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The US$231 million Merida III project, one of the first independent power plants in Mexico, reached financial close on June 19. The project is being developed to sell power to the Mexican national electricity utility, Comision Federal de Electricidad (CFE). Lead sponsor AES Corporation with Nichimen Corporation in Japan and Grupo Hermes of Mexico looked to US firm Chadbourne & Parke. New York partner John Baecher and Peter Fitzgerald in Washington led the team. Also representing the sponsors were Antonio Franck and Ignacio Pesqueira of Franck, Galicia, Ducland & Robles in Mexico City.

Two firms are leaving the Pünder Group, the alliance of European law firms headed by German firm Pünder Volhard Weber & Axster, after disagreements about the group's future. The two firms are Coppens Van Ommeslaghe Faurès, in Belgium, and Swiss member Stoffel & Partner. Jean-Michel Détry, corporate finance partner at Coppens, says: "We were looking for increased financial integration within the group. In particular, we wanted all the EU work to be merged and shared out among the firms, but this was resisted by the German and Dutch firms." One firm has already left the group earlier this year: Netherlands member Buruma Maris left in order to merge with Benelux firm Loeff Claeys Verbeke, although the merger talks proved abortive. Détry says: "At this point it became obvious that the group needed financial integration. Essentially, there are discussions in various directions but the bottom line is that we will leave the Pünder group."

The demand for infrastructure improvement in South Africa exceeds the scope of the public sector. The opportunities for private sector finance are considerable. By Jabulani Mtshali of Deneys Reitz, Johannesburg

The traditionally separate businesses of commercial banking, securities and insurance are increasingly merging. An overall approach to supervision is required. By Philip Wood and Paul Phillips of Allen & Overy, London

Emmanuel Guillaume, group executive vice president and general counsel at France Telecom, talks to Barbara Galli

• US firm Paul Hastings Janofsky & Walker is expanding its London office. Wayne McArdle, former chief counsel of the European Bank for Reconstruction and Development, has joined the firm as a partner. McArdle is a corporate finance specialist, with significant experience in project finance transactions in central and eastern Europe. Corporate partner and securities specialist Joel Simon is also relocating from New York to London, along with a corporate associate.

Quebec’s new Bill 181 amends the Civil Code to require registration of secured transactions. It has important implications for securitization. By Sterling Dietze of Stikeman, Elliott, Montreal

As the securities market increasingly adopts the Internet, the SEC has issued guidelines to help foreign securities companies avoid US registration. By Winthrop Brown of Shaw Pittman Potts & Trowbridge, Washington DC

The 1992 Bankruptcy Law allowed Russian companies to continue to operate in an insolvent state. New legislation empowers the creditors. By Britt Shaw of McDermott, Will & Emery, Moscow

Without recourse to international arbitration under the BOT Decision, foreign investors have stopped financing Turkish infrastructure projects. International treaties may offer a solution. By H Elizabeth Kroeger and Timothy Kautz of Jones, Day, Reavis & Pogue, Frankfurt