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US industrial equipment group Ingersoll-Rand acquired Newman Tonks, a UK architectural hardware company, in an agreed £230 million (US$368 million) bid.

Reforms last year gave Brazilian traders the opportunity to lend stock in an organized market for the first time. Fernando Prado Ferreira and Guilherme de Almeida Leite of Pinheiro Neto, São Paulo, look at the system in practice

As investors are no doubt aware, 1997 is shaping up to be year of major privatizations among state-owned Spanish companies. This process has already begun with the recent public offering of the remaining state-held shares of Telefónica of España.

Earlier (see International Financial Law Review, October 1996, page 46) briefings on changes brought about by the EU Company Law Amendment Act 1996 focused on those provisions which have a particular effect on the Austrian banking sector. The following seeks to provide a more general outline of the contents of the Act.

The Singapore Stock Exchange introduced a new Chapter 9A to its Listing Manual. The new provisions apply to transactions between:

By Decree 253 of February 1997, the Colombian government, using its powers under the economic emergency decree, has announced that it will sell its controlling interest in the coal mine known as El Cerrejón North, located in the Guajira region of northern Colombia. El Cerrejón is one of the world's larger coal mines, with an annual output of 16.5 million metric tons of bituminous thermal coal, and total reserves of some 4,600 million metric tons. The government owns a 50% interest in El Cerrejón North (through Carbocol, a state-owned corporation), with the other 50% owned by Intercor, a wholly-owned Colombian subsidiary of Exxon Corporation.

Hilton Hotels, the US hotel and gambling group, is making a US$6.4 billion hostile bid for ITT, its largest rival, in an attempt to create the world's biggest hotel and gambling company.

Telecommunications provider Compañía Anónima Nacional Teléfonos de Venezuela (CANTV) issued US$200 million in Yankee bonds through its Cayman Islands subsidiary CANTV Finance. This is the first issuance of Yankee bonds by a Venezuelan corporation. Chase Securities acted as lead underwriter, with Goldman Sachs as co-manager.

Siebe, the UK's largest diversified engineering company, issued US$250 million of global notes under US law. The notes were offered under Rule 144A and Regulation S.

UK construction lawyer Tim Steadman will join Clifford Chance as a partner in March. He moves from Baker & McKenzie's London office where he has been a construction partner for the past five years.