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The Life and Death of an Infrastructure Project, 2nd ed.

UK security, fire protection and home improvement group Williams Holdings is making a US$1.3 billion bid for rival Chubb Security.

In response to the sluggishness of the Czech capital markets, the government has launched a series of legislative initiatives with the aim of creating a more stable and transparent environment for investors. Accordingly, the Czech capital markets have been undergoing major changes. However, whether the hoped-for results will materialize remains to be seen.

The Provisional Regulations Banning Entrance into the Securities Industry were promulgated on March 3 1997. The Regulations outline various securities violations for professionals working in the securities industry, including the following:

US insurance company Cigna Corporation agreed to acquire managed care concern Healthsource for US$1.4 billion. The deal boosts Cigna's position as a leading provider of healthcare and is part of a trend towards consolidation in the health-insurance industry.

The Court of First Instance recently delivered its judgment in WWF UK v Commission (T-105/95) in which it considered the Commission's decision to refuse the World Wildlife Fund (WWF) access to documents relating to its investigation into the Irish Mullaghmore project to build a visitors' centre in the Burren National Park in Ireland.

Kathleen Moriarty, partner with the New York office of US firm Orrick, Herrington & Sutcliffe, has joined the corporate group of Wall Street firm Carter, Ledyard & Milburn. Moriarty, who specializes in investment trusts and structured finance, earned the name 'Spider Woman' after advising the American Stock Exchange on the creation of an investment trust for the trading of SPDRs (Standard & Poor's Depositary Receipts). These securities can be traded all day on the stock exchange as shares in a unit trust. Before the launch of the SPDR Trust in 1993, investors could only trade their shares in index funds once at the end of each trading day. Moriarty, who has also structured several high-profile municipal bond issues for New York landmarks, joined Carter, Ledyard as a partner on March 17. "Kathleen is an important addition to the corporate practice because of her substantial knowledge of investment companies," says chairman of the group, Robert McTamaney.

Following a review of its international practice, German firm Pünder, Volhard, Weber & Axster has decided to open a Hong Kong office before the July 1 handover to China. Peter Nägele, Frankfurt partner with the firm which heads the Pünder Group, says there will be several partners there concentrating on banking and finance work. "It will not just be a rep office: we will be serving German and European clients and aim to be profitable from day one," he says. Of Pünder's German rivals, only Brückhaus Westrick Stegemann has an Asian presence through its offices in Hong Kong and Tokyo. Pünder managing partner Thomas Gasteyer says the firm had planned the move for some time and hoped to open there before the end of June subject to completing the relevant paperwork. Gasteyer expects the new office will become a joint practice of the six-member Pünder Group. "I think this will be a joint office but we have not yet received replies from all the other firms on our proposal," says Gasteyer. "In all likelihood I expect it will."

Bermuda-based, New York-quoted reinsurance company Partner Re is to take over French insurer Société Anonyme Française de Réassurance (SAFR). The acquisition was prompted by Swiss Re's Swfr1.1 billion (US$752 million) offer for the remaining shares of SAFR, of which it owns 21%. The outstanding shares belong to rival French insurers AGF and Athéna. Once Swiss Re has acquired these shares, it will sell SAFR to Partner Re.

In its first Eurobond issue since 1982, the Republic of Sri Lanka is to issue US$50 million of floating rate notes. Lead managers to the issue are Citibank and ING Barings.