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On December 9 pharmaceutical groups Astra of Sweden and Zeneca of the UK announced that they are merging in a deal which will create Europe’s largest pharmaceutical group with a market capitalization of $70 billion. The deal is Europe’s largest ever merger.

Dutch communications utility KPN, and US communications carrier Qwest are joining forces to put $700 million-worth of fibreoptic links into a network that will provide internet links across Europe. The venture, named KPN Qwest, will start in January. The companies plan to spend $500m more on the project in the next two years.

UK law firm Stephenson Harwood is to join forces in Brussels with Italian firm De Berti Jacchia Perno & Associati and Paris firm Barbé Carpentier Thibault Groener. The firm’s association with France’s largest law firm, Fidal, part of the KPMG legal network, is over. In its new association Stephenson Harwood plans to look at joint business

The Polish government has completed the second stage of its sale of a 15% stake of Telekomunikacja Polska SA (TPSA), the state telecoms company.

Transparency requirements

Interest on deposit

Asia PacificCompanies Act amended

The European Commission has approved Bertelsmann's sale of its BMG Music Publishing business to Universal under the EC Merger Regulation.

Dutch pharmaceutical and chemicals company Akzo Nobel has launched a Dm1 billion ($604 million) Eurobond, one of the first by a single-A credit rated company since the devaluation of the Russian rouble in August and the following credit crisis. The offering is also the first Akzo Nobel has made in the Deutschmark market. Senior banking associate, Grant Jenkins, of Dutch law firm Loeff Claeys Verbeke represented the lead managers ABN Amro (Germany) and Warburg Dillon Read.

Telecom Italia has bought a 25% stake in Telekom Austria, Austria's fixed net telecoms provider. Post und Telekom Austria (PTA), the state-owned parent company, sold the shares for Sch27.2 billion ($2.3 billion). The package includes a an 18.75% stake in Mobilkom, the cellular subsidiary, in addition to Telecom Italia's existing 25% holding. The transaction is the largest deal ever closed in Austria and is the second step in the privatization of PTA, following the sale of the Mobilkom stake to Telecom Italia in 1997. The next step will be Austrian Telekom's IPO, scheduled for after 2000.