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Daimler-Benz and Chrysler have announced on May 7 the largest industrial merger ever. The deal values Chrysler at US$39 billion. The new group, known as Daimler-Chrysler, is estimated to be worth US$92 billion and will be the world's fifth-largest vehicle maker.

Eight listed South African companies are to merge to create the world's largest gold mining company, with an expected market capitalization in excess of £2.8 billion (US$ 4.6 billion). The merger should be effected with one of the companies, Anglogold, acquiring all the shares of each of the others under seven schemes of arrangement. Each scheme is subject to the approval of the South African High Court. In the unlikeley event of a scheme not being approved, Anglogold has prepared an alternative takeover offer for the concerned shareholders. The new company, also called Anglogold will be listed on the Johannesburg, London and Paris stock exchanges.

In September 1997, ABN AMRO launched a Fls2 billion securitization transaction. It was the first securitization originated by ABN AMRO and one of the first securitizations completed in the Netherlands. A portfolio of ABN AMRO-originated mortgage receivables was assigned to a special purpose vehicle named European Mortgage Securities IBV (EMS 1), established in the Netherlands. The shares in EMS 1 are held by Stichting European Mortgage Securities, also established in the Netherlands. EMS 1 issued four tranches of senior notes for an aggregate sum of Fls1.9 million and junior notes for an amount of Fls100 million. The senior notes were rated AAA by Moody's, AAA by Standard & Poor's and AAA by Fitch, and the junior notes A2 by Moody's, A by Standard & Poor's and A by Fitch.

On May 13 1998 Debevoise & Plimpton appointed Ric Evans as its presiding partner. He takes over from Barry Bryan, who led the firm for five years and is stepping down as he approaches retirement. Evans is from the firm's litigation department; its strongest area. Within a week of Evans's appointment the firm has declared its intention to expand its UK capabilities. Partners in the firm have confirmed that the London office is looking to make its first UK corporate hire. It is a further sign that Debevoise is shaking off its once conservative image. In the last 10 years the firm wrangled with the opposing forces of modernization and tradition. Before 1989 it had only three offices worldwide: New York, which opened in 1931; Paris, in 1964 and Washington DC, in 1982.

A group of top lawyers from White & Case, including the heads of its asset finance practice, have left to join Linklaters' New York office. The lawyers – Marianne Rosenberg, Truman Bidwell Jr, and Robert Smith – resigned on May 8, and were immediately frogmarched from the building. They joined Linklaters' office on Monday, May 11. Rosenberg and Bidwell were the co-heads of White & Case's worldwide Equipment and Facility Finance Group, while Robert Smith specializes in tax and project financing.

The Italian securities regulator, CONSOB, has established new conduct of business rules for EU-based firms providing investment services in Italy through a branch. By Piero Salera of Pavia e Ansaldo, Rome

New Swiss legislation has opened the way for more sharing of administrative assistance information, building from the success of cooperation in the criminal field. By Claude Rouiller of Ziegler & Poncet, Geneva, former Chief Justice of Switzerland

When a railroad tank car explosion forced 1,000 residents of the New Orleans neighbourhood of Gentilly to evacuate their homes for 36 hours in 1987, the incident attracted little attention outside Louisiana. After all, there were no deaths and the residents did not suffer any serious damage or injuries. But 10 years later, after a New Orleans jury awarded US$3.4 billion in punitive damages against five companies found to be at fault, the case, In re New Orleans Train Car Leakage Fire Litigation, No. 97-CC-2547, suddenly captured the eye of the legal community and national media, earning itself the nickname 'The Great New Orleans Train Robbery'.

Decree 3119 of 1997 regulated, for taxation purposes, the amounts allowed as deductions from net income when associated with articles imported massively as contraband.

Freshfields and Baker & McKenzie advised on more privatization deals than any other firms in 1997. In what was a record year both firms advised on 117 transactions; more than double that of third-placed firm Linklaters & Paines. Last year the total value of privatizations topped US$160 billion, according to league tables published in Privatisation International. Freshfields, which heads the table because of the higher value of its transactions, benefited from a bumper year in Asia, despite the slowdown towards the end of the year.