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The major Hong Kong conglomerates are in the grips of spin-off fever. Cheong Kong, Henderson Land, New World Development and Wai Kee Holdings have all streamlined their operations in the past year through the use of spin-offs.

More and more foreign investors are exploring the opportunities that exist in the undervalued assets of China's enterprises through mergers and acquisitions. Specifically, the takeover of a listed company in China is mainly governed by Section 4 of the Interim Regulations of Shares Issuing and Trading (the Interim Regulations) which was issued by the State Council Securities Committee on April 22 1993. Its major takeover provision is the 30% trigger point such that:

Last July, ISVAP, the supervisory authority for insurance companies, enacted provisions on the use of derivatives by insurance companies which will enter into force as of October 1 1996. Any financial instrument the price of which is related to the value of one or more activities or indices is considered a derivative product irrespective of the way it is described.

Madeira could represent an interesting alternative for Brazilian companies wishing to avoid the consequences of recent Brazilian legislation on Corporate Income Tax (Imposto de Renda de Pessoas Jurídicas), Law No. 9249 of December 26 1995, which came into force on January 1 1996.

This Act amends the Competition Act 1991, taking effect from July 1996. Its aim is to substantially reinforce adherence to competition laws in Ireland by making it an offence for any undertaking to be party to any agreement, decision or concerted practice which is anti-competitive or to abuse a dominant position. Undertakings, their directors, any shadow directors and officers may be prosecuted by the Competition Authority. Fines of up to I£3 million (US$4.5 million) or 10% of turnover may be imposed on conviction.

In the first of two articles on independent power projects in Asia, Tim Soutar and Judith Hanson of Clifford Chance, Hong Kong, consider the importance of the role played by government

The US$4.3 billion debt owed by the former Yugoslavia has been partially apportioned to Slovenia and Croatia. Croatia has issued US$1.46 billion and Slovenia US$812 million in bonds in exchange for their share of the debt.

Vietnam has reached agreement in principle with its creditor banks on the restructuring of its US$1 billion debt. The move should allow Vietnam to resume commercial borrowing in the international capital markets at more favourable interest rates.

Southern England utility Southern Water was the object of rival bids from UK utilities ScottishPower and Southern Electric. ScottishPower made a £1.56 billion (US$2.36 billion) hostile takover bid which was followed by an agreed cash and shares offer of £1.6 billion from rival Southern Electric. ScottishPower's subsequent offer of £1.67 billion went wholly unconditional on August 7.

Baker & McKenzie's Warsaw office has merged with the local office of Detroit-based firm Dickinson, Wright, Moon, Van Dusen & Freeman. The move follows Dickinson Wright's decision to concentrate on its US offices. The Warsaw office was the firm's only foreign base. The merger brings Baker & McKenzie's staff in Poland to 33 lawyers. For more information see the Polish country survey.