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The German government’s discussion paper on the Third Act for the Promotion of Financial Markets will enhance German stock markets, investment funds and venture capital. By Thomas Paul of Oppenhoff & Rädler, Frankfurt am Main

On June 16 the Ministry of Justice submitted a Draft Takeover Code introducing a mandatory public tender offer to all shareholders of listed target companies (excluding companies whose shares are traded in the over-the-counter market [Sonstiger Wertpapierhandel]). The Draft Code provides that the mandatory offer will be triggered by the acquisition of shares representing 30% or more of the voting rights in the target, irrespective of whether this acquisition of de facto control occurs through a voluntary public offer, a private purchase of a block of shares or multiple purchases in the market.

Avis Europe, the leading car rental company in Europe, has floated for the second time on the London Stock Exchange, at 124 pence a share. The company first listed in 1986, after which it was bought by a consortium led by Belgian group D'Ieteren.

Media multinational The News Corporation is to acquire Dallas marketing company Heritage Media. The tax-free merger will cost News Corporation about US$754 million. News Corporation intends to keep Heritage's marketing services operations, but to sell its radio and television broadcasters.

A recent judgment of the Federal Supreme Court in Abu Dhabi has emphasized and expanded the Court's hostility to margin trading. This is the third in a series of cases dating back to 1990 relating to trading in currencies or commodities.

The Prague office of UK firm Allen & Overy is adding five Czech and UK-qualified lawyers in the next few months. This will bring the total number of lawyers in the office to 12: four Czech advokats and four junior Czech lawyers and four UK-qualifieds. Graham Donnell, managing partner of the office, explains that the growth is in response to an increased workload, particularly in banking and finance.

The Federal Telecommunications Commission (Cofetel) published on June 9 a call for bids for fixed or mobile wireless licences, to be awarded by the Ministry of Communications and Transport in a public auction to be held later this year. The licences will be for 20 years, and are stated to be for 30 MHz or 10 MHz within the 1850 to 1990 MHz band, for 50 MHz within the 3.4 to 3.7 GHz band and for 14 MHz within the 440 to 450 and 485 to 495 MHz bands.

Every project facility must obtain an environmental licence from the Ministry of the Environment. The licence must be obtained before the project is started. An environmental licence is an authorization from the environmental authority to carry out work or a project which may cause damage to renewable natural resources such as water, air, fauna, flora, or landscape. The licence specifies the requirements and conditions that must be met, and the consequences of non-compliance.

Gallaher Group, the UK's largest manufacturer of tobacco products, which manufactures Benson and Hedges, Silk Cut, Hamlet cigars and Condor pipe tobacco, has demerged from American Brands and listed on the London Stock Exchange.

In spite of the decision in the Scandex case, the liability of directors of foreign-based financial services companies selling into the UK in contravention of FSA rules remains unclear. By David Greene of Edwin Coe, London