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The latest gradual steps to a free foreign exchange regime in China will be of significant benefit to foreign investment enterprises there. By Guanxi Zheng of Stikeman, Elliott, Hong Kong

The Zhuhai power project in China is the first project financing to reach financial close without guarantees from the government or any financial institution. The US$1.2 billion financing for the 2 x 660 MW coal-fired plant closed in September.

German bio-chemical company SKW Trostberg is to acquire Swiss company Master Builders Technology Division from Sandoz in a Sw fr1.3 billion (US$1.1 billion) deal. Subject to antitrust clearances the sale will close in November.

On August 8 1996 Hollinger International completed, following a Scheme of Arrangement under section 425 of the Companies Act 1985, its acquisition of all those shares of The Telegraph plc it did not already own.

UK law firms Dibb Lupton Broomhead and Alsop Wilkinson merged on October 1 to form the UK's sixth largest firm and the world's eleventh largest (see page 16). The new firm, Dibb Lupton Alsop, will have 214 partners and a total of 734 fee earners, with a turnover in in the region of US$140 million. Both firms grew from strong regional bases, Dibb Lupton in Leeds and Alsop Wilkinson in Liverpool. Their London offices opened later but by merging they hope to build their City profile as well as develop an international presence. Alsop Wilkinson has offices in New York, Brussels and Hong Kong but Dibb Lupton did not have an office outside the UK.

Canadian firm Goodman Phillips & Vineberg opened a Vancouver office on September 9. The firm poached the managing partner for the office, Paul Goldman, from Canadian rival Lang Michener.

In one of the most significant moves in the expansion of the legal networks of the big six, Ramon Lladó, managing partner with Madrid-based J&A Garrigues, has confirmed that the firm is in merger talks with Spanish legal firm Arthur Andersen ALT.

The controversial loi Toubon restricting the use of English in financial documentation produced by state entities in France has been amended following protests. By Gilles Endréo of Linklaters & Paines, Paris

In the second of two articles, Tim Soutar and Judith Hanson, of Clifford Chance, Hong Kong, continue their discussion of the role played by Asian governments in developing independent power sectors

Swiss Re has agreed to purchase the Mercantile & General reisurance arm of the UK's Prudential Corporation for £1.75 billion. Swiss Re's bid has been accepted subject to regulatory approval.