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  • The Perth office of Australian firm Freehill Hollingdale & Page has completed its merger with Perth rival Parker & Parker. The office will use the Freehill name. "There was a very strong business case for our firms to merge," says Peter Mansell, managing partner of Freehill Hollingdale & Page Perth. "Our aim is to provide eastern states expertise and depth at Western Australian rates. There will no longer be the need for Western Australia corporates to take legal advice in the east."
  • The Hungarian privatization and state holding company (APV Rt) and Hungary-based pharmaceuticals manufacturer Gedeon Richter have completed a US$220 million global and domestic offering of Richter shares and GDSs. In conjunction with the offerings, Richter also increased its share capital by US$50 million. The transaction is one of the largest secondary offerings in central and eastern Europe.
  • JP Morgan, the fifth largest US bank by tier one capital, is buying 45% of American Century in a deal valued at US$900 million. American Century is the fourth largest US manager of no-load mutual funds (funds whose shares are sold without commission or sales charges).
  • A recent case reaffirms the Australian principle that lenders are entitled to calculate losses on a no-transaction basis after some negligent valuations, despite conflicting English decisions. By Francesca Rush of Corrs Chambers Westgarth, Brisbane
  • The law implementing the Investment Services Directive in Italy will have an additional impact on MIF, the Italian Futures Market – it will be privatized. By Piero Salera of Pavia e Ansaldo, Rome
  • International independent power producer Calenergy failed in its US$1.92 billion bid for regional electricity and gas supplier New York State Electric and Gas Corp.
  • The most important consideration for a laterally hired partner in choosing his or her new firm is not the level of compensation he or she will receive. Indeed, this consideration is placed fifth out of seven significant factors according to a survey by US lawyer search consultants Major, Hagen & Africa.
  • Legislative Decree No. 124 of April 21 1993 introduced the concept of pension funds which could be established in addition to the national compulsory pension system.
  • New tax incentives in the 1997 Budget approved by Parliament in July focused mainly on the financial sector. Effective for five years from assessment year 1998, they will be:
  • Audit reports are a common source of information for investors. Many rely on the balance sheet and the audit report to assess a corporation's worth. Some investors go as far as considering an audit a reliable guide to a corporation's financial health. With this kind of expectation, litigation against auditors after an unsuccessful investment is not uncommon.