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TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $1.2 billion Thomas H. Lee Partners CompuCom Systems Davies Ward Phillips & Vineberg / Weil, Gotshal & Manges Dechert Acquisition $914 million Warburg Pincus / General Atlantic Santander (asset management) Cleary Gottlieb Steen & Hamilton Acquisition $303 million New Gold Rainy River Resources Cassels Brock & Blackwell / Paul, Weiss, Rifkind, Wharton & Garrison Davies Ward Phillips & Vineberg / Bull, Housser & Tupper Acquisition $103 million MasTec Big Country Energy Services Stikeman Elliott - Alan Kenigsberg / Greenberg Traurig TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Notes Offering $4 billion Pfizer Citigroup / Credit Suisse / Goldman Sachs / RBS Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell - Samuel Dimon Preferred Stock Offering $1 billion General Electric Capital Corporation Barclays / Citigroup / Goldman Sachs / J.P. Morgan / Merrill Lynch / Morgan Stanley Weil, Gotshal & Manges Davis Polk & Wardwell - Michael Mollerus Convertible Senior Notes Offering $488.8 million Concur Technologies Credit Suisse / J.P. Morgan Fenwick & West Davis Polk & Wardwell - Rachel Kleinberg Convertible Senior Notes Offering $310 million NetSuite J.P. Morgan / Barclays Goodwin Procter Davis Polk & Wardwell - Rachel Kleinberg Senior Secured Notes Offering $250 million Century Aluminum Company Credit Suisse Pillsbury Winthrop Shaw Pittman Davis Polk & Wardwell - Po Sit Incremental Facility $200 million Walter Investment Management Credit Suisse / Morgan Stanley / Barclays / Merrill Lynch Simpson Thacher & Bartlett Davis Polk & Wardwell - Samuel Dimon

Manal Corwin has rejoined Big 4 firm KPMG, having completed her tenure as deputy assistant secretary of tax policy for international tax affairs at the US Department of the Treasury.

Skadden, Arps, Slate, Meagher & Flom has promoted two tax attorneys to the position of Counsel.

The Japanese government has introduced a range of acceptable arm’s-length prices as part of a number of measures to amend the country’s transfer pricing rules. The change is likely to reduce the number of taxpayers subject to transfer pricing adjustments during audit.

Multinationals in India must maintain caution in their transfer pricing reporting of transactions involving investment into foreign subsidiaries even though the Hyderabad Income Tax Appellate Tribunal (ITAT) said transfer pricing rules do not apply in these circumstances.

The Indian economy grew by 5% in 2012. Outstanding by any other country’s standards, except China’s, but not enough as an annual rate if it wants to create prosperity for all of its more than 1 billion citizens.

If Vodafone accepts the Indian cabinet’s offer to enter a conciliation process under the Indian Arbitration and Conciliation Act to try and resolve its longstanding tax dispute, the Indian government may have to open up such a resolution mechanism to other multinationals.

HM Revenue & Customs’ (HMRC) head of dispute resolution, Val Hennelly, and Malcolm Twyman, an accredited mediator at HMRC, explained when taxpayers should consider using alternative dispute resolution (ADR) to resolve large and complex tax cases at an event hosted by accountancy firm BDO in London last night.

Industry organisations in the US have urged President Barack Obama to prioritise the international competitiveness of worldwide American companies by championing tax policies to that end at the G8 summit later this month.

Multinationals in India must maintain caution in their transfer pricing reporting of transactions involving investment into foreign subsidiaries even though the Hyderabad Income Tax Appellate Tribunal (ITAT) said transfer pricing rules do not apply in these circumstances.