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The federal government recently passed the Financial Sector Legislation Amendment (No.1) Act (FSLA) which continues the government's financial sector reform agenda. It builds on the financial sector legislation already implemented by the government in response to the recommendations of the 1997 Financial System Inquiry.

Strategic Defence Take-over Insurance (SDTI) was recently launched by Lloyd's in the US, offering companies coverage in the event of hostile bids and proxy contests. Companies purchase an option which guarantees the right to secure an insurance policy, in the event that a hostile bid is received by a target company. Insured companies are reimbursed for direct costs associated with a hostile bid. The costs include expenditures on investment bankers, public relations/ advertising firms, legal advisers, proxy solicitation costs, and printing and mailing costs.

After High Court decision No. 14899/2000, the Italian Council of Ministers issued, on December 29 2000, Law Decree No. 394, on the subject of usurious loans. It aims to avoid the negative consequences that the Bank of Italy and the Italian Banking Association had anticipated would be produced by the Court's decision on the stability of the entire credit system.

For the first time in five years Linklaters & Alliance has been toppled from its top spot on stand alone bond work. Its successor is the firm who has played the bridesmaid for so long – Allen & Overy. Ben Maiden reports on the surprise results of this year’s IFLR international bond survey

A three-way merger in Europe could create the world's largest steel group. French company Usinor is merging with Luxembourg's Arbed and Aceralia in Spain to form an as yet unnnamed combined steemaker, which will be based in Luxembourg. The merger is expected to complete in autumn 2001. Aceralia shareholders will hold 20% of the company, while Arbed shareholders will control 23%. Usinor investors will hold the biggest share, with 57%. The company, which will list on Euronext, Luxembourg and Madrid, should be able to produce 46 million tons a year. It will have a market capitalization of $4.5 billion.

KPMG Consulting gave a much-needed shot in the arm to the Nasdaq market with its $2 billion initial public offering (IPO) in February. The issue was the biggest seen from a US company in almost a year. It was also the first time a big five accountancy firm's consultancy business had been floated.

Clifford Chance has advised Gulf Indonesia on its $9 billion gas deal with Singapore Power. Lawyers from the firm's oil and gas team in Singapore advised Gulf Indonesia and Santa Fe Energy Resources on the gas supply, transportation and sale arrangements between Pertamina, Indonesia's state-owned oil and gas company, and Singapore Power.

Pillsbury Winthrop of the US and Mexico's Creel, Garcia-Cuellar y Muggenburg have advised UK mobile phone company Vodafone on its first bid to establish a market in Latin America. Last month the company bought a 34.5% stake in Grupo Iusacell from the Peralta family for $973.4 million. Iusacell is Mexico's second largest mobile operator after Telefonica of Spain. The deal is being seen as a much needed boost for Iusacell, which last October lost out to Telefonica in negotiations to acquire five mobile phone companies operating in the north of the country.

Lovells has represented the world's oldest mutual life assurer, the UK's Equitable Life, in a sell-off that has dominated the British business press.

Despite a slowing economy, the turf war in New York between established firms and new entrants continues to grow ever more aggressive, with mid-size firms coming under the greatest pressure.