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The largest US merger between east and west coast law firms is being contemplated by New York firm Reid & Priest and San Francisco's Thelen, Marrin, Johnson & Bridges LLP. The combined firm would have about 350 lawyers. Meanwhile, Reid & Priest has also linked with ambitious Indian firm Titus & Radhakrishnan. Richard Gary, Thelen Marrin's chairman, says: "The conversations are at a very serious stage. I expect there will be a decision within the next few weeks." A spokesperson for Reid & Priest refuses to comment.

UK firm Linklaters & Paines has formally ended its two year association with German firm Schön Nolte Finkelnburg & Clemm and is now setting up to work with Oppenhoff & Rädler, the German member of the Alliance of European Lawyers. According to Linklaters' press release the office is set to continue as the Frankfurt branch of Schön Nolte. But the three Linklaters lawyers who will remain in Frankfurt have been offered new premises — coincidentally belonging to Oppenhoff. "They are moving into office space which Oppenhoff has made available to them," confirms Linklaters' managing partner Terence Kyle. So what of full Alliance membership? "We have an entirely open mind," says Kyle of Linklaters' European strategy and he is quick to point out that the firm itself has never declared any intention to join the Alliance.

The Commission proposed a Directive to eliminate withholding taxes on payments of interest and royalties between associated companies in different member states. Taxes levied at source either by deduction or assessment can involve time-consuming formalities, cash-flow losses and double taxation for companies engaged in cross-border business. The Commission therefore proposed that taxes on payments of interest and royalties should be levied only in the member states where the companies receiving the payments are located. Commissioner Monti says this would remove a 'significant tax handicap' to companies' cross-border operations.

On February 19, the Bank of Botswana liberalized exchange controls. The liberalization falls short of a complete abolition of exchange controls, although this may occur in the next six to eight months.

In autumn 1996, the ministry of finance appointed a working group to assess the need for securities legislation and to propose amendments. The working group prepared a memorandum called Securities Markets 2000 on the Finnish securities markets and securities legislation. The memorandum was published in February 1998.

In February 1998 amendments to acts regarding the financial sector were proposed. They included the following:

Two recent decisions have underlined the enduring significance of subrogation in legal practice. A person who has this right or remedy is known as the subrogatee. The subrogatee stands in the shoes of another person to enjoy the benefit of securities, claims and remedies available to that other person.

After currency devaluation in Asia, lenders and borrowers are scrutinizing material adverse change (MAC) clauses to determine their respective positions. By Richard M Gray of Milbank, Tweed, Hadley & McCloy, Singapore

Halliburton, the second-largest company in the oil services industry, is to buy Dresser Industries, the third-largest, in a US$8.1 billion stock swap. The deal will create a company with US$16 billion in combined revenue, and relegates Schlumberger, at present the world's largest oil-services group with revenues of US$11 billion, to second place. The move is expected to lead to further consolidation within the industry. US firm Vinson & Elkins, Houston, represented Halliburton. Lead partner was mergers and acquisitions specialist Bill Joor. The Houston office was assisted by a team in the Washington DC office, working on antitrust issues and led by Ky Ewing. Weil, Gotshal & Manges, New York, advised Dresser Industries. Dennis Block, mergers and acquisitions partner, coordinated the lawyers.

UK retail group WH Smith has sold its Waterstones book chain to a joint venture between UK's EMI Group and US Advent International for £300 million (US$495 million) in cash. The company, known as HMV Media Group, will also acquire EMI's HMV music retail group and Dillons bookshops. It is expected to rank as one of Europe's leading retailers of books, music, computer games and videos. Linklaters & Paines, London, advised WH Smith. Lead partner was corporate specialist Mark Stamp. Also involved were partners Ian Karet (intellectual property) and Bill Allan (competition). Titmuss Sainer Dechert, London, provided property advice to WH Smith.