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Canadian firms may be coping well with in the present economic climate but many in the legal market are still struggling to decide on a strategy. Tom Nicholson reports

Italian blue-chip energy group Eni has kick-started European capital markets for the new year with the largest non-privatization initial public offering in Italy to date. The group's listing of Snam Rete Gas, the Italian gas transportation company it partially owns, raised almost euro 3 billion ($2.6 billion) and was the first initial public offering to raise more than euro 30 million since the mid-July listing of De'Longhi ($114 million).

Auditors are often made the scapegoat when companies go bust, and with little protection from the UK courts sometimes end up having to settle expensive claims. As Arrabella Giles of Clifford Chance, London, explains however, a recent decision in the Barings case will limit auditors’ liabilities

On October 1 2001, the Australian parliament enacted in-substance rules for distinguishing between debt and equity instruments for tax purposes as well as a revised, wide sweeping thin capitalization regime. These measures represent key aspects of a broader, but still incomplete, business tax reform programme.

NautaDutilh is launching a securitzation practice in Europe's leading market. Joanne Kellermann has moved to London to spearhead the development of a practice that will extend the firm's offerings in the UK capital. At the same time she will expand the locally-based team to two partners.

Chiomenti loses four to Freshfields

Andrew Malcolm of Linklaters, Hong Kong, analyzes the fifth retail bond offering by HKMC, whose structure and use of publicity provide a model for future deals

Like the International Swaps and Derivatives Association (ISDA), the European Federation of Energy Traders (EFET; www.efet.org) has set up a standard master agreement for the delivery and acceptance of electricity (the General Agreement). As in the schedule to the ISDA Master Agreements, the parties may choose between alternative concepts and may also fine tune the General Agreement to their liking in the election sheet.

Coudert Brothers LLP

Due to a production error, the article that appeared in November's IFLR on page 11 (Heidelberger's acquisition of majority stake in Indocement, by Philip Rapp and Lee Taylor of Clifford Chance (Singapore) and Vincent Mignon of Heidelberger Zement) was combined with a separate article. We apologise to readers and to Clifford Chance and Heidelberger Zement for any confusion this may have caused. A corrected version of the article can be viewed at http://www.legalmediagroup.com/IFLR/default.asp?Page=1&cIndex=3&SID=3215&M=11&Y=2001.