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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

Growing numbers of foreign futures brokers are taking advantage of the registration exemptions offered by the US Commodity Futures Trading Commission. By Michael S Sackheim of Brown & Wood LLP, New York

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.

Texas buy-out company Texas Pacific Group is offering an undisclosed amount, believed to be at least US$800 million, for Del Monte Foods, the US's largest branded producer and distributor of tinned fruit and vegetables.

American Electric Power and Public Service Company of Colorado made an agreed £1.5 billion (US$2.43 billion) offer for UK energy company Yorkshire Electricity. The two American companies are using their joint subsidiary Yorkshire Holdings for the bid. The offer follows the acquisition last year of four British electricity companies by US corporations and is in line with a trend towards cross-border utilities acquisitions. The financial advisers to Yorkshire Electricity are NM Rothschild and Goldman Sachs International. Merrill Lynch is advising Yorkshire Holdings.

The last 18 months have seen an explosion in the number and size of US firms with English law capability in their London offices. Other firms are steadfastly following their own strategy. Paul Lee reports

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."

Grimaldi & Clifford Chance has opened an office in Padua. This is the third office in Italy the firm has established since the association between Grimaldi e Associati and UK law firm Clifford Chance began in 1993. The office will initially have five lawyers led by two partners, Paolo Rulli and Gianandrea Rizzieri. Rulli has moved from the firm's Rome office and Rizzieri joins from local partnership Studio Rizzieri. Both specialize in corporate and international trade law, with Rizzieri providing experience in litigation and arbitration. Associates Federica Greggio and Susanna Rizzieri specialize in international transactions, contracts and litigation.

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