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Credit Suisse First Boston (CSFB), the Swiss-US investment bank, has agreed to buy the UK and continental European equities businesses from Barclays de Zoete Wedd, the investment banking arm of Barclays Bank. The transaction is expected to complete in early 1998. UK firm Lovell White Durrant, through offices in London and overseas, is representing Barclays on the transaction. Partners David Harris and Hugh Nineham lead the Lovell team. The in-house team at Barclays is led by Howard Trust, group general counsel, assisted by Rachel Harris and Mark Edwards.

Dow Chemical has agreed to sell its Dow Brands consumer products unit to SC Johnson for between US$1.3 billion and US$1.7 billion. The deal is expected close by the end of 1997, pending regulatory approval. The sale is a further move to rid Dow of its non-core businesses. Dow Chemical has appointed US firm Mayer, Brown & Platt as legal advisers. Corporate and securities partner Scott Davis heads the team.

Debevoise & Plimpton is set to open an office in Russia, building on its local assocation in Moscow. Corporate practice head Stephen Friedman says the Budapest office will be closed down to focus efforts on Russia. "I would expect the Budapest office not to continue much longer because of the pace of the economy there," explains Friedman. The firm advised on several privatization offerings in Hungary and the financing of the local airport. In Moscow Debevoise had an affiliation with two Russian lawyers who acted as consultants to the firm. This will become a fully fledged office focusing on joint venture and project work with partner Rod Perkins moving to head the new operation.

Legislative Decree No. 358 of October 8 1997 outlines a favourable tax regime for transfers and contributions of businesses and exchanges of participations in companies.

In the context of reshaping its entire energy and gas sectors, and emphasizing the liberalization policy promoted by recent Administrations, on September 3 1997, the Uruguayan Executive Branch approved Decree No. 324/97 governing import and transport of natural gas. The Decree is the regulation for the natural gas pipeline to link Uruguay and Argentina, for whose construction an international tender has recently been announced by the Uruguayan government.

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.