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A recently completed study in Canada found that collars, which are used to stabilize a bidder's stock acquisition currency, have been used in approximately 2% of takeover bids for public companies over the past three years. Although the number of deals appears low, two of the five largest mergers and acquisitions (M&A) deals of 2000 in Canada employed collars. Both Vivendi's C$41.6 billion ($26.1 billion) acquisition of Seagram and Shire Pharmaceuticals Group's C$5.9 billion acquisition of BioChem Pharma utilized collar structures to increase certainty for their transactions.

Construction companies are often not used to dealing with special purpose companies (SPCs) on large infrastructure projects. When it comes to negotiating a contract on such a project, they need to ask the right questions to find out, among other things, about the commitments the SPC has obtained for required debt and equity. Robert Vitale of Cadwalader, Wickersham & Taft, New York, answers the key questions

Clifford Chance lawyers have closed the first fixed-line telecommunications securitization of the year.

Swiss private equity: structural issues and recent developments By Mark Barmes and Beat Kühni of Lenz & Staehelin

Leveraged buy-outs By Annapaola Negri-Clementi and Paolo Montironi of NCTM Negri-Clementi Toffoletto Montironi & Soci, Milan

Developments in the venture capital industry By Marco de Lignie and Herman Kaemingk of Loyens & Loeff

German tax issues for private equity funds By Christoph Lorenz of KPMG

Private equity a la Francaise: tax and finance structuring elements for private equity investments in France By Jean-Luc Calisti and Arié Zorin of Herbert Smith, Paris

An overview of the Austrian market By Stefan Weber of Saxinger Chalupsky Weber & Partners, Vienna

By Young Jay Ro, Jong Koo Park, Chang Hyeon Ko and Douglas Yang Lee of Kim & Chang, Seoul