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Macfarlanes, Slaughter and May, Freshfields and Wachtell Lipton Rosen & Katz are all involved in the fight for the UK chemical and fibre company Courtaulds. A US$1.8 billion bid from Dutch chemical business Akzo Nobel was agreed in April. On May 12 US paints and glass group PPG confirmed it is in preliminary talks with Courtaulds along with US investment bank Donaldson Lufkin and Jenrette. Macfarlanes in London is advising PPG with a team of lawyers headed by corporate specialists Robert Sutton and Mary Leth, tax specialist Ashley Greenbank and pensions specialist Douglas Shugar. Also advising PPG is New York firm Wachtell, Lipton, Rosen & Katz.

Daimler-Benz and Chrysler have announced on May 7 the largest industrial merger ever. The deal values Chrysler at US$39 billion. The new group, known as Daimler-Chrysler, is estimated to be worth US$92 billion and will be the world's fifth-largest vehicle maker.

Sullivan & Cromwell, New York is advising US local telephone company SBC Communications on its US$57 billion merger with Chicago telephone group Ameritech. The team of lawyers was headed by Benjamin Stapleton (M&A) and Andrew Mason (tax). Mayer Brown & Platt, Chicago, and Skadden, Arps, Slate, Meagher & Flom, New York, are advising Ameritech. The team of lawyers from Mayer Brown includes Robert Helman, Herbert Kruger, Wayne Luepker, Richard Williamson and Theodore Livingston. The team of lawyers from Skadden Arps is headed by Charles Mulaney. (M&A), Lewis Freeman (tax) and Antoinette Bush (communications and regulation).

Eight listed South African companies are to merge to create the world's largest gold mining company, with an expected market capitalization in excess of £2.8 billion (US$ 4.6 billion). The merger should be effected with one of the companies, Anglogold, acquiring all the shares of each of the others under seven schemes of arrangement. Each scheme is subject to the approval of the South African High Court. In the unlikeley event of a scheme not being approved, Anglogold has prepared an alternative takeover offer for the concerned shareholders. The new company, also called Anglogold will be listed on the Johannesburg, London and Paris stock exchanges.

UK city firm Frere Cholmeley Bischoff agreed to merge with national firm Eversheds' London office on April 30. The new office will have 70 partners and 200 other fee earners. The merger, effectively a takeover, will take effect from August 1 when the firms completely integrate in London operations. However 11 Frere Cholmeley partners, including the firm's entire property and private client practices, are unhappy with the arrangement. They are leaving, with their associates, to form Forsters, a new law firm with a total of 55 lawyers. David Willis will become the senior partner.

The principle of banking confidentiality has traditionally also protected the fraudsters. The strong confidentiality jurisdictions have taken measures to discriminate. By Franco Taisch of Liechtensteinische Landesbank, Vaduz

New regulations from Argentina’s Securities Commission provide guidelines for Argentine companies seeking to raise capital in the US through ADRs or GDRs. By Malen Gaynor Giron of Asorey & Navarrine, Buenos Aires

The example of a recent case involving PERLS shows the dangers for financial institutions of new investment products. Particular care should be taken to manage the legal and regulatory risks. By Jonathan Kelly of Simmons & Simmons, London

On April 15 1998, the Chilean Central Bank amended certain exchange rules on the issue of Eurobonds and American depositary receipts (ADRs) to cut restrictions and increase flexibility.

The Telecoms Authority of Singapore Act 1992 has been amended to give the Telecoms Authority additional powers to carry out its functions in a liberalized multi-operator environment, bring the Act up to date on changes in technology and new offences, and provide adequate penalties and enforcement measures to regulate telecom and postal licensees.