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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.

UK firm Norton Rose is ending its association in Hong Kong with local firm Johnson Stokes & Master, with effect from March 31 1999. From this date a clause in the 1976 association agreement will prevent Norton Rose from carrying on a legal practice in Hong Kong for three years. Roger Birkby, Norton Rose managing partner, says: "We have grown more international and we have to work for our clients wherever in the world they want us to. This proved difficult in Hong Kong, because the terms of the association did not allow us to work in areas such as project finance or asset finance." Norton Rose in Hong Kong provides primarily corporate finance, banking and marine litigation services. According to Birkby, several attempts to re-negotiate the terms of the association failed.

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.

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.

In Brussels, White & Case has lost a senior partner to a new Baker & McKenzie venture. Aristoteles Kaplanidis had been with Forrester Norall & Sutton for 12 years before its merger with White & Case (see IFLRev, January 1998, page 3). He is now to have executive responsibility for a new centre set up by Baker & McKenzie to provide clients with specialized EU advice. Kaplanidis stresses simply that the offer from Baker & McKenzie came at the right time for him. He says of his three months with White & Case: "There were a lot of changes going on at Forrester which, to be honest, made me think twice about leaving. There were good prospects and during my time there I worked on some very interesting things ... The merger was not the reason I moved."

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 regulations from Argentina’s Securities Commission provide guidelines for Argentine companies seeking to raise capital in the US through ADRs or GDRs. By Malen Gaynor Giron of Asorey & Navarrine, Buenos Aires

The principle of banking confidentiality has traditionally also protected the fraudsters. The strong confidentiality jurisdictions have taken measures to discriminate. By Franco Taisch of Liechtensteinische Landesbank, Vaduz

Hong Kong market regulators have acted to promote Hong Kong as an international financial centre while protecting the interests of local retail investors. By Richard A Drucker and Timothy A Steinert of Davis Polk & Wardwell, Hong Kong*

The example of a recent case involving PERLS shows the dangers for financial institutions of new investment products. Particular care should be taken to manage the legal and regulatory risks. By Jonathan Kelly of Simmons & Simmons, London