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The 700 MW gas-fired Samalayuca power project located south of Ciudad Juarez, Chihuahua is Mexico's first foreign-sponsored generating project to reach financial closure. The $647 million financing was concluded on May 24 after four years of negotiation.

After four years of negotiation French electronics and defence group Matra has reached agreement with UK counterpart British Aerospace to form a £1 billion (US$1.5 billion) joint venture company Matra BAe Dynamics. The new company results from a merger of the missile operations of the two groups and will be the largest missile manufacturer in Europe.

Inco, the North American nickel company, has acquired Diamond Field Resources, the Canadian metals company, in a US$4.3 billion agreed takeover, the largest in Canadian history.

ROAD MANAGEMENT GROUP

Commercial Banking Law in the PRC

UK firm Herbert Smith has been voted top adviser on international energy law in Petroleum Economist's 1996 Energy Finance Poll. The poll, based on responses from over 100 international energy companies, has UK-based Allen & Overy relegated from last year's winner to third place behind Herbert Smith and US firm Vinson & Elkins.

UK firm Stephenson Harwood is set to open an office in Piraeus, Greece and has recruited a local shipping lawyer in Spain.

The New Zealand Stock Exchange (NZSE) has launched a new managed fund (the TeNZ fund) which tracks the NZSE10 Index (the Index). The Index is a weighted index made up of selected securities of New Zealand's top 10 listed companies, by market capitalization, which has the principal purpose of providing a measure of price trends of those companies. The TeNZ fund is a passive fund which will own a diversified portfolio of securities in the same weightings as the Index with the aim of providing investment results that correspond to the performance of the Index. Investors will purchase units in the fund, and the units will be tradeable on the NZSE.

The EU Commission is pressing Austria to abolish anonymous banking. With the Austrian government stalling, the matter is likely to go to the European Court. By Friedrich Schwank of Law Offices Dr F Schwank, Vienna

G L Bustin and A V Krylov of Cleary, Gottlieb, Steen & Hamilton, Brussels, look at the implications of the partnership and cooperation agreement between the EU and Russia and its impact on bilateral financial law