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Singapore's United Overseas Bank (UOB) has wrapped up its takeover of Singaporean rival Overseas Union Bank (OUB) with a S$1.3 billion ($715 million) bond issue, the largest of its kind in Singapore. It also launched a US-dollar denominated $1.27 billion issue.

Thacher Proffitt expands finance team

Europe's three largest exchanges are locked in a battle for control of the London International Financial Futures and Options Exchange (Liffe). Deutsche Börse, the London Stock Exchange and Euronext, which runs securities markets in Paris, Amsterdam and Brussels, have all expressed interest in buying Liffe, Europe's second largest derivatives exchange.

Sullivan & Cromwell last month announced the appointment of two partners in Frankfurt as it revealed plans to launch a German law practice for the first time.

Houston, Texas energy trading company Enron's $1.9 billion sale of utility Portland General Electric to Northwest Natural Gas this October provided a welcome slice of acquisition work for three firms.

Hunton & Williams is to advise the Philippine authorities on the long-awaited privatization of the country's electricity industry.

Clifford Chance is advising the borrowers on the largest water project in the world. Stephen Harder, a project finance partner in the firm's Hong Kong office, is leading a team of lawyers in China and Hong Kong advising Anglian Water and Mitsubishi on a $200 million project financing to design, build and operate the largest water project in the global water market. The Beijing No 10 water treatment plant will supply drinking water to one in five residents of the Chinese capital.

Many employers have incorporated a pay in lieu of notice clause (PILON) into their contracts of employment. This clause reserves the right of the company to terminate an employment with immediate effect by making a payment in lieu of that person's entitlement to notice. (The legal advantage of the clause is that termination can occur with immediate effect but without any breach of contract. This means any post-termination obligations on the employee, such as restrictive covenants, may remain in force rather than fall away due to the employer's breach.)

In a significant liberalization of the currency laws, Russia has abolished the licensing requirement for foreign currency loans with terms of over 180 days. This dramatic new change appeared in Central Bank Regulation No.1030-U, dated September 10 2001, and became effective on October 1. The new regime substantially simplifies the ability of Russian corporate borrowers to attract and repay hard currency loans from non-resident banks and companies for terms of over 180 days (long-term currency loans). Previously, such loans required individual licences from the Central Bank, and this requirement often delayed cross-border financings.

Key deals - Czech Republic Privatization of Komercni Banka (October 2001) Société Générale buys Czech government's majority stake Value: euro 1.2 billion ($1.07 billion) Société Générale Allen & Overy