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  • The Pepsi Bottling Group has issued 100 million common stock shares in an initial public offering worth $2.2 billion. The New York-based group manufactures and distributes Pepsi-Cola drinks.
  • Deutsche Telekom and Telecom Italia are to form the world’s second largest telecommunications company in what they describe as a merger of equals. The merger will be achieved through a stock swap with Deutsche Telekom shareholders owning 57% of the new company. The German government is selling part of its 72% stake in Deutsche Telekom and will hold a 40% stake in the merged company.
  • UK firm Denton Hall has opened an office in Almaty, Kazakhstan.
  • The $920 million sale in November of a 15% stake in state telecoms company TPSA doubled the capitalization of the Warsaw exchange overnight and affirmed the new government’s commitment to privatization. Ben Maiden reports as lawyers compete for further deals in banking, airlines, oil and steel
  • As the Czech Republic concentrates on getting privatization right — at the second attempt — lawyers can look forward to a glut of banking and M&A work. Rob Mannix reports
  • Pillsbury Madison & Sutro, a San Francisco firm, has lost its executive director, a substantial group of compensation and benefits lawyers, and has had to fire another nine partners.
  • A senior Chinese official has confirmed that the country’s expected future membership of the WTO will lead to a relaxation of restrictions on foreign law firms. In particular, the rule that firms may open only one office would be dropped, but joint ventures between local and foreign firms will not be permitted.
  • North America-Court of Appeal rules on dissenting shareholder rights on compulsory squeeze out – equal treatment prevails over equal opportunity
  • Latin America-Development plan approved by Congress
  • Europe-Increasing control on concentrations