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By Decree 253 of February 1997, the Colombian government, using its powers under the economic emergency decree, has announced that it will sell its controlling interest in the coal mine known as El Cerrejón North, located in the Guajira region of northern Colombia. El Cerrejón is one of the world's larger coal mines, with an annual output of 16.5 million metric tons of bituminous thermal coal, and total reserves of some 4,600 million metric tons. The government owns a 50% interest in El Cerrejón North (through Carbocol, a state-owned corporation), with the other 50% owned by Intercor, a wholly-owned Colombian subsidiary of Exxon Corporation.

The Swiss Admission Board has published guidelines for issuers on disclosure requirements relating to new price-sensitive information. By Urs Schenker of Baker & McKenzie, Zurich

South American regional conference

Siebe, the UK's largest diversified engineering company, issued US$250 million of global notes under US law. The notes were offered under Rule 144A and Regulation S.

Reforms last year gave Brazilian traders the opportunity to lend stock in an organized market for the first time. Fernando Prado Ferreira and Guilherme de Almeida Leite of Pinheiro Neto, São Paulo, look at the system in practice

The regulations which recently came into force in China have created problems in the area of foreign-sourced financing but their effects have been offset by other measures. By Brian Hansen and Guanxi Zheng of Stikeman, Elliott, Hong Kong

Piero Luongo, legal counsel of Istituto Mobiliare Italiano, talks to Samantha Wigham

The European Investment Bank (EIB) made the first issue of Euro-denominated bonds, under Luxembourg law. The Euro 1 billion 5.25% notes are due in 2004 and will be payable in Ecu until the third stage of monetary union (planned for January 1999), and thereafter in Euros. Banque Paribas, Caisse des Depôts et Consignations and Swiss Bank Corporation managed the issue.

International investment bank Morgan Stanley is to merge with US retail financial services firm Dean Witter, Discover. The merger will create the US's biggest securities firm in terms of capital, with an estimated market capitalization of US$20 billion and total assets under management of US$270 billion.

UK firm Allen & Overy is continuing the rapid expansion of its Moscow office. This follows the arrival last year of two lawyers from US firm Milbank, Tweed, Hadley & McCloy's Moscow office.