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US broadcasting group Westinghouse Electric is to merge with Infinity Broadcasting in a $3.9 billion deal which requires the approval of the Federal Communications Commission. Infinity shareholders will receive 1.7 Westinghouse shares for each share held if the transaction is approved.

GUANGSHEN RAILWAY COMPANY LIMITED

IBA 26th Biennial Conference

The Mémorial, the official journal of the Grand Duchy of Luxembourg, in its edition dated May 29 1996, published the law of May 9 1996 on netting of claims in the financial sector (loi du 9 mai 1996 relative à la compensation de créances dans le secteur financier, portant modification de la loi modifiée du 5 avril 1993 relative au secteur financier).

Under recent changes introduced by the Spanish government, venture capital companies and funds (SCRs) are redefined as those whose main purpose is the promotion, through the acquisition of temporary shareholdings, of non-financial unlisted companies which are not more than 25% owned by companies listed on the Stock Exchange or companies considered to be 'financial entities' (qualifying companies). Under the new rules, qualifying companies are no longer required to be small or medium-sized companies or to be involved in technological or other innovative fields.

Dutch firm Nauta Dutilh has opened a office in London. Resident partner Diederik van Wassenaer has moved from the New York office to head the practice assisted by two Dutch associates. "In New York I did mainly banking and structured and corporate finance," says Van Wassenaer. "Here I will do the same with more reorganizations and mergers and acquisitions."

US financial regulators have given a cautious welcome to certain uses of new technology. However, the Securities and Exchange Commission (SEC) still insists that existing regulation must be followed. Anne-Louise Childs reports

The US's Republic Industries will bolster its electronic security business with the $5 billion acquisition of ADT, the largest electronic systems provider in the US.

The Republic of Italy is offering $2.1 billion of government bonds exchangeable for shares or American Depositary Shares in the state owned insurance company Istituto Nazionale delle Assicurazioni (INA). It is the first time a European government has used exchangeable securities to privatize government assets. The offering is structured as $1.06 billion of 5% Privitization Exchangeable Notes (PENs) and L1,630 billion ($1.06 billion) of 6.5% PENs.

The consolidation of Russia's securities regime, and the added teeth given to the regulatory authority, can only benefit the market. By James Christiansen of Coudert Brothers, Moscow