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English law recognizes both legal interests (eg the interest of a registered holder of shares) and equitable interests (eg the interest of a beneficiary in shares held on his behalf under a trust). Although the High Court has had jurisdiction to enforce rules of both common law and equity for over 120 years, whether a rule has its origins in law or equity may be significant now. Two recent decisions of the Court of Appeal demonstrate this.

Despite some growing pains, Russia is still the world’s favourite emerging market. Moscow is the place to be thanks to a wealth of large potential clients and a market still short of lawyers. Nick Ferguson reports

The Spanish Government is selling the remaining tranche of its holding in Argentaria (Corporacion Bancaria de Espana), one of Spain's four leading banking groups, in an international public offering. The stock is valued at approximately US$2.1 billion. Representing Argentaria is US firm Davis Polk & Wardwell, New York. Coordinating the lawyers is the head of Davis Polk's securities practice, Jeffrey Small. Also involved is financial institutions partner Margaret Tahyar in the London office. Advising Argentaria in Spain is Garrigues & Andersen.

Bell Atlantic has launched a US$2.4 billion convertible bond. The five-year deal is the largest international equity-linked offering to date. Bell could not sell shares direct because of US regulations which prohibited an equity offering within two years of its merger with Nynex, the New York telephone company, last year. The bonds, which were distributed largely to non-US investors, will be exchangeable into Bell's 25% stake in New Zealand Telecom after 18 months. Davis Polk & Wardwell advised the lead managers, SBC Warburg. Davis Polk's team was led by capital markets partners Winthrop Conrad in New York and Sandy Whitman in London.

Compaq, the US computer manufacturer, is set to pay approximately US$9.6 billion for Digital Equipment Corporation, the supplier of networked computer systems, software and services. Upon completion, Digital will become a wholly owned subsidiary of Compaq. The transaction is the computer industry's largest to date. Skadden, Arps, Slate, Meagher & Flom represent Digital and Davis, Polk & Wardwell represent Compaq. Skadden Arps's team is headed by mergers and acquisitions specialist Joseph Flom and includes fellow mergers and acquisitions partners Roger Aaron, Louis Goodman and Howard Ellin; antitrust partners Benjamin Crisman, Michael Weiner and Barry Hawk; tax partner David Rievman and Stuart Alperin, a partner specializing in employee benefits and executive compensation.

Several deals have been signed this month following Boris Yeltsin's visit to Italy. Foremost among them is the Eni-Gazprom strategic alliance. Eni, Italy's partly privatized oil and gas group, signed a deal which should lead to direct investment of at least US$1 billion in Gazprom, the Russian gas monopoly. The alliance will also create a separate joint venture company focusing on the exploration and development of oil and gas fields in Astrakhan, southern Russia. Further talks may lead to a joint exploration, production and marketing effort in other countries. Last November Royal Dutch/Shell signed a similar agreement and invested US$1 billion in a Gazprom convertible bond. Eni confirmed that it is seeking to agree the basis on which it may also acquire an equity stake.

Federal Mogul, the global automobile parts manufacturer, announced on January 12 its plans to purchase Fel-Pro, a privately owned manufacturer, for US$720 million. The transaction includes US$225 million in common stock and US$495 million in cash. The deal will make the combined company a single source for engine-dealing systems, considered vital for auto-parts makers as the industry consolidates. Advising Federal-Mogul on all corporate aspects of the deal is Cleary, Gottlieb, Steen & Hamilton, New York. Lead partner is M&A specialist William Groll. Also involved is the Chicago office of Baker & McKenzie, advising on tax issues. Representing Fel-Pro is Katten Muchin & Zavis, Chicago. Lead partner is corporate specialist David Shavitz.

Nestlé, the Swiss consumer products group, will pay £715 million to Dalgety, the UK food group, for its Spillers pet food business. The deal, subject to regulatory clearance, will give Nestlé 20% of Europe's branded pet food market. It is Nestlé's biggest acquisition since the 1992 purchase of Perrier, the French mineral water group. Two UK firms are working on the deal. Freshfields advise Nestlé while Slaughter and May advise Dalgety. Freshfield's corporate partner Julian Francis is leading the team, which includes partners Francis Sandison (tax), Nick Spearing (antitrust), Nick Carter (intellectual property) and Mark Wheelhouse (property).

Quebec has moved to drop the requirement that prospectuses must be published in French, as well as other discouragements to foreign issuers. By Andrew Fleming of Ogilvy Renault, London

China's new foreign loans regime bars non-profitable companies from seeking international finance, and also limits the profitable ones. Worries about the Asian crisis have ensured caution. By Guanxi Zheng of Stikeman, Elliott, Hong Kong