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As credit woes choke off leveraged deals, New York attorneys say that their firms increasingly are focused on other opportunities — transactions involving foreign investors, sovereign wealth funds and corporations making strategic acquisitions with stock and/or cash.

Thomson Financial reported last week that the value of worldwide announced acquisitions had declined 24 percent in the first three months of the year, compared to the same period in 2007. The sudden nose-dive followed a record-setting year.

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