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Following a review of its international practice, German firm Pünder, Volhard, Weber & Axster has decided to open a Hong Kong office before the July 1 handover to China. Peter Nägele, Frankfurt partner with the firm which heads the Pünder Group, says there will be several partners there concentrating on banking and finance work. "It will not just be a rep office: we will be serving German and European clients and aim to be profitable from day one," he says. Of Pünder's German rivals, only Brückhaus Westrick Stegemann has an Asian presence through its offices in Hong Kong and Tokyo. Pünder managing partner Thomas Gasteyer says the firm had planned the move for some time and hoped to open there before the end of June subject to completing the relevant paperwork. Gasteyer expects the new office will become a joint practice of the six-member Pünder Group. "I think this will be a joint office but we have not yet received replies from all the other firms on our proposal," says Gasteyer. "In all likelihood I expect it will."

French firm Giroux Buhagiar & Associés is to merge with the Paris office of Stibbe Simont Monahan Duhot. On July 1, Giroux Buhagiar's 23 lawyers will move to Stibbe Simont's 70-lawyer office. The merged firm will be known as Stibbe Simont Monahan Duhot & Giroux. Stibbe Simont in Paris specializes in mergers and acquisitions as well as tax, competition and EU law. Giroux Buhagiar concentrates on banking and financial law.

A three-tier mechanism now permits foreign issuers better access to the Brazilian markets. By Sergio Spinelli Silva Jr of Mattos Filho, Veiga Filho, Marrey Jr, Moherdaui e Quiroga, São Paulo

Cross-default clause amendments have become standard in many derivative contracts. But they are not always welcome, argues Ebo Coleman, barrister, London, proposing alternative wording

The new Law of the Mexican Institute of Social Security is set to enter into force on July 1 1997, from which date employees will be entitled to have their pension funds managed by 'retirement fund administrators' (administradores de fondos para el retiro or 'afores'), which can be private bodies. Funds are at present managed by the Social Security Institute.

Canadian oil and gas company Morrison Petroleums and rival Northstar Energy Corporation are to merge. The merged company will have a market capitalization of nearly US$1.3 billion. It expects to launch a bid of approximately US$325 million for its outstanding shares as soon as the merger is complete.

In its first Eurobond issue since 1982, the Republic of Sri Lanka is to issue US$50 million of floating rate notes. Lead managers to the issue are Citibank and ING Barings.

The Life and Death of an Infrastructure Project, 2nd ed.

Perth firm Parker & Parker is to merge with the Perth office of Australian firm Freehill Hollingdale & Page. The merged firm will have 53 partners and 120 fee-earners, and will be known as Freehill Hollingdale & Page. The merger should take effect in May, and the firm will be based in Parker & Parker's offices in Perth. The addition of Parker & Parker's 86 lawyers will make Freehill Hollingdale Australia's largest law firm, with over 180 partners and 400 other lawyers in offices in Perth, Sydney, Melbourne, Brisbane and Canberra.

The Alliance of European Lawyers has added a Polish member, Consultor Limited, which has signed a cooperation agreement and will be known as Alliance Consultor. The French member of the six-firm Alliance, Jeantet & Associés, already has a Warsaw office, but there has been disagreement over its merger with Consultor and it is operating as a separate office despite the cooperation agreement. A Jeantet lawyer in one of the Alliance joint offices says: "It is a bit ridiculous but we all hope the merger will take place some time in May or June." There are practical reasons for the delay, according to Gérard Mazet, partner in Jeantet's Paris office. "Basically we have got problems with premises and with a few conflicts of interest and so for the time being they will remain separate."