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Ciba wins Allied Colloids

On January 21 Swiss chemical group Ciba announced it is to buy UK industrial chemical maker Allied Colloids with a friendly offer of US$2.33 billion. Ciba Specialty Chemical Holding bid US$3.36 per share of Allied Colloids, knocking out rival US bidder Hercules.

February 01, 1998

Price Waterhouse adds Polish and Belgian law firms

Price Waterhouse has linked with new Polish law firm Krzysztof Wierzbowski into its international network. In addition, the big six professional services firm has organized a close relationship with new Belgian firm Bogaert & Vandemeulebroeke. Both law firms were formed by lawyers leaving leading practices in their own country, and will maintain a degree of independence to avoid offending their local bar associations.

February 01, 1998

New Zealand

A recent High Court decision (Anchorage Management Limited v D A Oldham & P J Cordner as trustees of the Royds Family Trust) provides a useful reminder of the potential impact of the Limitation Act 1950. The case involved a debt due from a family trust which was 'payable on demand'. The court reaffirmed a centuries' old rule that, on their own, the words 'payable on demand' are not sufficient to qualify the implied promise of immediate repayment.

February 01, 1998

Lazio plans MTN programme

Lazio will be the first region in Europe to launch a global MTN programme. The programme has approval for US$1 billion of international debt issues.

January 01, 1998

Uruguay

Until the early 90s, Uruguay's capital markets looked modest. Most securities traded were public instruments issued by the Central Bank; and not many companies quoted their stock on the Montevideo Stock Exchange, the one stock exchange in place.

January 01, 1998

Brazil

Important features of Law 9.514 of November 20 1997 include:

January 01, 1998

Singapore

The relaxation of the law that prohibits companies from buying back their own shares is now under review by the Registry of Companies.

January 01, 1998

Finland

In July 1997 a special one man taskforce was appointed by the Ministry of Finance to prepare a proposal for the reorganization of the supervision of Finland's financial and insurance markets. Particular attention was to be paid to the integration and technical development of the financial and insurance markets.

January 01, 1998

Austria

The Insolvency Law Reform Act 1997 (1997 Act) contains amendments to Austrian corporate law, including statutory provisions to strengthen the supervisory board's control function in joint stock corporations (AG) and in limited liability companies (GmbH). The following reforms should more effectively prevent corporate insolvencies:

January 01, 1998

United States

We are living at a time when electronic commerce is becoming an increasingly important factor in the world of business and finance. Yet the law has only begun to formulate principles and rules to govern these new methods of communication.

January 01, 1998

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