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Shearman & Sterling has advised global coordinators Merrill Lynch and Banco Santander Central Hispanico on the controversial listing of Iberia, Spain's flag carrier airline. The US firm's Paris-based corporate partner Manuel Orillac worked on the deal while Cuatrecasas capital markets specialist Fernando Torrente advised on Spanish law. UK firm Simmons & Simmons acted for the selling shareholder, Sociedad Estatal de Participiciones Industriales (SEPI), the government industrial holding company responsible for the country's privatization programme.

Lovells is to strengthen its capability in Tokyo, with plans to focus on expanding its mergers and acquisitions (M&A) and securitization teams by adding lawyers from its London office and by looking to bring in new hires. Lovells has kick-started its plans to grow in Japan by relocating new partner Tim Lester, a securitization specialist, from London to Tokyo. Lester, who is one of 24 partners who were made up by Lovells on May 1, moved to Tokyo to join Rupert Lewi (corporate finance) and Michael Hancock (structured and project finance), the firm's two locally-based partners.

A year ago Nordic law firms were reaping the benefits of booming capital markets work for high-tech companies. The collapse in equity values may have frozen the flow of deals but, as Thomas Williams reports, lawyers are finding they can help clients in bad times as well as good

Shearman & Sterling adds to European arbitration team

The Prudential Insurance Company of America, the second biggest life insurer in the US, is set to raise $3.9 billion later this year in an initial public offering (IPO) when it demutualizes.

Andersen Legal is re-entering the Hong Kong market after its failed association with Ede Charlton. It will return to the Hong Kong market through a merger with Kwok & Yih, a local firm comprising five partners and 16 associates that is strong in capital markets, corporate finance and M&A.

Auna IPO work up for grabs

"A cocktail of Kafkaesque inefficiency"

Worldwide, competition policy has established itself as a major instrument of economic policy and regulation. In September 1999, the Competition Act (the Act) came into operation in South Africa. However, since it came fully into effect, practice has revealed a need for review. As a result, the legislature recently enacted the Competition Second Amendment Act 2000 (the Amendment Act), which came into effect on February 1 2001.

David Webb has long been a crusader against Hong Kong’s crony capitalism, but now he has upped the ante and is challenging the government to debate the issue of corporate governance openly. Nick Ferguson reports