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Though the word privatization is still not in the official lexicon, China’s latest moves to retreat from state-owned enterprise and invite private investment offer privatization opportunities to brave foreign investors. By Jingzhou Tao of Coudert Brothers, Beijing

The Pünder group, a cooperation of European law firms, will be dissolved on December 31 1998. The remaining firms in the group had hoped to merge but they could not agree on the pace of integration. The group was hit earlier this year by the loss of Switzerland's Stoffel & Partner and Coppens Van Ommeslaghe & Faurès of Belgium, which also cited disagreements over integration between the firms. The remaining group comprises German firm Pünder Volhard Weber & Axster, Austrian firm Cerha Hempel & Spiegelfeld and French firm De Pardieu Brocas Maffei & Associés. At the end of the year these firms will continue to work together on a case-by-case basis but will no longer have a formal alliance. Peter Nägele, partner at Pünder Volhard, says: "All the firms agreed that alliances are no longer useful but our firm wanted to move ahead more quickly. We decided that it is better to dissolve the group and be free to pursue other options."

Two of Norway's big four law firms have scooped this year's largest restructuring of the country's banking sector. There is nothing unusual in that, except that there are not two, but three merging entities – Christiania Bank, the country's second largest lender, rival Fokus Bank and state-controlled Postbanken. The merger will create Norway's biggest financial services group, valued at NKr28 billion (US$3.6 billion). Wikborg Rein & Co is advising Christiania Bank with M&A partner Arne Didrik Kjornaes leading the team. Bugge Arentz-Hansen & Rasmussen (BAHR) accepted the delicate task of representing both Fokus and Postbanken.

In December 1997, the EU acknowledged Estonia’s efforts to build a thriving economy in just six years of independence: the country is now the first former Soviet state negotiating EU membership. Since 1992, enthusiastic governments have acted fast to dismantle the old structures, privatize state-owned companies and set up a monetary reform based on a currency board.

In the last of three articles considering possible changes to bond documentation to ease debt problems, Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York, considers collective representation clauses

US firms have maintained their lead in European equities, particularly in the privatization issues. But those UK firms which have invested are beginning to reap the benefit and close the gap. Richard Forster reports

Faced with a severe economic crisis, Indonesia has heeded western calls for tighter bankruptcy regulation. It may be the first step to serious systemic reform. By Robert Cartwright of Baker & McKenzie, New York and Catherine Boggs, Baker & McKenzie Consultants, Jakarta

The Ohada Treaty marks an ambitious project by 16 central and west African countries to harmonize their commercial law. They hope to extend the project across the continent and so help boost economic growth. By Rebecca Major of Herbert Smith, Paris

Uncertainty in Irish legislation and case law has been unhelpful to the development of the Irish credit derivatives market and clarification is needed. By Judith Lawless of McCann FitzGerald, Dublin

In the second part of a round table on high-yield issues in Europe, practitioners, investors and bankers discuss due diligence and the disclosure requirements for companies coming to the market.