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Halliburton, the second-largest company in the oil services industry, is to buy Dresser Industries, the third-largest, in a US$8.1 billion stock swap. The deal will create a company with US$16 billion in combined revenue, and relegates Schlumberger, at present the world's largest oil-services group with revenues of US$11 billion, to second place. The move is expected to lead to further consolidation within the industry. US firm Vinson & Elkins, Houston, represented Halliburton. Lead partner was mergers and acquisitions specialist Bill Joor. The Houston office was assisted by a team in the Washington DC office, working on antitrust issues and led by Ky Ewing. Weil, Gotshal & Manges, New York, advised Dresser Industries. Dennis Block, mergers and acquisitions partner, coordinated the lawyers.

UK retail group WH Smith has sold its Waterstones book chain to a joint venture between UK's EMI Group and US Advent International for £300 million (US$495 million) in cash. The company, known as HMV Media Group, will also acquire EMI's HMV music retail group and Dillons bookshops. It is expected to rank as one of Europe's leading retailers of books, music, computer games and videos. Linklaters & Paines, London, advised WH Smith. Lead partner was corporate specialist Mark Stamp. Also involved were partners Ian Karet (intellectual property) and Bill Allan (competition). Titmuss Sainer Dechert, London, provided property advice to WH Smith.

UK brewing and leisure group Bass agreed on February 20 to buy Inter-Continental Hotels and Resorts for £1.78 billion (US$2.9 billion). The acquisition gives Bass a leading global position in the luxury hotel market and complements its mid-market Holiday Inns operation. Under the deal, by which it beat its rival, US hotel group Marriott International, Bass will pay US$1.4 billion in cash, repay US$450 million in debt, and assume a further US$1.1 billion in debt. If US and EU regulators approve, the takeover could be completed by March 31. Davis Polk & Wardwell, New York, advised Bass in the US; the team included corporate partners Paul Kingsley, Patrick Dore, and Michael Mollerus. UK counsel was Linklaters & Paines, London, led by corporate partners David Cheyne and Christopher Johnson-Gilbert. Representing Inter-Continental Hotels and Resorts, and its owner, the Saison group of Japan, was US firm Cleary, Gottlieb, Steen & Hamilton, New York. UK counsel was Stephenson Harwood in London.

The pressures of internationalization are driving Benelux firms to look beyond their own borders for potential allies in the global market of the future. Nick Ferguson reports

As US firms target the international asset-backed securities market, Richard Forster and Stephen Mulrenan examine the firms behind the deals of 1997 and the prospects for securitization in 1998.

In February, the Singapore government unveiled its budget for 1998. Highlights of the budget for businesses include:

Taking of evidence in Switzerland for a trial abroad is governed by three different bodies of law:

Thailand’s new Bankruptcy Act should protect insolvent companies while providing incentives to foreign creditors to inject funds to reorganize businesses. By Kitipong Urapeepatanapong, Sawanee Sethsathira and Chirachai Okanurak of Baker & McKenzie, Bangkok

Qwest Communications International agreed to buy LCI International, the American long-distance company in an all-stock transaction worth US$4.4 billion. The acquisition should be closed in June. O'Melveny & Myers, New York, are advising Qwest. The team is led by corporate partner Drake Tempest and includes partners David Litt (corporate) and Dan Dunn (tax).

The crisis in Asia has boosted the existing dangers of failures in project finance transactions. This article outlines the ways to find a solution to failures. By Troy Alexander of White & Case LLP, New York