Search results for

The introduction of a single currency will provide scope for a stronger Europe-wide securitization market, which should grow from the start of the transition to the euro. By Gilles Thieffry and Jonathan Walsh, Norton Rose, London

Alan Cameron, chairman of the new Australian Corporations and Financial Services Commission, talks to Graham Field

Ameritech, the Chicago-based telecommunications group, is to take a 40% stake in Tele Danmark, the Danish carrier. The deal is valued at US$3.1 billion. Ameritech is buying the 45 million shares from the Danish government, which partly privatized Tele Danmark three years ago. The deal will reduce the government's stake to 51%. US firm Kirkland & Ellis and Danish firm Bech-Brunn & Trolle advised Ameritech on US and Danish law issues. Corporate partner Robert Osborne led the team for Kirkland & Ellis alongside tax partners George Javaras and Herwig Schlunk. M&A partner Sven Krogstrup and banking and finance partner Jørgen Reimer Jensen handled the local law advice for Bech-Brunn & Trolle.

State of Rio Grande do Sul: On October 21 1997, Companhia Estadual de Energia Elétrica sold two of its three distribution networks for R3.145 billion (US$2.85 billion). The premiums over the minimum asking prices were 82.62% for the Centre-West distributor and 93.55% for the North-Northeast distributor.

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.

Brown & Wood is set to develop its Latin American capital markets practice by opening an office in São Paulo. New York partner Michael Fitzgerald, co-head of corporate securities and who supervises the Latin America practice, says: "We have a lawyer there who is affiliated with the firm and we are in the process of negotiating a lease. I think we will have some kind of representative office with an associate in São Paulo within the next six months." The move follows announcements from New York rival White & Case and the UK's Linklaters & Paines, that they too are opening São Paulo offices (see International Financial Law Review, October 1997, page 5).

• 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.

Germany will produce detailed legislation to ensure a smooth transition into the third stage of Emu. It includes specific rules for reference rates and redenomination. By Katrin Kühnle of Hengeler Mueller Weitzel Wirtz, Frankfurt

Dow Chemical has agreed to sell its Dow Brands consumer products unit to SC Johnson for between US$1.3 billion and US$1.7 billion. The deal is expected close by the end of 1997, pending regulatory approval. The sale is a further move to rid Dow of its non-core businesses. Dow Chemical has appointed US firm Mayer, Brown & Platt as legal advisers. Corporate and securities partner Scott Davis heads the team.

With the globalization of financial services, New York law firms are adapting their approach for a global market. But traditional relationships remain strong. Richard Forster reports