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International Edition

Benelux: Dutch courage

The fanfare surrounding last year's E71bn (£56bn) hostile takeover of Dutch banking giant ABN Amro is now over and, in its place, local criticism of the deal is growing. Although the deal was unparalleled in the local market for its size and for the number of law firms involved, are Dutch advisers about to feel long-term pain and a dearth of lead-adviser finance instructions at the expense of a few months of short-term gain?
12 minute read

International Edition

Benelux: Courting the islamic investor

On 23 July this year, Bilaa-Riba Islamic Finance BV (Bilaa-Riba meaning 'no interest' in Arabic), a Dutch entity which had been set up for introducing Islamic finance products into the Dutch retail market, announced the closure of its operations. According to a spokesman for Bilaa-Riba, the main reason for closing down was the lack of cooperation by the Dutch Revenue Service.
7 minute read

International Edition

Benelux: Dialogue by decree

European Directive 2002/14/C aims to establish "a general framework setting out minimum requirements for the rights to information and consultation of employees in undertakings or establishments within the Community". The Directive, adopted on 11 March, 2002, gives each member state a choice in whether to implement this information and consultation process within undertakings, employing at least 50 employees in any member states, or within establishments employing at least 20 employees in any member states.According to the Directive, the information and consultation process specifically covers economic issues and issues that affect employment:
6 minute read

International Edition

Benelux: Reduction evolution

Luxembourg's tax system is constantly evolving, with the aim of improving the country's competitiveness in general and its financial centre in particular.In May 2008, Luxembourg's Prime Minister, Jean-Claude Juncker, announced several measures, the major change being the abolition of capital duty as of 1 January, 2009. While capital duty had already been reduced from 1% to 0.5% from the beginning of this year and was due to be abolished as from 2010, the Government decided to speed up the abolition in order to make Luxembourg still more attractive for foreign investments.
6 minute read

International Edition

Spain: The end of an era

In a speech given in December 2007, the Spanish Prime Minister Jose Luis Rodriguez Zapatero personally promised, if elected in March 2008, to abolish the country's wealth tax in order to join the majority of European Union (EU) countries which have already gone ahead with its abolition. Impelled by this electoral promise, the new Spanish government, through its Council of Ministers, approved a package of 11 tax and economic measures which includes the abolition of the wealth tax on 18 April.
6 minute read

International Edition

BLP hires former Barclays vice chair

Berwin Leighton Paisner (BLP) has brought in the former vice chair of UK banking at Barclays as a consultant.
2 minute read

International Edition

Nixon Peabody confirms hire of twelve Taylor Wessing partners

Speculation that the dozen lawyers who resigned from Taylor Wessing's Paris office last week would move to Nixon Peabody has been confirmed. The 12 non-equity partners at the heart of the dispute between Taylor Wessing's French arm and the US firm handed in their resignation in the wake of failed merger talks between the two firms.The lawyers resigned last week, with details of the impending departures contained within a motion filed this week by Taylor Wessing's legal team. Nixon Peabody now has confirmed that the resigned partners will be moving to the firm in a statement issued to the press.
3 minute read

International Edition

Top firms line up as SocGen kicks off review

French banking giant Societe Generale (SocGen) is reviewing its global panel of legal advisers, with a raft of City and international firms applying to be considered. Firms will be appointed to the panel for a three-year period starting on 1 January, 2009, with the initial deadline for applications closing at the end of last month. SocGen general counsel Frederic de Brouwer and deputy head of legal for Europe, competition law and group legal David Bourdon are understood to be co-ordinating the review.
2 minute read

International Edition

Taylor Wessing LSA fears triggered Paris dispute

Fears that Taylor Wessing's UK arm was planning to tap outside investment under the Legal Services Act (LSA) prompted the firm's French arm to enter breakaway merger talks with US practice Nixon Peabody, it has emerged. Taylor Wessing managing partner Michael Frawley today (6 August) said that the belief that its UK partnership was intent on using the LSA to gain outside capital led to its Paris office entering the merger talks, which are now at the heart of a high-stakes legal battle.
3 minute read

International Edition

Bird & Bird signs up McDermott Brussels head

Bird & Bird has taken McDermott Will & Emery's Brussels head Jose Rivas, less than two years after the competition partner joined the US firm from Hammonds. The Spanish-qualified partner has joined Bird & Bird along with Danish-qualified EU law and competition partner Morten Nissen, with Rivas set to head Bird & Bird's Brussels competition group.
2 minute read

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