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• Clifford Chance's London office has lost its head of corporate finance, Peter Brooks. Brooks has left to become general counsel for one of his clients, Deutsche Morgan Grenfell. He has worked at Clifford Chance for 28 years.

The contract for Laibin B, China's first 100% wholly foreign-owned build-operate-transfer (BOT) power plant, was formally agreed in Beijing on November 11 1996. Under the HK$4.57 billion (US$600 million) contract, GEC Alsthom, an Anglo-French engineering group, and Electricite de France (EDF) will jointly control the company undertaking the contract. EDF will hold a 60% stake and GEC, 40%. The project is scheduled to be completed sometime after 1999, whereupon EDF and GEC will operate the power plant to recoup their investment before the power plant reverts to the Guanxi government at the end of the term.

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.

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

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

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

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.

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

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.

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.