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  • The London-based law firm Linklaters has completed a merger with German legal group Oppenhoff & Rädler. The merger adds impetus to the firm's ambitious plan to create one of the largest legal firms in the world through a "multi-merger" between Linklaters and four other European firms.
  • Andrew Hickman Andrew Hickman, a senior member of the UK Inland Revenue's International Division, has joined the global transfer pricing group of KPMG. His decision to leave the Inland Revenue was prompted by a desire to undertake fresh challenges within the private sector.
  • The world's largest private bank, the Swiss financial group UBS, has bought PaineWebber, the fourth-largest client bank in the US, for $10.8 billion. The deal allows UBS to access PaineWebber's client assets, worth $475 billion.
  • Lead managers Saloman Smith Barney, Lehman Brothers and Merrill Lynch turned to Davis Polk & Wardwell in connection with the $1 billion Rule 144A issuance of high-yield notes by Williams Communications Group Inc. The Williams Communication Group distributes and manages digital assets throughout North America, as well as providing communications equipment and network services.
  • Dewey Ballantine's London, New York and Silicon Valley offices worked together to advise Excite@Home on a combination of its non-US assets with those of pan-European broadband provider Chello Broadband NV, worth $6 billion.
  • Herbert Smith of the UK has announced a formal relationship with German firm Gleiss Lutz Hootz Hirsch. The agreement, which represents a far stronger form than an alliance, gives the two firms 15 offices across Europe and Asia, and could well lead to full corporate integration.
  • Granada Media of the UK has acquired United News and Media's ITV interests – television companies Meridian, Anglia and HTV – as well as programme production and international distribution businesses for £1.75 billion ($2.75 billion) in cash and stock. The move enables Granada to play a major role in ITV – the UK's most watched television channel – strengthening its position in UK broadcasting, content creation, pay TV and broadband.
  • US food manufacturer General Mills has merged with Pillsbury in a deal worth $10.5 billion. The deal will yield the owners of Pillsbury – UK spirits and beer company Diageo – an estimated $4.5 billion and a 33% share in the merged company, which will be the fifth-largest food company in the world.
  • Singapore’s decision to liberalize legal services could create a premier league of firms in the island republic