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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.

UK venture capital house Cinven is acquiring the private hospital and healthcare businesses of French conglomerate Générale des Eaux for £1.1 billion (US$1.7 billion) in the biggest-ever UK management buy-out. As a result, Cinven will own the largest private healthcare providers in the UK and France. Cinven's investment clients and ABN Amro funds are providing equity finance.

US utilities group PacifiCorp is offering to buy all outstanding common shares of the UK's Energy Group for about US$5.8 billion. PacifiCorp will also assume US$3.8 billion of The Energy Group's debt. This is the largest transaction in the UK utility industry and is an example of the growing tendency among US utilities companies to invest in the deregulating UK market.

Jiangxi Copper Company has become the second Chinese state-owned enterprise to list in both Hong Kong and London, after the dual listing of Datang Power in May. The flotation raised HK$1512.7 million (US$195 million).

A Presidential Decree has clarified the rules concerning foreign ownership of shares of RAO Gazprom, the world's largest natural gas producer (accounting for approximately one quarter of world production). Before the Decree, Gazprom's corporate charter had established a rule that no more than 9% of its shares could be owned by "foreigners or their affiliated persons or legal entities". However, there was no clear mechanism for enforcing the limit, and the definition of 'affiliated' remained murky. Gazprom also maintained the right to approve any sale of shares to foreigners, as well as a general right of first refusal to repurchase any shares sold by Russian shareholders (except that certain shares sold to Russian shareholders by auction were exempted from the latter rule).

The Hungarian parliament will shortly consider major company law reforms, setting more stringent financial criteria and modernizing other corporate requirements. By Zoltán Grmela of Gárdos, Benke, Mosonyi, Tomori, Budapest

The recent publication of the German Banking Supervisory Authority’s Circular 4/97 clears the way for the development of a significant ABS market in the Federal Republic. By Alexander Vogt and Kurt Dittrich of Oppenhoff & Rädler, Frankfurt

• Serge Durox, former head of the legal department of BNP Capital Markets, is joining New York-based Coudert Brothers as a partner. Now based in London, Durox says he will work closely with the Paris, London, Moscow and New York offices, with particular involvement in the practices the London and Paris offices are building jointly. Jacques Buhart, managing partner of Coudert Frères, the firm's Paris office, says Durox "will be involved in developing the firm's derivatives practice in France".

Section 6 of Singapore's Civil Law Act nullifies gaming contracts and prohibits the recovery of any wagering prize. It remains unclear as to whether a swap agreement is a gaming contact within the meaning of the Act and hence invalid under Singapore law.

The first International Financial Law Review survey of the mergers and acquisitions market has identified the leading firms advising on deals worth US$1 billion or more. By Richard Forster