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The race for MCI Communications is over. MCI's board has approved a US$37 billion takeover offer from WorldCom, far in excess of rival offers from BT and GTE. The merger will create a company with a market capitalization of US$60 billion and revenues of US$32 billion. Some of the world's leading banks and law firms assembled to advise on the deal.

Pragmatism has prevailed at last. The UK's House of Lords has rejected Charge Card and acknowledged the reality of charge-backs under English law. By Geoffrey Yeowart of Lovell White Durrant, London

• Geoffrey Howe, managing partner of UK firm Clifford Chance, is stepping down later this year to take up his new position of general counsel at merchant bank Robert Fleming.

An October Decree removes many of the disadvantages of France's FCCs as securitization vehicles. The reform should boost the French and the European securitization markets. By Richard Parolai and Jonathan Lewis of Clifford Chance, Paris

Canadian financing company Newcourt Credit Group will buy AT&T Capital for US$1.6 billion. AT&T span-off its financing arm last year to concentrate on its core telecoms business. Nomura, the Japanese investment bank, acquired 98% of the company. CIBC Wood Gundy is lead underwriter.

In a circular letter the Spanish National Securities Market Commission (CNMV) sets guidelines on the information barriers or Chinese Walls established in entities acting or advising on investment in the securities markets. This is to prevent the uncontrolled flow or improper use of confidential information generated in another part of the advising company.

AO Tatneft, a Russian and Tartarstani company has issued US$300 million 9% bonds through Tatneft Finance, an Irish Company. The notes are due 2002 and represent one of the first Eurobond issues by a Russian corporate. Baker & McKenzie represented the managers, led by Dresdner Kleinwort Benson. Advising on US, UK, German and Russian law the Baker & McKenzie team comprised partners Tom Philipp and Chris Hogan.

US firm Cleary, Gottlieb, Steen & Hamilton is to open an Italian office in early 1998. Based in Rome, the office will have about eight lawyers, both US and Italian qualified recruited from its other European offices. Cleary Gottlieb will be only the third US firm to open in Italy. However, the decision reflects the growing interest of many US and UK firms in Italy. Ned Stiles, partner ofa firm in Washington, sees the move as a natural progression: "We have a significant amount of business in Italy already, and our assessment was that it was right [to open an office]."

The Italian government has sold 44.7% of its stake in Telecom Italia. The US$13 billion deal included a private offering of US$3.1 billion to stable shareholders and an offering of $US10 million in the international and Italian markets, including an SEC registered public offering in the US. Davis, Polk & Wardwell advised Telecom Italia. Partner Patrick Kenadjian led the team from the Frankfurt office. Of counsel Jeffrey Oakes advised on securities and capital markets matters from London.

• UK firm Simmons & Simmons has poached Angus Phang from US firm Baker & McKenzie's Hong Kong office. Phang will head the firm's Asia Pacific IP practice as partner Christopher Head moves from Hong Kong to create a New York IP department.The firm has also hired immigration specialist Garth Coates from rival City firm Lovell White Durrant. Coates, former head of immigration at Lovell's will join Hilary Belchak's immigration group at Simmons. "His experience and expertise will be invaluable in enabling us to fulfill the increasingly complex needs of our clients, both in the UK and overseas across all industry sectors," Belchak said.