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By Tsunemasa Terai and Brian A Yeager of Cleary Gottlieb Steen & Hamilton, New York

By Lee Suet-Fern of Wong Partnership, Singapore

Warner-Lambert and American Home Products (AHP) announced on November 4 that they intend to combine in what they referred to as a merger of equals.

PPSA brings sweeping securities reform

Clifford Chance has advised Deutsche Bank on the first securitization of receivables from a single airline lessee in Europe — a euro 195 million ($210 million) deal for Iberia. The transaction applies a well-developed US structure in Europe for the first time, creating a product that could radically change air finance in the region. It allows single airlines to raise money through securitization as an alternative to the conventional bank-loan and leasing markets, which are increasingly expensive and becoming less liquid.

Following reports of discontent at the decision to merge with Clifford Chance, the Paris office of Rogers & Wells has agreed to become the first overseas office for New York's Kramer Levin Naftalis & Frankel LLP.

Structuring management buy-outs

Two of Spain's largest banks have announced a stock swap merger creating the second largest bank in the eurozone with a market value of euro 38 billion ($41 billion).

Dragsted Schlüter Helmer Nielsen, the largest law firm in Denmark, has announced that it is merging with fellow Danish firm Aros Advokater. The combined firm will have more than 160 lawyers, including 55 partners. The new firm will be called Dragsted Schlüter Aros Law Firm

Switzerland's lawyers have been immune to the invasions seen in other European jurisdictions.