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In its first Eurobond issue since 1982, the Republic of Sri Lanka is to issue US$50 million of floating rate notes. Lead managers to the issue are Citibank and ING Barings.

Bermuda-based, New York-quoted reinsurance company Partner Re is to take over French insurer Société Anonyme Française de Réassurance (SAFR). The acquisition was prompted by Swiss Re's Swfr1.1 billion (US$752 million) offer for the remaining shares of SAFR, of which it owns 21%. The outstanding shares belong to rival French insurers AGF and Athéna. Once Swiss Re has acquired these shares, it will sell SAFR to Partner Re.

Interim Services, a Florida staffing company, is paying US$575 million for British recruitment and staffing business Michael Page Group. The acquisition is proof of the growing international importance of the temporary service industry. It will allow Interim Services to expand through Europe and east Asia.

French firm Giroux Buhagiar & Associés is to merge with the Paris office of Stibbe Simont Monahan Duhot. On July 1, Giroux Buhagiar's 23 lawyers will move to Stibbe Simont's 70-lawyer office. The merged firm will be known as Stibbe Simont Monahan Duhot & Giroux. Stibbe Simont in Paris specializes in mergers and acquisitions as well as tax, competition and EU law. Giroux Buhagiar concentrates on banking and financial law.

Cross-default clause amendments have become standard in many derivative contracts. But they are not always welcome, argues Ebo Coleman, barrister, London, proposing alternative wording

Grimaldi & Clifford Chance has opened an office in Padua. This is the third office in Italy the firm has established since the association between Grimaldi e Associati and UK law firm Clifford Chance began in 1993. The office will initially have five lawyers led by two partners, Paolo Rulli and Gianandrea Rizzieri. Rulli has moved from the firm's Rome office and Rizzieri joins from local partnership Studio Rizzieri. Both specialize in corporate and international trade law, with Rizzieri providing experience in litigation and arbitration. Associates Federica Greggio and Susanna Rizzieri specialize in international transactions, contracts and litigation.

American Electric Power and Public Service Company of Colorado made an agreed £1.5 billion (US$2.43 billion) offer for UK energy company Yorkshire Electricity. The two American companies are using their joint subsidiary Yorkshire Holdings for the bid. The offer follows the acquisition last year of four British electricity companies by US corporations and is in line with a trend towards cross-border utilities acquisitions. The financial advisers to Yorkshire Electricity are NM Rothschild and Goldman Sachs International. Merrill Lynch is advising Yorkshire Holdings.

The Korean government has recognized that depositors’ interests must be safeguarded by the state. But improvements need to be made, argues Dong Won Ko of the Institute for Monetary & Economic Research, The Bank of Korea, Seoul

Growing numbers of foreign futures brokers are taking advantage of the registration exemptions offered by the US Commodity Futures Trading Commission. By Michael S Sackheim of Brown & Wood LLP, New York

UK firms have ambitious plans for US law capability and expansion. But they are facing competition from US, regional and big six-linked firms. Samantha Wigham reports