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The Zhuhai power project in China is the first project financing to reach financial close without guarantees from the government or any financial institution. The US$1.2 billion financing for the 2 x 660 MW coal-fired plant closed in September.

Jane M Freeberg of Watson, Farley & Williams, New York, considers the controversial Iran and Libya Sanctions Act of 1996, which is viewed by the EU as an American attempt to dictate foreign policy

German bio-chemical company SKW Trostberg is to acquire Swiss company Master Builders Technology Division from Sandoz in a Sw fr1.3 billion (US$1.1 billion) deal. Subject to antitrust clearances the sale will close in November.

On August 8 1996 Hollinger International completed, following a Scheme of Arrangement under section 425 of the Companies Act 1985, its acquisition of all those shares of The Telegraph plc it did not already own.

The decision in Octagon Gas Systems Inc v Rimmer, 995 F2d 948 (10th Cir 1993), cert denied, 114 S Ct 554, 126 L Ed 2d 455 (1993), complicates securitization transactions in US Tenth Circuit states Colorado, Kansas, New Mexico, Utah and Wyoming. This article examines how ABN AMRO overcame Octagon and completed a transaction for a Tenth Circuit company.

Dr Berthold Kusserow and Dr Eva Reudelhuber discuss how own funds requirements for banks and investment services firms in Germany will change when the draft sixth amendment to the German Banking Act comes into force in 1997

Canadian firm Goodman Phillips & Vineberg opened a Vancouver office on September 9. The firm poached the managing partner for the office, Paul Goldman, from Canadian rival Lang Michener.

UK group Imperial Tobacco is being demerged from UK conglomerate Hanson and will be floated on the London Stock Exchange. The company is expected to be accepted for the Official List from October 1 with a market capitalization of over £2 billion.

The controversial loi Toubon restricting the use of English in financial documentation produced by state entities in France has been amended following protests. By Gilles Endréo of Linklaters & Paines, Paris

UK law firms Dibb Lupton Broomhead and Alsop Wilkinson merged on October 1 to form the UK's sixth largest firm and the world's eleventh largest (see page 16). The new firm, Dibb Lupton Alsop, will have 214 partners and a total of 734 fee earners, with a turnover in in the region of US$140 million. Both firms grew from strong regional bases, Dibb Lupton in Leeds and Alsop Wilkinson in Liverpool. Their London offices opened later but by merging they hope to build their City profile as well as develop an international presence. Alsop Wilkinson has offices in New York, Brussels and Hong Kong but Dibb Lupton did not have an office outside the UK.