Search results for

Private sector finance is increasing in France. But undertaking projects with local government will require foreign companies to bridge a cultural gap. By Jacques Bertran de Balanda and Gilles Heude of Clifford Chance, Paris

Netting in securities and currency trading

Southern US firms McGuire, Woods, Battle & Boothe LLP and Powell, Goldstein, Frazer & Murphy LLP, are in merger talks. Richmond-based McGuire Woods and Atlanta's Powell Goldstein could complete discussions and combine by the end of 1997.

Compaq Computer is acquiring Tandem Computers for about US$3 billion in stock. Tandem is best known for its fault-tolerant computer systems, and the merged company will be the world's largest supplier of computers based on the Intel chip and Microsoft software.

Saudi Consolidated Electricity Company in the eastern province of Saudi Arabia (SCECO-East) has borrowed up to US$500 million to finance part of the cost of construction of Ghazlan II, a 2400MW power plant. This is the first internationally syndicated secured financing for a Saudi Arabian public utility. Gulf International Bank acted as agent and security agent.

A recent case underlines the reluctance of UK courts to impose personal duties on directors of companies where there is economic loss but not personal injury. By David Kavanagh of Watson, Farley & Williams, London

France’s legal market is now one of the most crowded in Europe. Samantha Wigham went to Paris to find out how French firms are coping with the challenge thrown down by the big six and international competitors

US firm Milbank, Tweed, Hadley & McCloy is restaffing its Russian office. The move follows its decision to withdraw its lawyers in October 1996 after David Slade left for Allen & Overy. Since then, all the firm's Russian work has been done out of its London and New York offices. The re-entry into Russia was announced with the appointment of Holly Nielson as managing partner of the Moscow office. Nielson is expected to head an initial team of three associates, two of whom will be Russian. Milbank hopes to double the number of lawyers within a year. The firm aims to offer specialization in capital markets, banking and project finance law.

The Court of Appeal upheld, among other things, the freedom of contract in Citicorp Investment Bank (Singapore) v Wee Ah Kee. Under a loan agreement to fund Wee's purchase of shares in CIL, Wee granted Citicorp a charge over CIL shares to secure his indebtedness and a call option to purchase 30% of the CIL shares acquired using the loan.

Denton International, the European association, has added a Spanish member, Bufete Lupicinio Rodríguez. The addition of the 25-lawyer firm, which has offices in Madrid and Barcelona, brings the membership to seven.