Search results for

Compagnie Générale des Eaux (CGE), the French utilities conglomerate, is to acquire the French media group Havas, in a Ffr40 billion (US$6.5 billion) deal. CGE was already, since last year, the dominant shareholder in the media group. Jean-François Prat, name partner at Bredin Prat, Paris, advises CGE.

On February 19, the Bank of Botswana liberalized exchange controls. The liberalization falls short of a complete abolition of exchange controls, although this may occur in the next six to eight months.

Chilean companies are no longer able to supply all the finance they need domestically. This article explains how they can raise money through Eurobonds. By Ignacio Arteaga-Echeverria and Cristian Herrera-Barriga of Cariola Abogados, Santiago

UK firm Linklaters & Paines has formally ended its two year association with German firm Schön Nolte Finkelnburg & Clemm and is now setting up to work with Oppenhoff & Rädler, the German member of the Alliance of European Lawyers. According to Linklaters' press release the office is set to continue as the Frankfurt branch of Schön Nolte. But the three Linklaters lawyers who will remain in Frankfurt have been offered new premises — coincidentally belonging to Oppenhoff. "They are moving into office space which Oppenhoff has made available to them," confirms Linklaters' managing partner Terence Kyle. So what of full Alliance membership? "We have an entirely open mind," says Kyle of Linklaters' European strategy and he is quick to point out that the firm itself has never declared any intention to join the Alliance.

In February, the Singapore government unveiled its budget for 1998. Highlights of the budget for businesses include:

Halliburton, the second-largest company in the oil services industry, is to buy Dresser Industries, the third-largest, in a US$8.1 billion stock swap. The deal will create a company with US$16 billion in combined revenue, and relegates Schlumberger, at present the world's largest oil-services group with revenues of US$11 billion, to second place. The move is expected to lead to further consolidation within the industry. US firm Vinson & Elkins, Houston, represented Halliburton. Lead partner was mergers and acquisitions specialist Bill Joor. The Houston office was assisted by a team in the Washington DC office, working on antitrust issues and led by Ky Ewing. Weil, Gotshal & Manges, New York, advised Dresser Industries. Dennis Block, mergers and acquisitions partner, coordinated the lawyers.

After US software company Computer Associates International's negotiations failed to persuade rival Computer Sciences to agree to a negotiated merger, it launched a hostile bid at a lower price of US$108 per share on February 17. It also began legal action designed to force Computer Sciences, which has a poison pill defence, to allow its shareholders to vote on the offer. One week later, Computer Sciences filed a lawsuit against Computer Associates, alleging it used illegal bullying tactics to force the company to accept its bid. It is seeking an injunction against the bid and damages to compensate it for the US$50 million-worth of business it says it has lost as a result of the bid.

Two recent decisions have underlined the enduring significance of subrogation in legal practice. A person who has this right or remedy is known as the subrogatee. The subrogatee stands in the shoes of another person to enjoy the benefit of securities, claims and remedies available to that other person.

• In London, US firm Akin, Gump, Strauss, Hauer & Feld has poached three lawyers from US rivals in the city. Kaamil Ansar, Andrew Thomas and Elisha Flax are being hired to expand the firm's London project finance team. Ansar, a dual-qualified project finance specialist, joins the firm as partner from Jones, Day, Reavis & Pogue. Thomas and Flax, both UK solicitors, join as counsel and associate from Chadbourne & Parke. • US firm Winthrop, Stimson, Putnam & Roberts has also added to its project finance team two partners from rival New York firm Verner, Liipfert, Bernhard, McPherson and Hand. Roy Bowman and Douglas Ochs Alder will join the firm's Washington DC office. Bowman was a shareholder in Verner, Liipfert and chaired the firm's international transactions and trade practice. The firm has also poached project finance partner Jay Fortin from Watson, Farley & Williams.

Thailand’s new Bankruptcy Act should protect insolvent companies while providing incentives to foreign creditors to inject funds to reorganize businesses. By Kitipong Urapeepatanapong, Sawanee Sethsathira and Chirachai Okanurak of Baker & McKenzie, Bangkok