & Walker is expanding its London office. Wayne McArdle, former chief counsel of the European Bank for Reconstruction and Development, has joined the firm as a partner. McArdle is a corporate finance specialist, with significant experience in project finance transactions in central and eastern Europe. Corporate partner and securities specialist Joel Simon is also relocating from New York to London, along with a corporate associate.

The demand for infrastructure improvement in South Africa exceeds the scope of the public sector. The opportunities for private sector finance are considerable. By Jabulani Mtshali of Deneys Reitz, Johannesburg

Two firms are leaving the Pünder Group, the alliance of European law firms headed by German firm Pünder Volhard Weber & Axster, after disagreements about the group's future. The two firms are Coppens Van Ommeslaghe Faurès, in Belgium, and Swiss member Stoffel & Partner. Jean-Michel Détry, corporate finance partner at Coppens, says: "We were looking for increased financial integration within the group. In particular, we wanted all the EU work to be merged and shared out among the firms, but this was resisted by the German and Dutch firms." One firm has already left the group earlier this year: Netherlands member Buruma Maris left in order to merge with Benelux firm Loeff Claeys Verbeke, although the merger talks proved abortive. Détry says: "At this point it became obvious that the group needed financial integration. Essentially, there are discussions in various directions but the bottom line is that we will leave the Pünder group."

Quebec’s new Bill 181 amends the Civil Code to require registration of secured transactions. It has important implications for securitization. By Sterling Dietze of Stikeman, Elliott, Montreal

The traditionally separate businesses of commercial banking, securities and insurance are increasingly merging. An overall approach to supervision is required. By Philip Wood and Paul Phillips of Allen & Overy, London