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US chocolate company Hershey has agreed to buy the North American confectionery business of Leaf Inc, the US subsidiary of Finland's Huhtamaki. The price is US$440 million plus annual licensing fees. Hershey has also agreed to sell Huhtamaki its two European operations, Germany's Gubor and Italy's Sperlari, for US$110 million.

The US$150 million financing has been agreed for Termovalle I, a 200Mw gas-fired power project located near Cali, Colombia. The project was developed by a consortium consisting of KMR Power Corporation of the US and Marubeni Corporation of Japan.

Transnational Tort Litigation

South Africa's largest industrial company and one of the world's top five brewers, South African Breweries, made a US$362 million offering of ADSs into the US and internationally. The offering was conducted under Rule 144A and Regulation S. The lead managers were Robert Fleming and Cazenove & Co.

P&O, the UK shipping firm, is set to merge its ocean container business with that of Dutch counterpart Royal Nedlloyd. The merged entity, P&O Nedlloyd Container Line, requires EU regulatory clearance and will have assets of US$1.5 billion.

The new presence of foreign law firms aggressively staking out territory in Germany is putting pressure on local firms. A second wave of mergers seems to be beginning. Samantha Wigham reports

Elizabeth Wall, group director of legal services at Cable & Wireless, London, talks to Diana Bentley

On November 11 1996, South Africa's new Labour Relations Act took effect. The Act, to a large extent, replaced the prior South African labour law framework. The primary focus of the Act is the regulation of relations between trade unions and employers. However, to a lesser extent, the Act also regulates important aspects of the relationship between employers and individual employees. The Act encompasses all sectors of the labour force, in contrast to the predecessor legislation which did not cover employees in the agricultural, domestic services or public sectors.

Geoffrey Yeowart of Lovell White Durrant, London, answers some of the most frequently asked legal questions relating to the forthcoming introduction of the euro

Two recent decisions by US federal courts appear to have nullified an important legal weapon in the fight against insider trading. By Jonathan Blackman of Cleary, Gottlieb, Steen & Hamilton, New York