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  • Gazprom and Shell have signed an alliance agreement to cooperate on the development of energy projects worldwide. The joint energy group will produce around 500,000 barrels a day of oil and gas condensates. As part of the alliance Shell will commit up to US$1 billion in a convertible bond to be issued by Gazprom.
  • The relaxation of the law that prohibits companies from buying back their own shares is now under review by the Registry of Companies.
  • Mercury Asset Management, the UK's leading fund management company, has agreed a £3.1 billion (US$5.2 billion) cash offer from US investment bank Merrill Lynch. UK firms Freshfields and Allen & Overy are advising on the deal.
  • Bank branches are the basic way for foreign banks to operate in China. This is an explanation of the complex application and licensing process. By Philip Gilligan and Steven Blayney of White & Case, Hong Kong
  • Pre-export credits are offered a beneficial tax rate in Brazil. The attractions are clear but rescheduling should be avoided. By Richard W Grice of Alston & Bird, Atlanta, and Ana Carolina de Salles Freire of Tozzini, Freire, Teixeira e Silva, São Paulo
  • The year's leading deals identified and analyzed. The deals break new ground and many are templates for future transactions. By Richard Forster, Nick Ferguson and Stephen Mulrenan
  • Important features of Law 9.514 of November 20 1997 include:
  • The race for MCI Communications is over. MCI's board has approved a US$37 billion takeover offer from WorldCom, far in excess of rival offers from BT and GTE. The merger will create a company with a market capitalization of US$60 billion and revenues of US$32 billion. Some of the world's leading banks and law firms assembled to advise on the deal.
  • We are living at a time when electronic commerce is becoming an increasingly important factor in the world of business and finance. Yet the law has only begun to formulate principles and rules to govern these new methods of communication.
  • The use of securities held by clearing bodies as security for transactions is increasing. This can cut credit risk but the conflict of law and practical difficulties need care. By Paul Avanzato of Wilde Sapte, London