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Swedish firms rise to the challenge

The last 12 months have seen big changes in the Swedish legal market. Mid-sized firms in particular are taking strategic decisions to merge or make international links. Samantha Wigham reports

April 30, 1997

Gazprom US$2.5 billion facility agreed

Russian gas company RAO Gazprom has obtained a US$2.5 billion credit facility, its first such facility without government guarantees and other public sponsoring. The loan is secured by proceeds from gas sales contracts with Western gas purchasers, and will finance sections of the Jamal pipeline. It is governed by German law and underwritten by an international consortium of banks lead managed by Dresdner Bank Group.

April 30, 1997

First Bank System/US Bancorp merger

First Bank System of Minnesota is making an agreed US$8.7 billion all-share bid for US Bancorp. The merged bank will be known as US Bancorp, and will be the eighth-largest US bank by market capitalization. The deal highlights the trend towards geographic consolidation among US banks.

April 30, 1997

Spain

Before they can be listed on a Spanish exchange, the shares of investment companies and holdings in investment funds must meet a minimum diffusion requirement which stipulates that they must have at least 100 shareholders or unitholders, whose participations must not exceed 25%.

April 30, 1997

Switzerland

In the largest ever leveraged buyout effected on the European continent, Doughty Hanson & Co Ltd acquired the Geberit Group. Doughty Hanson, acting as general partner of various limited partnerships, controls Geberit International SA which purchased the shares of the Group's parent company, Geberit Holding AG, from certain members of the Geberit family who had held all of the shares in Geberit Holding AG either directly or through four personal holding companies.

April 30, 1997

Amsterdam offers new growth market

The Euro NM network of markets, offering a less demanding listing regime for young high-risk companies, has been extended to the Netherlands. By Pieter Riemer of Trenité Van Doorne, London

April 30, 1997

Hungary

The Hungarian Civil Code rules on mortgages and pledges were recently amended by Act XXVI of 1996. The Act was adopted by parliament on April 9 1996 and some provisions entered into effect on May 1 1996, but the remaining provisions take effect on May 1 1997. This briefing outlines the main changes.

April 30, 1997

How to issue subordinated debt under the new Tier 3 capital rules

The Basle Committee’s Tier 3 capital rules enable banks to hold capital against market risks. Here is how US banks can take advantage. By Edward G Eisert, Isaac B Lustgarten and Lynn S Kaplan, Schulte Roth & Zabel LLP, New York

April 30, 1997

Denmark

The Danish rules on netting are found in Sections 57 and 58 of the Securities Trading Act (STA) of December 20 1995 which entered into force on May 1 1996.

April 30, 1997

Tesco expands into Ireland

UK supermarket chain Tesco has expanded into Ireland with its £630 million (US$1 billion) acquisition of Associated British Food's Irish supermarket interests. These include market leaders Quinnsworth, in Ireland, and Stewarts, in Northern Ireland. The deal, which has yet to be cleared by the European Commission, is Tesco's second attempt to enter the Irish market. It is the largest transaction to take place in Ireland.

April 30, 1997

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