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Hitherto neglected areas of Islamic commercial law can be used to create an Islamic structure for project finance deals. By Mansoor H Khan of Khan & Associates, Lahore, Pakistan

Grand Metropolitan and Guinness are merging to form GMG Brands, the world's largest spirits and wine group. The group will be worth around £23.8 billion (US$38.6 billion), but the merger has been challenged by rival drinks companies who believe it is anti-competitive.

Dallas-based Akin, Gump, Strauss, Hauer & Feld, LLP opened an office in London at the end of April. At the moment staffed by four lawyers, including former Linklaters & Paines senior partner John Edwards, the office will concentrate on capital markets work. According to office managing partner Keith Hughes, this is not a new development for the firm. "We were already here, we are only adding the office to complement our existing presence. We have been doing capital markets transactions in London for several years now," he says.

Anglo-Dutch multinational Unilever is selling its four chemicals businesses to ICI, the UK's largest chemicals company, for £4.9 billion (US$7.9 billion). The companies to be sold are National Starch, which makes industrial adhesives and starches, Quest, a manufacturer of food flavours and fragrances, Unichema, which turns natural fats into chemicals and Crosfield, which specializes in detergent ingredients.

Coudert Brothers in Moscow has added six lawyers, including one poached from French firm Gide Loyrette Nouel. Hugues de Pommereau was at Gide in Moscow for 2 years. He will work on direct investment into Russia by French clients. Bruce Bean, managing partner of the office, says: "Around 10% of our business is for French-speaking companies, and although we have lawyers fluent in French here, Hugues is the first Frenchman." Also joining the firm as associates are: Christian Moore, James Christiansen, Pavel Bakoulev, Igor Marmalidi and Jennifer Brenner. The appointments bring the total number of lawyers in the office to 16. "Business is up tremendously since last November," says Bean. "Last year the Russian equity markets left the Dow in the dust, and this year they are doing it again. Investors have got over their shyness." Bean expects to expand to 30 lawyers by the end of the year.

Competition between the offshore centres is increasing, especially in the Caribbean. Most are very keen to prove their credentials against money-laundering and cut the risk of scandals. Clare Hepburn reports

The new law on pledges in Poland should give project finance and other asset-backed lenders the protection they have lacked in the past. By Tomasz Dabrowski and George Macdonald of Salans Hertzfeld & Heilbronn, Warsaw and London

The Commission has adopted a proposal modifying the Capital Adequacy Directive (93/6) to reflect the 1996 amendment to the Basle Capital Accord, which comes into force at the end of 1997.

Russian gas company RAO Gazprom has obtained a US$2.5 billion credit facility, its first such facility without government guarantees and other public sponsoring. The loan is secured by proceeds from gas sales contracts with Western gas purchasers, and will finance sections of the Jamal pipeline. It is governed by German law and underwritten by an international consortium of banks lead managed by Dresdner Bank Group.

Coudert Brothers has added four project finance partners from the Washington office of McDermott, Will & Emery. Partners Charles Friedlander, George Knapp, Roger Stark and Roger Wagner have practised together since 1985. They joined Coudert's 75-lawyer International Finance Practice Group on March 19 1997. Knapp highlights the international reach of Coudert as the reason for the decision to leave McDermott. "Coudert is one of the only US firms, perhaps the only US firm, with a truly global presence. Coudert covers every region where our clients plan to be."