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  • What do these words mean in the context of a financial agreement? Financial lawyers are very familiar with this phrase because it is included in most loan participation agreements and syndicated loan agreements for the purpose of protecting the lead or agent bank.
  • US chemicals group DuPont is paying £1.8 billion (US$3 billion) for the titanium dioxide and polyester businesses of the UK's ICI. The deal is part of ICI's programme to fund its £4.9 billion acquisition of Unilever's speciality chemicals businesses.
  • German sportswear company Adidas is acquiring French rival Salomon, best known for skiing equipment, for Ffr8 billion (US$1.3 billion). The first part of the transaction is the purchase of 100% of Sport Developpement, a private family company owning 39% of Salomon shares representing 56% of the company's voting rights. A public offer will follow. Adidas will become the second largest sportswear manufacturer, behind US rival Nike.
  • The German Securities Trading Supervisory Authority’s latest guidelines for the conduct of investment services business are out. Alexander Vogt and Peter Waltz of Oppenhoff & Rädler, Frankfurt, assess them in the context of existing rules
  • JP Morgan, the fifth largest US bank by tier one capital, is buying 45% of American Century in a deal valued at US$900 million. American Century is the fourth largest US manager of no-load mutual funds (funds whose shares are sold without commission or sales charges).
  • A recent case reaffirms the Australian principle that lenders are entitled to calculate losses on a no-transaction basis after some negligent valuations, despite conflicting English decisions. By Francesca Rush of Corrs Chambers Westgarth, Brisbane
  • The law implementing the Investment Services Directive in Italy will have an additional impact on MIF, the Italian Futures Market – it will be privatized. By Piero Salera of Pavia e Ansaldo, Rome
  • International independent power producer Calenergy failed in its US$1.92 billion bid for regional electricity and gas supplier New York State Electric and Gas Corp.
  • The most important consideration for a laterally hired partner in choosing his or her new firm is not the level of compensation he or she will receive. Indeed, this consideration is placed fifth out of seven significant factors according to a survey by US lawyer search consultants Major, Hagen & Africa.
  • Legislative Decree No. 124 of April 21 1993 introduced the concept of pension funds which could be established in addition to the national compulsory pension system.