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Paris electronics company Framatome Connectors is buying its US competitor Berg Electronics, St Louis, for $1.85 billion. The deal will make Framatome the second–largest manufacturer of electronic connectors. Framatome will pay cash for Berg's shares and will also assume $400 million of debt. Framatome is being advised by New York law firm Davis Polk & Wardwell. The partners assisting on the transaction are John McCarthy Jr (corporate), Winthrop Conrad Jr (corporate), Paul Kingsley (corporate) and Patrick Bradford (antitrust).

Two of Norway's big four law firms have scooped this year's largest restructuring of the country's banking sector. There is nothing unusual in that, except that there are not two, but three merging entities – Christiania Bank, the country's second largest lender, rival Fokus Bank and state-controlled Postbanken. The merger will create Norway's biggest financial services group, valued at NKr28 billion (US$3.6 billion). Wikborg Rein & Co is advising Christiania Bank with M&A partner Arne Didrik Kjornaes leading the team. Bugge Arentz-Hansen & Rasmussen (BAHR) accepted the delicate task of representing both Fokus and Postbanken.

The Commission has put forward two proposals for Directives to establish a clear regulatory framework for electronic money within the EU. By creating harmonized minimum rules on the stability of institutions responsible for issuing electronic money, it aims to encourage the development of electronic commerce and promote confidence among consumers and business.

With an ambitious privatization programme and a thriving economy, Finland’s lawyers welcome outside interest in their country’s quiet success. Nick Ferguson reports from Helsinki

US law firm Squire, Sanders & Dempsey has announced plans to open offices in Taipei and Hong Kong. These will be the firm's first Asia-Pacific offices. The firm's head office is in Cleveland but it has a further 7 offices in the US and 8 offices in Europe and the former Soviet bloc. Thomas Stanton, managing partner of the Cleveland office, says: "Following our success in emerging markets in eastern Europe and the former Soviet Union, we decided to focus on China. Our offices will offer expertise in infrastructure, privatization, telecoms, finance and joint venture activity."

• US firm Brown & Wood has appointed Michael Durrer as a partner in its London office. Durrer returns to the firm after three years with Atlanta-based Kilpatrick Stockton. He joins the securitization practice group. • Mark Wierzbowski, a partner of the Warsaw office of Weil Gotshal & Manges, has been made President of the Supervisory Board of the Warsaw Stock Exchange.

On January 31 1998, the Promotion of Investments Law became effective with the aim of promoting domestic and inward investment. The equality of inward investment with domestic investments is now guaranteed by the government which takes responsibility for damages and ensures the free transfer of capital and profits (free convertibility is permitted by law).

In the wake of Asia's financial crisis, continuing speculation on a Renminbi devaluation appears to have triggered an outflow of foreign currency from China.

The Monetary Authority of Singapore (MAS) has announced that share buybacks will be made legal by the fourth quarter of 1998, following feedback from industry bodies and financial market participants. Companies will be permitted to repurchase shares on the market in round lots out of distributable profits at any time within the period mandated by shareholders. The proposed legislation, which will complement the provisions permitting capital reduction in the Singapore Companies Act, will provide appropriate safeguards to ensure that creditors' interests are preserved and to minimize abuse, while providing sufficient flexibility to companies.

The ministry of finance is preparing a government Bill containing proposed amendments to the Act on Investment Funds. The aim is for the Bill to be ratified and become effective by the end of this year.