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The Intergovernmental Conference, which had the task of reviewing the Maastricht Treaty, reached an agreement on a draft Treaty at the Amsterdam European Council on June 16 and 17. The draft Treaty is due to be signed in October 1997, at Amsterdam.

The recent fuss over different levels of disclosure in the US and UK by British Telecom is an example of the problems companies with multiple listings are open to. By Anthony J Herbert of Allen & Overy, London

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.

CITIC Pacific has sold its 8% stake in HongKong Telecom to China Everbright, a small business backed by China's state council, for HK$11.39 billion (US$1.47 billion).

The advertising group Cordiant announced in April that it will split into three companies later this year. The demerger will create Saatchi & Saatchi, a worldwide advertising network; Bates, a marketing communications network; and a media services group, Zenith. The group will hold an extraordinary general meeting of shareholders on the demerger in October.

Media and investment consortium Castle Transmission has issued the first sterling high-yield, or junk, bond. The £125 million (US$202 million) 9% guaranteed bond is due in 2007.

Last month Arnheim & Co, the UK legal arm of big six accountants Price Waterhouse, announced it had taken the prize scalp of boutique financial services and fund management firm MW Cornish & Co (see International Financial Law Review, June 1997, page 6). However, it is now clear the the scalp is not the prize it first appeared. A third of the lawyers in MW Cornish & Co left the firm in advance of its merger on July 1 1997. Two of the boutique financial services firm's partners have joined Arnheim & Co, but three other lawyers have decided to move elsewhere.

Exchange taxes cut

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.

Amendment of monetary policy