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Denmark adapts to the euro

US law firm Weil Gotshal & Manges is advising the City of Krakow on its Dm66 million ($40 million) eurobond issue. The deal, which was challenging to structure because of the Polish authorization procedure, has raised hopes in the market.

UK firm Freshfields has appointed US arbitration lawyer Eric Schwartz, a former partner in the Paris office of Salans Hertzfeld & Heilbronn, as partner in its arbitration practice. Resident in the Paris office of Freshfields, Schwartz expects to take advantage of a greater depth of resources than he found at his old firm.

Lord Irvine, the Lord Chancellor, has appointed a new chairman for the UK Law Commission, the body responsible for examining possible reforms to legislation. Justice Robert Carnwath will take up his position in February.

The Helsinki office of White & Case is advising the Republic of Finland and Sonera Group on the sale of the government’s 21.9% stake in Sonera. The transaction is the largest equity offering to date by a Finnish issuer as a total value of over $1.4 billion.

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

US law firm Orrick, Herrington & Sutcliffe acted as US legal advisers and US tax advisers to Tennessee Valley Authority (TVA) on the launch of its $2 billion 10-year global bond. Partners Christopher Moore and Carl Lyon led the team for Orrick Herrington. The TVA had planned to raise $1 billion, but poor US employment figures issued early on launch day led to strong bond trading and encouraged the TVA to increase the size of the issue. Proceeds from the bond issue will be used to help repay debt owed by the TVA to the US Treasury. In October, the TVA gained the approval of Congress to raise $3.2 billion in Federal Financing Bank (FFB) debt. The new issue is expected to be listed on the New York, Singapore, Hong Kong and Luxembourg stock exchanges.

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.

US firm Shaw Pittman Potts & Trowbridge has opened a London office. The office plans to take advantage of a gap it has identified in the London market for specialist advice in the negotiation and structuring of technology transactions and outsourcing. The firm, which already has 100 attorneys in the US practising technology, decided to expand its practice into Europe to meet the needs of its existing UK and US clients and to attract new clients. Paul Mickey, managing partner of Shaw Pittman, explains: "London is the centre for financial transactions in Europe. The types of institutions with technology needs are clustered here."

The new Channel Islands Stock Exchange (CISX) has started operations. The exchange already has 23 members — most are Guernsey or Jersey-based company subsidiaries, including Kleinwort Benson (Guernsey), Deutche Morgan Grenfell (CI) and Midland Bank Fund Managers (Guernsey). The CISX admitted its first listing on October 27. Tamara Menteshvili, chief executive for the CISX, says: "There is strong interest in the exchange not only locally but internationally, from places like Hong Kong, Australia, New York and a variety of European jurisdictions." The exchange has taken 18 months to create, in a joint effort by both islands' financial services commissions.