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Switzerland has amended its rules to compete with the attractive Luxembourg regime. By Filippo Beck of Wenger Mathys Plattner, Zurich and Basle, with the assistance of Christina Amgwerd-Sheaff and Jlona Caduff

In the largest privatization in European history, 600 million shares in Deutsche Telekom have been sold for a total of Dm20 billion (US$13 billion). At a share price of Dm28.50, in the middle of the Dm25 to Dm30 guide, the issue was five times oversubscribed.

The Capital Markets Efficiency Act is a pale shadow of the originally proposed reforms to end the federal/state dual regulation of securities issues and cut litigation by large institutions. By David Bernstein of Rogers & Wells, New York

Philex Gold Inc, the gold mining subsidiary of Philippines mining company Philex Mining Corporation, recently made its trading debut on the Toronto Stock Exchange, on completion of Philex Gold's initial public offering in Canada. Philex Mining's choice of Canada for this offering is consistent with Canada's growing reputation as one of the world's preeminent markets for mining shares, its pool of knowledgeable investors and experienced mining stock analysts being the product of Canada's long mining history. The Philex Gold offering structure addressed a number of issues in an innovative way, including the 'foreign property' limitations applicable to certain Canadian investors under Canadian tax legislation.

US firm White & Case is providing advice to the South African government on restructuring the telecommunications sector in the country. The firm is also advising the local telecoms monopoly, Telkom SA, in preparation for the sale of 30% of its equity to a foreign company.

Accounting firm Arthur Andersen has added two new scalps to its rapidly expanding law firm association. Even though the firm has yet to decide what the office will be called, the planned Andersen-associated Hong Kong office has poached Julia Charlton, formerly a Hong Kong-based partner at UK firm Simmons & Simmons. She joins Justin Ede, who has moved from Garrett & Co in London.

New York-based Chadbourne & Parke, a general practice firm with a strong energy and projects practice, has poached Ian Johnson from Ashurst Morris Crisp. Johnson, head of Ashurst's energy and major projects group, will be the first English solicitor to be a partner at Chadbourne. He starts at the firm on March 1 1997.

New York firms offer poor value for money and are arrogant, according to a new survey. Of the in-house counsel consulted outside New York, 58% said New York firms offer less value for money than other firms. Of all the in-house counsel, 20% expected to use New York firms less; under 3% expected to use them more.

International firms are increasing their ambitions in Italy. At the same time, Italian firms are looking to expand abroad.

International firm Baker & McKenzie opened an office in Japan on November 1. The firm previously operated in Tokyo through an association with Tokyo Aoyama Law Office, but the two have now formed a qualified joint venture.