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Largest international ship finance transaction

The US$944 million financing package for Osprey Maritime Limited of Singapore to purchase Gotaas-Larsen Shipping Corporation is the largest non-government ship finance transaction. It is also the largest US dollar syndicated loan provided by Singapore banks.

September 30, 1997

Freehill and Parker complete merger

The Perth office of Australian firm Freehill Hollingdale & Page has completed its merger with Perth rival Parker & Parker. The office will use the Freehill name. "There was a very strong business case for our firms to merge," says Peter Mansell, managing partner of Freehill Hollingdale & Page Perth. "Our aim is to provide eastern states expertise and depth at Western Australian rates. There will no longer be the need for Western Australia corporates to take legal advice in the east."

September 30, 1997

First major UK PFI deal in the health sector

A consortium led by Tarmac has won a contract to design and construct a general NHS hospital. The contract, which includes the operation of the hospital's non-clinical services for at least 25 years, is worth £143 million (US$232 million). The deal is the first major private finance initiative (PFI) project in the British health sector.

September 30, 1997

Canada moves to assuage public’s governance doubts

The Allen Committee’s Final Report strikes a blow for greater transparency and accountability in corporate governance in Canada. By Thomas Allen and Andrew Fleming of Ogilvy Renault, Toronto and London

September 30, 1997

SEC loosens regulation of foreign broker-dealers

The latest no-action letters from the US SEC expand the exemptions available to unregistered dealers. By Charles S Gittleman, Julia E Moran and Eva Don-Siemion of Shearman & Sterling, New York

September 30, 1997

Bengang Steel Plates B share listing

Chinese company Bengang Steel Plates was floated by an international placing of B shares on the Shenzhen Stock Exchange.

September 30, 1997

Heard at the bar

• New York's Chadbourne & Parke LLP has made seven lawyers partners. They are: in Singapore, Bruce Rader (corporate and project finance); in Moscow, Mikhail Rozenberg (Russian practice); in Washington DC, Thomas Hechl (Russian practice and project finance); and in New York, Douglas Fried (project finance), Claude Serfilippi (corporate finance), Drew Wintringham (intellectual property) and Nancy Zajac (leasing).

September 30, 1997

Gedeon Richter global offering

The Hungarian privatization and state holding company (APV Rt) and Hungary-based pharmaceuticals manufacturer Gedeon Richter have completed a US$220 million global and domestic offering of Richter shares and GDSs. In conjunction with the offerings, Richter also increased its share capital by US$50 million. The transaction is one of the largest secondary offerings in central and eastern Europe.

September 30, 1997

Poland

Two new Acts of Parliament have introduced far-reaching reforms to the rules governing the privatization of state-owned companies in Poland. The first Act, of August 8 1996, abolished the Ministry of Privatizations, and, as of October 1 1996, transferred its functions to the Treasury Ministry. The second Act, of August 30 1996, amended the terms and conditions of the sale and privatization of state-owned companies. It came into force on April 8 1997.

September 30, 1997

Metropolitan Life Insurance acquires Security First

New York mutual life insurer Metropolitan Life Insurance has acquired Californian-based Security First Group from London Insurance Group. The deal is worth US$377 million.

September 30, 1997

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