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A consortium of five international banks, represented by Milbank, Tweed, Hadley & McCloy, came to the rescue of a Philippines power project in November, offering a bridge loan of $154 million.

Malaysia launches Eurobond issue

Dan Peel, White & Case The Croatian food and retail company Agrokor has received a $159 million financing package from a banking syndicate led by the European Bank for Reconstruction and Development (EBRD). The deal is the largest ever industrial financing in Croatia.

A bid to harmonize legislation on company takeovers in Europe that has been over a decade in the making may have to be scrapped. Sponsors of the directive fear last minute amendments proposed by the European Parliament will make it impossible to ratify.

Tweny-six lawyers have quit Brazilian firm Machado, Meyer, Sendacz e Opice to set up a new mergers and acquisitions, corporate restructuring and banking boutique. The former Machado Meyer lawyers have set up Souza, Crescon Avedissian, Barrieu e Flesch in São Paulo, and are certain they can fill a niche in Brazil's legal market. Alongside the five former Machado Meyer partners — Cristiane Naomi Kaneko Flesch, Luis Antonio Semeghini de Souza, Marcos Rafael Flesch, Maria Cristina Cescon Avedissian and Roberto Barrieu — the new firm will comprise 21 former Machado Meyer associates, seven trainees and three staff.

Alessandro Varrenti White & Case has become the latest international firm to open up offices in Italy. The US firm has set up shop in Rome and Milan through a merger with Italian firm Varrenti e Associati. The combined firm will advise under the hefty title, Studio Legale White & Case Varrenti e Associati. It will have 20 lawyers and three equity partners. Alessandro Varrenti, name partner of the original Italian entity, becomes a White & Case partner, and is joined by two other partners from White & Case's international network. Ken Lee arrives from the firm's Mexico office, while Anthony Giustini is moving over from Paris.

Simmons & Simmons has become the latest UK firm to add a German office to its European network. The City firm has decided that Kaiser, a mergers and acquisitions (M&A) boutique with seven lawyers, will give it the foothold it needs in the German market.

The Amsterdam office of Freshfields Bruckhaus Deringer has tempted over a finance partner from The Netherlands' leading independent firm, Nauta Dutilh.

By Henry Smith and Theresa Pitcairn of Maples and Calder, Grand Cayman

The new Brazilian payment system By Nei Schilling Zelmanovits and Beatriz Cochrane Mattos of Machado, Meyer, Sendacz e Opice, São Paulo