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The Republic of Italy is offering $2.1 billion of government bonds exchangeable for shares or American Depositary Shares in the state owned insurance company Istituto Nazionale delle Assicurazioni (INA). It is the first time a European government has used exchangeable securities to privatize government assets. The offering is structured as $1.06 billion of 5% Privitization Exchangeable Notes (PENs) and L1,630 billion ($1.06 billion) of 6.5% PENs.

The Rousch independent power project (IPP) reached financial close on May 31 with the US$507 million financing led by ANZ International Merchant Banking and National Development Finance Corp. Rousch is the first Pakistani project in which offshore commercial lenders have taken both political and commercial risk.

US broadcasting group Westinghouse Electric is to merge with Infinity Broadcasting in a $3.9 billion deal which requires the approval of the Federal Communications Commission. Infinity shareholders will receive 1.7 Westinghouse shares for each share held if the transaction is approved.

GUANGSHEN RAILWAY COMPANY LIMITED

IBA 26th Biennial Conference

Andrew Carmichael, a partner with Linklaters & Paines capital markets group in London, has moved to Hong Kong to oversee the regional securities practice. The firm, with offices in Singapore and Tokyo, has a total of nine partners and a 40-lawyer team doing capital markets work. "It is important the offices work together," comments Carmichael. "We have similar clients and sometimes deals can be done out of any of the offices, so it is important that we run the operation in a unified fashion." Carmichael said that it was not an official role but as one of the long-standing capital markets partners he had been selected for the job.

The New York office of US firm Dechert Price & Rhoads has expanded its Securitization Practice Group with three lateral hires from US competitors.

UK firm Freshfields has taken on Kent Rowey, a US qualified lawyer, as partner in the International Project Finance Group. He joins from the London office of US firm Perkins Coie.

US firm Coudert Brothers has appointed nine partners from a group formerly at the New York office of Whitman Breed Abbot & Morgan. The group concentrates on project and asset-based finance and leasing, as well as product placement and aircraft finance. George Lee leads the group, which comprises: David Bamberger, Anne Brower, Michael Kelly, Henry Moriello, David Schmidt, Joseph Schmidt, Christopher Stephens and Mary Voce. They have practised together for over 15 years. Lee says: "We selected Coudert Brothers because the firm conforms to our vision of the law firm of the future. It has great depth in providing sophisticated international and local legal representation on a global basis."

Despite press reports, US firm Baker & McKenzie has denied that it is to close its second Vietnamese office in Hanoi after failing to secure a new branch licence. The office had been operating as a representative office under the old practice rules while the application for a branch licence was processed. Most foreign firms have already received licences for their first office, with Baker & McKenzie setting up in Ho Chi Minh City.