Search results for

Garrett & Co, the UK firm linked to big six accountant Arthur Andersen, is continuing its expansion by opening a new office in Cambridge. Gerry Fitzsimmons is managing partner. He joins from rival Taylor Vinters's Cambridge office, where he headed the commercial department. The office is hoping to recruit five lawyers who specialize in corporate finance, intellectual property or employment law. "Cambridge is an increasingly exciting place to practise these areas," explains Fitzsimmons. "There is scope here for a quality national practice. There are a lot of science companies which are growing very fast in the local marketplace." He dismisses the competition, saying: "There aren't any national firms here, and we are recruiting aggressively." The firm now has six offices in the UK.

Singapore firm Chor Pee & Company has broken into two new practices following disagreements between partners. The firm dissolved on December 31. Name partner Lim Chor Pee has started a new practice to be called Chor Pee & Partners, and is taking 20 of the original firm's 28 lawyers with him. But the remaining lawyers claim that he cannot use the name, because it is too similar to the old firm's name.

The Income Tax (Amendment) Act 1996 and the Stamp Duties (Amendment) Act 1996 were passed to curb speculation in Singapore's real estate market. The amendments, which became effective on May 15 1996, apply to certain real property and related share transactions. Gains from disposal of any real property and shares in a private company with specified real estate assets occurring within three years from the date of acquisition of such interests are now automatically subject to income tax. The gain that is subject to tax depends on the holding period of the interest after acquisition.

The privatization of infrastructure in the Middle East is taking private sector developers, investors and governments into uncharted but potentially profitable territory. By Martin Amison of Trowers & Hamlins, London

General Telecommunications bill

US firm Shearman & Sterling has changed the name of its Budapest office. Hungarian legislation requires the firm to set up a separate Hungarian firm made up of its Hungarian lawyers. The firm is called Bán, S Szabó & Partners and is headed by Chrysta Bán. He is assisted by Péter Szabó, who joins from rival Bogsch & Partners. The firm will continue to cooperate with Shearman & Sterling. John Baltay, head of Shearman & Sterling's Budapest office since 1992, becomes international counsel to the new firm.

• US firm Cadwalader, Wickersham & Taft has appointed Lawrence Fruchtman. He joins from National Westminster Bancorp, where he specializes in domestic and international banking regulation. He has also worked at the Federal Reserve Bank of New York.

Dutch financial services company Aegon is buying the insurance operations of Providian Corporation in a US$2.62 billion stock transaction. It is the largest acquisition in the life insurance industry.

US rail services company CSX is seeking to merge with US freight railroad Conrail, in a cash and share deal worth US$9.4 billion. The merger would create one of the largest freight transportation and logistics companies. Conrail is also facing a US$10 billion hostile bid from Norfolk Southern Corporation, a rail network company.

UK firm Freshfields has lost out to rival Linklaters & Paines in a ranking of firms advising on public takeovers in the UK. The table, published by Acquisitions Monthly, places Freshfields third in its top 20 survey. In 1995 Freshfields advised on 31 deals worth a total of £32.2 billion (US$51 billion), while in 1996, it advised on 17 deals amounting to only £9.5 billion. However, the table reveals that in 1996 both the value and number of deals decreased significantly overall. The results put Linklaters & Paines top with £19 billion-worth of deals. Slaughter and May remained in second place, with deals worth £16.3 billion, although it had advised in six more deals than Linklaters. Ashurst Morris Crisp leapt from 13th place to fourth, advising on 15 deals worth nearly US$9 billion. Other big changes in the rankings came from Macfarlanes, which jumped from 14th place to seventh and Simmons & Simmons which slipped four places.