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UK firm Nabarro Nathanson has strengthened its presence in Paris. Partner and qualified avocat Frank Lipworth will set up his own firm, Cabinet Lipworth, which will operate as a Nabarro affiliate. The practice will concentrate on non-contentious commercial work with a view to breaking into the lucrative mergers and acquisitions market. Lipworth will work alongside Myriam Smith, a French avocat, using the office as a service post for Nabarro's London clients.

UK firm Norton Rose is disbanding its national group of associated firms, the Norton Rose M5 Group, to concentrate on an international strategy. The group unanimously agreed to wind up its formal links by the end of July 1998. One possibility was that the group would eventually become a single national firm. However, a decision was taken not to merge in 1993, and the firms began to pursue their own individual strategies, most notably when two members of the group, Booth & Co, and Addleshaw Sons & Latham merged last year.

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.

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.

As US firms target the international asset-backed securities market, Richard Forster and Stephen Mulrenan examine the firms behind the deals of 1997 and the prospects for securitization in 1998.

Taking of evidence in Switzerland for a trial abroad is governed by three different bodies of law:

Japan’s legal system has a range of alternatives for insolvency proceedings. Bankruptcy is by far the most common. By Naoaki Eguchi and Yoshiaki Muto of Tokyo Aoyama Law Office and Jeremy Pitts of Baker & McKenzie, Toyko

In February, the Singapore government unveiled its budget for 1998. Highlights of the budget for businesses include:

US firm Davis Polk & Wardwell is representing Aetna in its acquisition of New York Life Insurance. New York Life is being advised by Skadden, Arps, Slate, Meagher & Flom, New York. Aetna has agreed to pay an initial US$1 billion in cash for New York Life, with contractual payments of up to US$300 million if earning targets are met. The Davis Polk & Wardwell lawyers who are working on this deal include corporate partners Lewis Kaden, David Caplan and tax partner Po Sit. In New York, Skadden Arps's team includes mergers and acquisitions partners Jeffrey Tindell and Robert Sullivan. Also in New York are partners Michael Weiner (antitrust), Stuart Levi (IP) and Neil Liff (employment). In Chicago, Louis Freeman is handling the tax issues.

US newsprint company Bowater announced on March 9 it is to pay C$3.5 billion (US$2.4 billion) for Canadian forest products company Avenor. The offer comprises C$2.5 billion in shares and C$1 billion in assumed debt, and sees off rival Abitibi-Consolidated, which also bid for Avenor last month. The deal means Bowater will become the world's largest newsprint producer after Abitibi. Bowater's Canadian counsel is Fraser & Beatty, Toronto, and the lead partner is Jamie Plant. US counsel is Cravath, Swaine & Moore, New York, and the lawyers are coordinated by Allen Finkelson. Local advice is provided by Wyche Burgess Freeman & Parham, in Greenville, South Carolina.