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Kramer, Levin, Naftalis & Frankel, New York, and Freshfields, London, are representing Tyco International, the world's largest manufacturer of fire and safety systems, in its US$5.6 billion merger with ADT, the largest provider of electric security services in North America. Davis Polk & Wardwell, New York, Appleby, Spurling & Kempe, Bermuda, and Allen & Overy, London, are advising ADT.

Beijing Datang Power Generation Company has listed on both the London and Hong Kong stock exchanges. It is the first Chinese company to have an equity listing in London. The share offer raised about US$400 million and was made possible by the signing last October of a Memorandum of Understanding by regulators and exchanges in the UK and China.

US company SBC Communications has completed its US$16.5 billion acquisition of the Pacific Telesis group. The merger creates the largest US provider of local telephone services, with a market value of US$47.9 billion. The merger was completed after approval from the California Public Utilities Commission.

• UK firm Clifford Chance has appointed 22 partners. Fifteen are in the London office. They are: in finance, David Bickerton, David Eatough, Hilary Evenett, Rachel Kelly, Geeta Khehar, Robert Lee, Gavin Teague and Russell Wells; in property, Andrew Forryan; in corporate, Mark Poulton and David Pudge; in contentious, Rob Lambert and Rae Lindsay; in tax, Michael Wistow, and in tax, pensions and employment, Bruce Hedley. The Hong Kong office has gained three partners: Paul Kruger and Robert Trefney (finance) and Philip Rapp (China). Simon Clinton and Thierry Schoen become corporate partners in Singapore and Paris respectively. Juan Jose Lavilla becomes an administrative law partner in Madrid. Mark Huddlestone has been made finance partner in Amsterdam.

Howard M Liebman of Morgan, Lewis & Bockius, Brussels, believes that the Renault affair is evidence that European monetary union is premature

Four US appeal court rulings on Lloyd’s-related litigation have failed to resolve the issues. The conflict challenges part of the US securities law regime. By David Bernstein of Rogers & Wells, New York

In April 1997, the Response of the Securities and Futures Commission to the Public Consultation on the Review of the Leveraged Foreign Exchange Trading Regulatory System (the Response) to the Consultation Paper on the Review of the Leveraged Foreign Exchange Trading Regulatory System (the Consultation Paper) was released by the Securities and Futures Commission (the SFC).

The Hungarian Civil Code rules on mortgages and pledges were recently amended by Act XXVI of 1996. The Act was adopted by parliament on April 9 1996 and some provisions entered into effect on May 1 1996, but the remaining provisions take effect on May 1 1997. This briefing outlines the main changes.

Robert Mooney, general counsel and deputy chief administrative officer, Asia Pacific region, Merrill Lynch, talks to Richard Forster

First Bank System of Minnesota is making an agreed US$8.7 billion all-share bid for US Bancorp. The merged bank will be known as US Bancorp, and will be the eighth-largest US bank by market capitalization. The deal highlights the trend towards geographic consolidation among US banks.