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Continuing the programme of economic reforms started in 1989, president Menem's last full year of government before elections in 1999 will be characterized by the privatization of most publicly held companies and the selling of shareholdings in those privatized companies in which the government holds a participation, principally in the electric and banking sectors.

Colombian law affords substantial protection to those who act as commercial agents. Agents may claim compensation on termination of the agency relationship, regardless of the cause of termination, and regardless of the law which governs their contract, so long as the contract is performed in Colombia.

Linklaters & Paines and Sullivan & Cromwell have again risen to the top in a hectic year. Cravath Swaine & Moore and Davis Polk & Wardwell share the Yankee title. Nick Ferguson and Barbara Galli report

On January 21 Swiss chemical group Ciba announced it is to buy UK industrial chemical maker Allied Colloids with a friendly offer of US$2.33 billion. Ciba Specialty Chemical Holding bid US$3.36 per share of Allied Colloids, knocking out rival US bidder Hercules.

The development of the European asset-backed securities market took a significant step forward in October last year with the launch by Ford Credit of a highly innovative US$5billion global securitization programme. Globaldrive is the first Euro asset-backed programme to be set up by a corporate. It seeks to bring to Ford Credit's asset-backed issues the flexibility and efficiency of a medium-term note programme. The inaugural issue under the programme, an AAA rated Dm1 billion (US$550 million) floating rate issue backed by US dollar wholesale auto receivables, closed successfully on October 15 1997.

In December 1997, the Ministry of Finance released its draft for a government bill on flagging rules. The draft proposal included, among other things, amendments to the thresholds triggering the flagging obligation.

Canadian financing company Newcourt Credit Group will buy AT&T Capital for US$1.6 billion. AT&T span-off its financing arm last year to concentrate on its core telecoms business. Nomura, the Japanese investment bank, acquired 98% of the company. CIBC Wood Gundy is lead underwriter.

Joseph Polizzotto, Managing Director and Deputy General Counsel, Lehman Brothers, New York, talks to Richard Forster

Mercury Asset Management, the UK's leading fund management company, has agreed a £3.1 billion (US$5.2 billion) cash offer from US investment bank Merrill Lynch. UK firms Freshfields and Allen & Overy are advising on the deal.

US firm Latham & Watkins has established an office in Singapore. US qualified lawyer Joe Bevash moves from Hong Kong to head the office, which will initially be staffed by five lawyers. The office, which opened on December 16, will specialize in project finance.