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Deutsche Telekom privatization

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.

December 01 1996

Turkey

Recent developments in the legal field in Turkey include the following:

December 01 1996

City Litigation

Limiting professional liability; Lending to local authorities; Disqualification of directors; Enforcing an assigned debtBy Neil Mirchandani, City Litigation Group, Lovell White Durrant, London

November 01 1996

Finland implements Investment Services Directive

Alongside implementing the ISD and CAD, Finland has made a number of other changes to its securities law. By Tomas Lindholm and Tarja Wist of Roschier-Holmberg & Waselius, Helsinki

November 01 1996

Another IP boutique swallowed up

US firm Oppenheimer Wolff & Donnelly will merge with Californian intellectual property (IP) firm Poms, Smith, Lande & Rose on January 1 1997. The new firm will have one of the largest IP practices in the US and hopes to rank in the top 10 firms for trade marks issued. The firm will have 11 offices.

November 01 1996

Italy

A draft Legislative Decree implementing EU Directive 19/94 was submitted in September to Parliament by the Council of Ministers.

November 01 1996

New Zealand

Part II of the New Zealand Securities Amendment Act 1988 requires substantial security holders in a public issuer to disclose relevant interests, and changes in such interests, to the public issuer and any stock exchange on which the securities are listed. The disclosure regime was enacted to ensure that market participants know the identity of persons in a position to control a public issuer.

November 01 1996

China

A new regulation permits the establishment of Sino-foreign joint ventures to engage in the business of foreign trading in the People's Republic of China. At present, state-run import-export enterprises controlled by the Ministry of Foreign Trade and Economic Cooperation dominate all Sino-foreign trade.

November 01 1996

Court of Appeal throws case law in doubt

The Royal Trust Bank decision has left uncertainty as to how best to create a fixed charge over receivables. Chris Hanson and Geoffrey Yeowart of Lovell White Durrant, London, attempt to reconcile the cases

November 01 1996

ENI US$3.36 billion share tranche

The Italian Treasury is selling a further tranche of shares in the oil and gas company ENI with a L5.1 trillion (US$3.36 billion) international offering, part of Italy's largest privatization. The sale of the 8.75% stake in the company is being jointly led by Istituto Mobiliare Italiano and CS First Boston.

November 01 1996

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