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Simon Gleeson, head of Richards Butler's financial services unit, is joining Allen & Overy on November 23. He will assist the firm in the development of its financial services group, providing advice on regulatory matters. The firm plans to create a group providing advice on UK regulations in financial services. The group will be built on the back of its banking practice, and, says Allen & Overy, will take a proactive role in the market. Gleeson says: "Regulatory advisers can be swamped with referral work by other parts of the firm. We want to go out in the market and build up direct relations with clients, providing them with a service which they don't get from the corporate guy."

In 1991, the House of Lords held that entering into interest rate swaps was outside the statutory powers of local authorities (Hazell v Hammersmith & Fulham). When banks claimed for restitution of sums paid to local authorities under void swaps, their claims were hindered by the 200 year old principle of law that money paid under a mistake of law is not recoverable. In Kleinwort Benson v Lincoln City Council, the House of Lords has now ruled that payments made under a mistake of law are recoverable. The law lords, by a 3-2 majority, held that:

As consolidation in the Swiss legal market continues, lawyers are divided over the need to look beyond national boundaries. Stephen Mulrenan reports from Zurich and Geneva

Dutch pharmaceutical and chemicals company Akzo Nobel has launched a Dm1 billion ($604 million) Eurobond, one of the first by a single-A credit rated company since the devaluation of the Russian rouble in August and the following credit crisis. The offering is also the first Akzo Nobel has made in the Deutschmark market. Senior banking associate, Grant Jenkins, of Dutch law firm Loeff Claeys Verbeke represented the lead managers ABN Amro (Germany) and Warburg Dillon Read.

Oryx Energy and Kerr-McGee have announced plans to merge in a deal worth $4 billion. The combined company will be the fourth largest oil exploration and production company in the US. It will have the equivalent of one billion barrels of oil reserves in oil and gas and an enterprise value of $6 billion. The Kerr-McGee/Oryx merger will consist of a tax free pooling of assets including debt and stock. Oryx shareholders will receive Kerr-McGee stock valued at about $1.8 billion. Kerr-McGee will assume about $1.3 billion of Oryx debt. The new company will be called Kerr-McGee.

US firms Skadden, Arps, Slate, Meagher & Flom, Cravath, Swaine & Moore, and Baker & Botts advised on international energy company Conoco's initial public offering, valued at about $4.2 billion. The offering consisted of Class A common stock of Conoco. 191,456,427 shares were offered at $23 a share. 172,456,427 of the shares were offered initially in the US and Canada. The Houston office of Baker & Botts and the New York office of Skadden, Arps, Slate, Meagher & Flom advised Conoco. The Baker & Botts team was led by corporate partners Walter Smith, Michael Watson, David Kirkland Jr, and partners James Raborn (employee benefits) and William Griffith (tax).

By Barbara Galli

The consolidation of the South African legal market continues with the merger of three firms Bowman Gilfillan Hayman Godfrey, John & Kernic and Findlay & Tait. The 60 partner new firm Bowman Gilfillan will be one of the largest in the jurisdiction. Senior partner Peter James of John & Kernic says: "Traditionally clients have used us for their intellectual property work and other firms for other aspects of business law. Now we'll be able to offer a fuller service. The major international clients also look more closely at larger firms."

The London Stock Exchange has revealed plans to use the Internet for its shelf registration system. Nick Ferguson examines securities registration and trading in cyberspace, which will revolutionize capital markets

Enron has recently failed in both Brazil and Argentina to find bank finance. A panel of lawyers, banks and sponsors discuss how to reach financial close on regional projects