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Ways of taking security interests are becoming increasingly sophisticated. Here is a guide, by James E Hogan, Aigoul Kenjebayeva, Gary Sullivan, Robert Starr and Karen Widess of Salans Hertzfeld & Heilbronn, Paris, Almaty and London

The Brussels operation of Dallas-based Akin, Gump, Strauss, Hauer & Feld, LLP is under severe pressure after the loss of four lawyers. Name partner Marc Dassesse has left Akin, Gump, Strauss, Hauer, Feld & Dassesse to become a partner at the Brussels office of Washington-based McKenna & Cuneo. He will be joined by Akin Gump partner Anabelle Ewing and lawyers Jan van Besien and Isabelle d'Arthuys.

Southern England utility Southern Water was the object of rival bids from UK utilities ScottishPower and Southern Electric. ScottishPower made a £1.56 billion (US$2.36 billion) hostile takover bid which was followed by an agreed cash and shares offer of £1.6 billion from rival Southern Electric. ScottishPower's subsequent offer of £1.67 billion went wholly unconditional on August 7.

US firm Morgan, Lewis & Bockius may be planning an office in the Russian federation. The firm recently entered into a mutual referral agreement with Rothstein & Shaw, which has offices in Moscow and Almaty, Kazakhstan. Rothstein & Shaw's practice is focused in the areas of corporate and commercial law, securities, real estate and joint ventures. In return, Morgan Lewis has the expertise of its Russian and CIS practice group, which was recently strengthened by four lawyers who joined from Coudert Brothers. Partners Jake Redway and Jan DuBois have experience in providing advice to clients on transactions in the Russian Federation and are supported by associates Adam Deery and Michael Pekowsky. Pekowsky will be resident in the Moscow office of Rothstein & Shaw.

US broadcasting group Westinghouse Electric is to merge with Infinity Broadcasting in a $3.9 billion deal which requires the approval of the Federal Communications Commission. Infinity shareholders will receive 1.7 Westinghouse shares for each share held if the transaction is approved.

Beginning in October 1996, the electronic filing of securities documentation will become mandatory in Canada. Marguerite Mooney of Borden & Elliot, Toronto, reports on how market participants will benefit

Australia's third largest firm, Freehill Hollingdale & Page, has announced the closure of its London office from August 31. Resident partner Kevin Lewis says: "Australia is getting smaller and smaller vis-à-vis the rest of the world. Investors prefer newer markets such as South America or South-East Asia, where they get higher returns."

As an alternative to bankruptcy, a Swedish business in financial trouble can enter into a composition (ackord) with its creditors. While seeking a composition, the debtor has nevertheless had no protection against its creditors. To solve this problem, new legislation (the Business Reconstruction Act, SFS 1996:764) has been enacted, effective from September 1 1996.

GUANGSHEN RAILWAY COMPANY LIMITED

The Finnish Council of State has recently published a bill to implement the EU Directive on company law into the Finnish Companies Act. The bill also contains several amendments that fulfil specific Finnish concerns.