Kobe Steel and its subsidiary Kobelco Construction Machinery sets up global alliance with CNH Global. Kobe Steel advised by Cleary Gottlieb Steen & Hamilton (Andrew Curran). CNH Global advised in-house.

Dow UK, a wholly-owned subsidiary of the Dow Chemical Company, makes £305m cash offer for speciality chemicals supplier Ascot. Dow UK advised by Eversheds (George Butler). Ascot advised by Slaughter and May.

Entertainment Rights offers shares to raise around £8.5m to part fund its proposed acquisition of Link Licensing. Backer Investec Henderson Crosthwaite advised by Gouldens (James Goold). Link Licensing advised by Taylor Joynson Garrett (Tim Eyles, Richard Clifton). Entertainment Rights advised by Lawrence Graham (Jeffrey Elway) and Davenport Lyons (Richard Moxon).

Iberia, Spain's flag carrier airline owned by state holding company Sepi, floats on Spanish stock exchanges with market capitalisation of euro530m (£330.6m). Sepi advised by Simmons & Simmons (Ian Sideris), Fried Frank Harris Shriver & Jacobson (Tim Peterson) and Garrigues & Andersen. Joint global coordinators Merrill Lynch and Banco Santander Central Hispano advised by Shearman & Sterling and Cuatrecasas.