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  • UK firm Allen & Overy is advising on one of the first true acquisition financings in the UAE. Albert Abela Corp, a company specializing in services such as in-flight and hotel catering, is to buy Unilever's African & Eastern Group. Unilever's operations include liquor outlets which supply licensed purchasers, hotels and the airport Duty Free. There are less than 10 licenses to operate such suppliers in the UAE.
  • UK firm Osborne Clarke has added French firm Stehlin & Associés to its European alliance and has pledged increased cooperation with existing partners in Germany, Denmark, Holland and Spain.
  • The US financial services industry has opened to competition.
  • January also saw the biggest ever all-UK corporate deal with the announcement that Glaxo Wellcome and SmithKline Beecham intend to merge.
  • One of Washington’s most highly regarded law firms, Covington & Burling, announced last month that it would merge with the smaller firm of Howard, Smith & Levin.
  • Korean securitization is enjoying a renaissance after the difficulties of the Asian financial crisis.
  • US firm Milbank, Tweed, Hadley & McCloy has secured its second significant leveraged buy-out (LBO) in Asia's improving markets.
  • Vodaphone AirTouch has raised a euro30 billion ($29.8 billion) syndicated loan in connection with its bid to buy German telecommunications company Mannesmann.
  • Foreign investment in South Korea has reached record levels after the government abolished laws impeding cross-border mergers and acquisitions in 1998. Investment funds are moving in and hostile take-overs are set to increase. Rob Mannix reports on the lawyers advising overseas buyers.
  • Morrison & Foerster has formed a strategic alliance to provide state and local tax advice with accounting firm KPMG, making it the first law firm to forge a relationship with a big five accounting firm in the US. Chicago-firm Horwood Marcus & Berk Chartered and University of Georgia Professor Walter Hellerstein are also part of the alliance.