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The second-largest computer networking company, 3Com, is acquiring modem maker US Robotics in a US$6.6 billion stock swap, in an attempt to seize market share from market leader Cisco Systems.

The Republic of Croatia has made its first offering of Eurobonds. The issue included an international tranche of US$300 million of 7% notes under rule 144A and a domestic tranche of Kuna 300 million. Merrill Lynch lead-managed the issue.

Irish firm Matheson Ormsby Prentice has formally opened its first US office in Palo Alto, California. The office opened quietly at the start of 1997 and so far, says head of financial services David McGeogh, Dublin, the response has been promising: "As no other Irish firms have an office on the west coast, and as our focus is US inward investment into Ireland, we are not competing directly with anyone." The firm decided on Palo Alto, he says, for a number of reasons: the number of the firm's existing clients on the US west coast; the abundance of US electronics and computer companies in the region; and the relatively low set-up costs. The office is permanently staffed by senior associate Deirdre Dunne and another corporate associate, and will be supported by McGeogh and tax partner Liam Quirke from Dublin, who between them will spend around 10 weeks a year in the US. McGeogh says: "We are starting small, but within two to three months we will have a much better idea of how we need to expand."

Road Administration Adviser: Veikko Palotie & Co

Dutch firm Houthoff has joined law firm association the Conference of European Lawyers. The firm is thereby linked with Liedekerke Wolters Waelbroeck & Kirkpatrick in Brussels, France's Siméon & Associés and German firm Wessing Berenberg-Gossler Zimmermann Lange. According to Houthoff's chairman, Jan-Mark Dingemans,there were a number of motives for the move. "The main one was the long-standing wish to have our own office in Brussels. We had one there 15 years ago, but we closed it down," he says. Houthoff left the Denton International group of firms last December. Dingemans says: "The Denton Hall concept did not work. There was no quarrel; we left on friendly terms."

• US firm Winthrop, Stimson, Putnam & Roberts has made Christine Pallares partner. Pallares, who specializes in corporate and capital markets, is based in New York.

The benefits of the US Foreign Sovereign Immunities Act may not be available to ‘second tier’ state companies. By Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York

The Financial System Statute lays down that leasing services can only be offered by certain companies known as Commercial Financing Companies (CFCs). CFCs require prior authorization from the Banking Superintendency, and are subject to a special regime. CFCs must be organized as stock companies. They cannot be branches of foreign companies, but they may be subsidiaries. CFCs may effect active credit transactions up to the equivalent of 35% of total assets.

The government of Dubai recently issued Regulation No. 2 of 1997, setting forth guidelines to be used by branches of foreign banks in calculating income tax due to the government of Dubai from taxable income arising from the conduct of business in the Emirate of Dubai.

Boutique financial services firm MW Cornish & Co will join Arnheim & Co, big six accountant Price Waterhouse's UK law firm, on July 1. Senior partner Martin Cornish becomes head of the Price Waterhouse European legal financial services practice. MW Cornish claims a range of expertise in banking, corporate and corporate finance work, but Arnheim & Co emphasizes the firm's expertise in fund management work. David Newton, Price Waterhouse partner responsible for investment management, says: "The addition of legal expertise is an important step in the development of our Investment Management business. Our ambition is simple: to be recognized as the leading professional advisers to the funds management industry worldwide."