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  • Pirelli has announced the sale of its terrestrial optical systems business to Cisco Systems for $2.15 billion in the latter company's shares.
  • 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.
  • 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.
  • During the economic crisis of 1997, Korea promised to open its legal market to international competition, but the extent of liberalization is still undecided. Koreans want little change, as slow as possible. US firms seem unconcerned. But UK firms have been lobbying hard for an open market. Rob Mannix reports
  • Marne et Champagne, the second largest producer of champagne, is to raise euro396 million ($393 million) through a bond issue secured on more than 60 million bottles of champagne.
  • Cravath Swaine & Moore and Simpson Thacher & Bartlett are advising on the world's largest corporate deal.
  • German firm Haarmann Hemmelrath has announced the names of the UK partners it has hired to staff the new London office which opens this spring. Jay Birch joins the firm from Hammond Suddards of Manchester.
  • Clifford Chance has completed its merger with Luxembourg firm Faltz & Kremer.
  • US firm White & Case will open a new office in Bahrain later this quarter. Five lawyers will initially staff the office. Bahrain and Dubai qualified lawyer Qays Zuíbi has been recruited to lead the office along with White & Case partner Michael Quigley who is moving from the Paris office.