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AO Tatneft, a Russian and Tartarstani company has issued US$300 million 9% bonds through Tatneft Finance, an Irish Company. The notes are due 2002 and represent one of the first Eurobond issues by a Russian corporate. Baker & McKenzie represented the managers, led by Dresdner Kleinwort Benson. Advising on US, UK, German and Russian law the Baker & McKenzie team comprised partners Tom Philipp and Chris Hogan.

The legal preparations for the introduction of the euro have moved on. Geoffrey Yeowart of Lovell White Durrant, London, updates the answers given in the January issue to the most frequently asked legal questions

Stephen Williams, general counsel and joint secretary of Unilever, talks to Samantha Wigham

The German government is set to sell its remaining stake in Lufthansa, the national airline, in an offering which will raise Dm4.7 billion (US$2.65 billion). The sale amounts to 37.5% of Lufthansa's shares. The shares are held by the government and the state-owned Credit Agency for Reconstruction (KfW).

Travelers Group, the US financial services group, is to pay US$9 billion for Salomon, the holding company for Wall Street investment bank Salomon Brothers. Salomon is believed to have sought the merger after heavy third-quarter losses. Travelers will merge Salomon into its own domestic brokerage business, Smith Barney.

Nomura International, the Japanese investment bank, has bought 4,000 pubs in a £1.2 billion (US$1.9 billion) purchase from Intreprenneur. Nomura bought the pubs, owned by Grand Metropolitan and Fosters Brewing Group, through the Grand Pub Company.

Japanese restrictions on foreign law firms will remain despite determined international pressure for liberalization. A source within the Ministry of Justice commission has confirmed that the report, to be published next month, will conclude that foreign firms will not be allowed to employ Japanese lawyers (bengoshi). It will be a huge disappointment for international firms in Tokyo at the time Japan is planning its economic liberalization programme, or 'big bang' (see IFLRev September1997, page 27). Reform will be limited to relaxing the rules on the joint venture system, which allows for limited associations between Japanese and foreign law firms. But this is not expected to increase the small number of international firms which have so far developed joint ventures.

• London firm Simmons & Simmons has recruited two banking partners from rival City firms. Nicholas Fisher, from Dibb Lupton Alsop, joins Simmons as a partner in the firm's transactional banking practice on December 1. Kim Walking, an asset finance specialist at Theodore Goddard, is joining the banking and capital markets department. • New York firm Carter, Ledyard & Milburn has added Masahiro Yoshimura, formerly at Holme Roberts & Owen, Denver, to its Japanese Practice Group. He will join the firm as an associate.

On October 3 1997, the Commission published a draft Notice on the definition of relevant markets for the purposes of Community competition law. This text is not expected to be amended very substantially.

The privatization committee established in January 1996 has been made into a permanent committee and renamed the Privatization Committee for the Water and Electricity Sectors (PCWES). The PCWES is given a general supervisory and planning role in respect of the proposed utility privatization programme for the Emirate of Abu Dhabi. This role includes the proposal of legislation and regulations for the privatization programme, as well as proposals for the reorganization of government departments and projects in the power and water sectors. The powers of the PCWES include the authority to retain staff, to appoint outside consultants, and to delegate to one or more members of the PCWES the powers necessary to implement the purposes of the PCWES. The PCWES is directed to prepare budgets for its activities and to submit them to the Crown Prince for approval.