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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.

As capital markets, project finance and securities work dry up in Asia some law firms are concerned. Most are compensating by changing the emphasis of the work they offer. Some are even expanding. By Mairi MacLean of Baines Gwinner, London

Indonesia offers two options to creditors: bankruptcy and moratorium law. The bankruptcy law is more attractive and designed for their benefit. By Robert N Hornick of Morgan, Lewis & Bockius LLP, New York

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.

Peruvian company Minera Yanacocha was formed by a group of investors in 1992 to exploit a mine in the northern region of Cajamarca. The company today holds one of the most attractive gold deposits in the world, with an estimated production of 1 million ounces of gold a year. It is also the subject of shareholder litigation over shares worth more than US$100 million, now awaiting a final vote in the Supreme Court and representing the most important legal claim in Peru's mining history.

Serdar Paksoy, name partner and co-founder of leading Turkish firm Hergüner Bilgen & Paksoy, has walked out on the firm and set up his own practice. Paksoy & Co opened for business in Istanbul on January 1 1998. The reasons for the split are numerous, but include differing views on management, growth and practice areas, says Paksoy. Esin Taboglu, a senior associate at Hergüner Bilgen, has followed Paksoy and will join him as his partner in the new firm. Paksoy & Co has four associates in addition to the two partners, including a former associate at Hergüner Bilgen.

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.

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.

UK brewing and leisure group Bass agreed on February 20 to buy Inter-Continental Hotels and Resorts for £1.78 billion (US$2.9 billion). The acquisition gives Bass a leading global position in the luxury hotel market and complements its mid-market Holiday Inns operation. Under the deal, by which it beat its rival, US hotel group Marriott International, Bass will pay US$1.4 billion in cash, repay US$450 million in debt, and assume a further US$1.1 billion in debt. If US and EU regulators approve, the takeover could be completed by March 31. Davis Polk & Wardwell, New York, advised Bass in the US; the team included corporate partners Paul Kingsley, Patrick Dore, and Michael Mollerus. UK counsel was Linklaters & Paines, London, led by corporate partners David Cheyne and Christopher Johnson-Gilbert. Representing Inter-Continental Hotels and Resorts, and its owner, the Saison group of Japan, was US firm Cleary, Gottlieb, Steen & Hamilton, New York. UK counsel was Stephenson Harwood in London.

Chilean companies are no longer able to supply all the finance they need domestically. This article explains how they can raise money through Eurobonds. By Ignacio Arteaga-Echeverria and Cristian Herrera-Barriga of Cariola Abogados, Santiago