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Stibbe joins Herbert Smith–Gleiss Lutz alliance

"This alliance is defined more by what it is not" - Allard Metzelaar, Stibbe Dutch firm Stibbe insisted it would maintain its independence and position in the market after announcing in December that it is to join the Anglo-German alliance between Herbert Smith and Gleiss Lutz Hootz Hirsch.

January 01 2002

Doubts over FSA influence on Takeover Panel

"The feeling is that the Takeover Panel has lost its edge and become a little limp" - Chris Bright, Shearman & Sterling The Financial Services Authority (FSA), has indicated that it will not use its sweeping new powers to interfere with the role of the UK's Panel on Takeover and Mergers.

January 01 2002

How securitization can help the developing world

Securitization is an important tool in helping financial systems and capital markets to evolve and expand, but so far the world’s richest nations have had a competitive advantage over their less developed neighbours. Lakshman Alles of Australia’s Curtin University discusses the challenges of bringing securitization to the developing world

January 01 2002

United Kingdom

The Financial Services and Markets Act 2000 (FSMA) came into force at midnight on November 30 2001, and includes new provisions controlling banking business transfer schemes.

January 01 2002

Brazil

On November 29 2001, the National Monetary Council approved Resolution 2.907, authorizing investment funds in receivables and investment funds in shares of the funds in receivables.

January 01 2002

Firm directory - Canada

Blake, Cassels & Graydon LLP Box 25

January 01 2002

Slow pace of reform hampers Indian markets

With liberalization in a state of paralysis, India’s legal market remains closed to outsiders. Many observers are concerned that this is hampering both the development of local law firms and the economy as a whole. Nick Ferguson reports

January 01 2002

Italian gas deal sparks hopes of European IPO revival

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).

January 01 2002

Insolvency law reforms complicate second European shopping centre securitization

Clifford Chance and Simmons & Simmons have closed the second whole-business securitization of a shopping centre in Europe. The Meadowhall Shopping Centre near Sheffield, UK, which has around 132, 000 square metres of space including 230 shops and kiosks and 27 restaurants to let, has raised £875 million ($1.3 billion) against rent receipts. The deal is larger than Europe's first shopping centre deal, the £610 million securitization of the Trafford Centre in Manchester last year.

January 01 2002

UK and US firms close transatlantic cruise-line deal

US and UK firms have joined forces to advise on the creation of the biggest luxury cruise company in the world. Working with lawyers at London firm Slaughter and May, partners at "best friend" firm Davis Polk & Wardwell are advising Florida-based Royal Caribbean Cruises on its $6.1 billion merger with UK company P&O Princess Cruises. Sullivan & Cromwell is advising P&O Princess, whose UK counsel is Freshfields Bruckhaus Deringer.

January 01 2002

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