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Hungarian lawyers are reacting furiously to accusations from foreign firms in the country that new proposals will restrict Hungary's legal market. Local lawyers claim instead that the proposals, which are expected to become law next week, will liberalize the market. They also claim that the reforms will enable foreign law firms to work in Hungary within the law–something they feel has not been the case so far.

Compaq, the US computer manufacturer, is set to pay approximately US$9.6 billion for Digital Equipment Corporation, the supplier of networked computer systems, software and services. Upon completion, Digital will become a wholly owned subsidiary of Compaq. The transaction is the computer industry's largest to date. Skadden, Arps, Slate, Meagher & Flom represent Digital and Davis, Polk & Wardwell represent Compaq. Skadden Arps's team is headed by mergers and acquisitions specialist Joseph Flom and includes fellow mergers and acquisitions partners Roger Aaron, Louis Goodman and Howard Ellin; antitrust partners Benjamin Crisman, Michael Weiner and Barry Hawk; tax partner David Rievman and Stuart Alperin, a partner specializing in employee benefits and executive compensation.

After an initial slow take-up, National Policy 53, easing international equity offerings into Canada, has become standard for large issues. New standards have been set by five issues in 1997. By Robert T Stuart of Osler, Hoskin & Harcourt, London

Changes to financial regulation in the UK bring into focus the challange of boundaries in the legal framework. By Andrew Marsh of Sidley & Austin, London

Nestlé, the Swiss consumer products group, will pay £715 million to Dalgety, the UK food group, for its Spillers pet food business. The deal, subject to regulatory clearance, will give Nestlé 20% of Europe's branded pet food market. It is Nestlé's biggest acquisition since the 1992 purchase of Perrier, the French mineral water group. Two UK firms are working on the deal. Freshfields advise Nestlé while Slaughter and May advise Dalgety. Freshfield's corporate partner Julian Francis is leading the team, which includes partners Francis Sandison (tax), Nick Spearing (antitrust), Nick Carter (intellectual property) and Mark Wheelhouse (property).

As predicted in the December 1997 issue of IFLRev, New York's Debevoise & Plimpton is opening an office in Moscow. For further information see the country survey.

UK companies Glaxo Wellcome and SmithKline Beecham are planning a £100 billion merger (US$60 billion) which will create the world's biggest drugs manufacturer and the world's third largest company after General Electric and Royal Dutch/Shell. The news follows the rumours surrounding a possible merger between SmithKline Beecham and American Home Products, now abandoned. UK firm Slaughter and May and US firm Sullivan & Cromwell are representing Glaxo Wellcome. Slaughter & May's corporate partners Glen James, Michael Pescod and Robert Stern worked with competition partners Michael Nicholson, Laura Carstensen and tax partner Howard Nowlan on the deal. Sullivan & Cromwell partner Ben Stapleton worked on M&A issues out of the New York office, assisted by London partners William Plapinger (securities) and Robert Osgood (antitrust).

Three UK firms, Linklaters & Paines, Allen & Overy and Clifford Chance continue their dominance in MTNs. But Allen & Overy has leapt ahead of its competitors in the drawdown market. By Richard Forster and Barbara Galli

Argos, the UK catalogue retailer, is fighting a £1.6 billion (US$2.6 billion) hostile takeover bid from rival UK company Great Universal Stores (GUS). Disappointing Christmas sales led to a sharp drop inArgos's share value and to the takeover attempt from GUS. Argos, saying the move is "opportunistic", has appointed a new chief executive to fight the hostile bid.

Despite some growing pains, Russia is still the world’s favourite emerging market. Moscow is the place to be thanks to a wealth of large potential clients and a market still short of lawyers. Nick Ferguson reports