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TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $2.5 billion Apollo Global Management McGraw-Hill Companies Paul, Weiss, Rifkind Wharton & Garrison / Morgan, Lewis & Bockius Wachtell, Lipton, Rosen & Katz / Clifford Chance Acquisition $2.25 billion ThaiBev Fraser and Neave WongPartnership / Weerawong, Chinnavat & Peangpanor Stamford Law Corporation Acquisition $1.6 billion Mylan Strides Arcolab Skadden Arps Slate Meagher & Flom / Slaughter and May Herbert Smith Freehills Acquisition $1.02 billion Sinopec Chesapeake Energy (Mississippi Lime Net Oil and Natural Gas Leasehold Acres) Thompson & Knight Wachtell, Lipton, Rosen & Katz / Commercial Law Group Acquisition $946.2 million Heineken International Asia Pacific Breweries Duane Morris & Selvam WongPartnership / Weerawong, Chinnavat & Peangpanor Acquisition $689 million Carlyle Group 7 Days Group Holdings Skadden, Arps, Slate, Meagher & Flom / Kirkland & Ellis / Conyers Dill & Pearman / Han Yi Law Offices Baker & McKenzie / Maples and Calder Acquisition $300.8 million BSkyB Telefónica UK (Broadband and Fixed-Line Telephony Business) Herbert Smith Freehills Slaughter & May Acquisition $114.8 million Amcor AGI-Shorewood Davies Ward Phillips & Vineberg Acquisition Undisclosed InteractiveMedia xplosion interactive Noerr - Carsten Heinz TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Senior Notes Offering $4.5 billion Morgan Stanley Morgan Stanley Davis Polk & Wardwell - Po Sit Sidley Austin Notes Offering $2.5 billion PepsiCo BNP Paribas / J.P. Morgan / Merrill Lynch Davis Polk & Wardwell - Avishai Shachar Jones Day Ordinary Shares Offering $1.54 billion Michael Kors Morgan Stanley / J.P. Morgan / Goldman Sachs Paul, Weiss, Rifkind, Wharton & Garrison / Harney Westwood & Riegels Davis Polk & Wardwell - Mary Conway Notes Offering $850 million Wyndham Worldwide J.P. Morgan / Deutsche Bank / Merrill Lynch Kirkland & Ellis Davis Polk & Wardwell - Harry Ballan

Foreign investors have every reason to be disappointed with Finance Minister P Chidambaram’s eighth annual budget, which contained fewer business-friendly measures than expected.

In reaction to the European Court of Justice’s (ECJ) October 20 2011 judgment, on March 1 2013 Germany passed a law according to which EU and EEA corporations are allowed to apply for a refund of the German dividend withholding tax on portfolio dividends under certain conditions.

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Argentina Uruguay Entered into force February 8 2013 Double Taxation Avoidance Agreement Latvia Mexico February 27 2013 Double Taxation Avoidance Agreement Ethiopia Saudi Arabia February 28 2013

Inconsistencies in the tactical implementation of transfer pricing policies pose a number of challenges for multinational organisations but technology can help, explains Brian Tully, vice president of ONESOURCE Transfer Pricing for the Tax & Accounting business of Thomson Reuters.

Over the past 12 months there has been increasing concern expressed publicly about the amount of tax that business, and in particular international business, pays with a number of people expressing the view that business is not paying its fair share of tax when, at a time of recession, everyone else is seeing their tax bill increased. Ian Young of the Institute of Chartered Accountants in England and Wales (ICAEW) discusses the reality of the situation for corporates and their advisers.

Brendan Kelly and Jinghua Liu, of Baker & McKenzie, explain how the issuance of Notice 698 in China has impacted tax planning for global operations and the way deals must be structured and negotiated

Carlos Gabarró has rejoined Altalex Legal and Tax Consultants, in Barcelona as a tax partner. He was formerly with Ernst & Young.

Tom Seymour The tax landscape in Australia has recently been shaped by significant debate concerning the effectiveness of the current general anti-avoidance rule (GAAR) and whether there is a need to significantly increase the scope and breadth of the operation of the rules. To this end, on November 16 2012, the Australian government released draft provisions which propose to rewrite aspects of GAAR, in particular the provisions dealing with the existence of a tax benefit, which is a critical threshold issue before the GAAR rules take effect.

Joanne Hodge has rejoined New Zealand's Bell Gully as a tax partner. She advises public and private companies and financial institutions on all aspects of corporate tax, including transactional work.