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The Spanish Government is selling the remaining tranche of its holding in Argentaria (Corporacion Bancaria de Espana), one of Spain's four leading banking groups, in an international public offering. The stock is valued at approximately US$2.1 billion. Representing Argentaria is US firm Davis Polk & Wardwell, New York. Coordinating the lawyers is the head of Davis Polk's securities practice, Jeffrey Small. Also involved is financial institutions partner Margaret Tahyar in the London office. Advising Argentaria in Spain is Garrigues & Andersen.

US securities authorities are issuing guidance for broker-dealers on the use of new technology in their business. This article summarizes that guidance in five key areas. By Morris Simkin of Winston & Strawn, New York

UK firm Linklaters & Paines is extending its Asian practice by opening an office in Bangkok. The office, which opened in January, complements Linklaters' other Asian offices in Singapore, Tokyo and Hong Kong. Unlike other countries in south-east Asia, Thai bar rules enable foreign firms to employ local lawyers. Three lawyers have been taken on as partners to join managing partner Chris King. They join Linklaters from Thai firm International Legal Counsellors.

Finland's two largest energy companies are to merge. Imatra Power, the state-owned power generator, will join with Neste Oy, the partially privatized oil company. After EU merger clearance, minority shareholdings will be transformed into shares in the new holding company, IVO-Neste Group. The company will have a combined turnover of approximately FIM55 billion (US$10 billion) and will list on the Helsinki stock exchange. Full privatization is likely to follow. The government holds stakes of 95.6% in IVO and 83% in Neste. Gasum, Nesté's natural gas joint venture with Gazprom, will not be included in the merged company. The Ministry of Trade and Industry and IVO-Neste have appointed Finnish firm Roschier-Holmberg & Waselius as legal adviser. The firm's team comprises partners Tomas Lindholm, head of the capital markets group, and Gunnar Westerlund, head of the tax group.

Recent delegation of powers from the CFTC to the NFA should lead to faster approval of non-US entities to engage in futures trades with US customers. By Michael S Sackheim of Brown & Wood LLP, New York

The Court of Appeal (Murray v Yorkshire Fund Managers Limited) recently considered the question of to whom rights of confidence in business information belong.

Republic Act No. 8183, approved on June 11 1996, repealed Republic Act No. 529. The old act was entitled the Act to Assure the Uniform Value of Philippines Coin and Currency, or more simply, the Uniform Currency Law. The Uniform currency law, in effect since June 16 1950, declared as "against public policy, and null, void, and of no effect" any provision pertaining to any domestic obligation which "purports to give to the obligee the right to require payment in gold or in a particular kind of coin or currency other than Philippine currency or in an amount of money of the Philippines measured thereby".

Philadelphia-based Morgan, Lewis & Bockius LLP is set to face legal action in Indonesia related to its office there and the hiring of a new partner for the firm. A leading Jakarta firm, Makarim & Taira S, is preparing to sue the US firm because it claims the firm's Jakarta office, PT ML&B Indonesia, operates outside the regime for foreign legal firms. Makarim & Taira is also preparing to sue the laterally hired partner. The moves put at risk Morgan Lewis's estimated US$5 million in billings for Indonesian matters. In January 1998 Morgan Lewis offered a partnership in its international section to Michael Hooton, a New York-qualified Canadian national who was working as a foreign legal consultant at Makarim & Taira. Hooton is due to join the firm shortly.

• New York-based Cadwalader, Wickersham & Taft has added a further six solicitors to its London office. James Roome, formerly a corporate insolvency partner at Simmons & Simmons, becomes a partner; the other five are at the associate level. They are Yvette Croucher (formerly of Simmons & Simmons), Linda Davies (from Norton Rose), Richard East (from Baker & McKenzie), Seamus Gray (insolvency; from Bannister's) and Sarah Squires (capital markets and tax; from Linklaters & Paines). The total number of solicitors signed up to the firm is now 16.

Eurotunnel has restructured its debt through a four-tranche bond issue, totalling £5 billion. The issue includes a £1 billion convertible bond, swapping debt for equity. It is over two years since the company declared a moritorium on interest payments. The deal, which was the largest ever private sector corporate workout, involved a syndicate of almost 200 banks. UK firm Linklaters is advising the four agent banks for the syndicate (NatWest, Credit Lyonnais, Midland and BNP) on English, French and US law. Rambaud Martel is acting as special French counsel to the banks. UK firm Herbert Smith advises Eurotunnel alongside Darrois Villey Maillot Brochier, the local counsel.