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TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $2.16 billion Access Midstream Partners Chesapeake Energy (midstream assets) Latham & Watkins - David Raab, Tim Fenn Wachtell, Lipton, Rosen & Katz Acquisition $1.49 billion Spectra Energy Express Pipeline System Skadden, Arps, Slate, Meagher & Flom / McCarthy Tetrault Sullivan & Cromwell - David Spitzer, Andy Solomon, Ronald Creamer Acquisition $415 million Amgen deCODE Genetics Sullivan & Cromwell - Ronald Creamer Investment $304.1 million KERN Partners Corex Resources Stikeman Elliott - Julie D’Avignon Acquisition $228.5 million Gores Group Harris Broadcast Communications Stikeman Elliott - Frank Mathieu / Latham & Watkins Jones Day / Blake, Cassels & Graydon - Ian Caines Acquisition $183.9 million Sutherland Global Services Apollo Health Street S&R Associates / Latham & Watkins Amarchand Mangaldas / Jones Day Acquisition $120.8 million Primero Mining Cerro Resources Stikeman Elliott / ClarkeKann Lawyers Wildeboer Dellelce / GRT Lawyers Acquisition $86.3 million FGL Sports Pro Hockey Life Sporting Goods Stikeman Elliott / Goodmans Fasken Martineau Dumoulin Acquisition Undisclosed Mitsubishi Heavy Industries United Technologies (Pratt & Whitney Power Systems) Wachtell, Lipton, Rosen & Katz TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Final Offering of AIG Common Stock $7.6 billion US Department of the Treasury Davis Polk & Wardwell Initial Public Offering $3.1 billion People’s Insurance Company (Group) of China China International Capital Corporation / Credit Suisse / Deutsche Bank / Goldman Sachs / HSBC Sullivan & Cromwell - William Chua, Chun Wei, Ron Creamer Covered Bonds Offering $1.5 billion Royal Bank of Canada RBC Capital / Citigroup / UBS Morrison & Foerster / Sullivan & Cromwell / Norton Rose Allen & Overy / McCarthy Tétrault / Davis Polk & Wardwell Block Trade $1 billion LyondellBasell Industries Barclays Baker Botts Davis Polk & Wardwell - Michael Farber Notes Offering $1 billion NetApp J.P. Morgan Securities / Morgan Stanley Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Rachel Kleinberg Notes Offering $750 million Autodesk Citigroup / J.P. Morgan / Morgan Stanley Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Rachel Kleinberg Notes Offering $750 million Western Union J.P. Morgan Securities / Morgan Stanley Sidley Austin Davis Polk & Wardwell - Michael Farber Senior Secured Term Loan $500 million NXP Deutsche Bank / Merrill Lynch / Goldman Sachs Simpson Thacher & Bartlett Davis Polk & Wardwell Notes Offering $500 million Cliffs Natural Resources J.P. Morgan / Merrill Lynch / Citigroup Jones Day Davis Polk & Wardwell - Neil Barr Secondary Offering $275 million Vantiv J.P. Morgan Securities / Credit Suisse Weil, Gotshal & Manges Davis Polk & Wardwell - Harry Ballan Financing Facility Renewal $263.6 million Commonwealth Bank of Australia HSBC / National Australia Bank / Export Finance and Insurance King & Wood Mallesons Accelerated Share Repurchase $250 million Murphy Oil JPMorgan Chase Davis Polk & Wardwell - Kathleen Ferrell Restated Term Loan Facility $220 million Spansion Barclays / Morgan Stanley Latham & Watkins Davis Polk & Wardwell - Rachel Kleinberg Secondary Offering $198.5 million Webster Financial Barclays Hogan Lovells Davis Polk & Wardwell - Samuel Dimon Convertible Senior Notes Offering $189.8 million Bottomline Technologies RBC Capital Markets / RBS Wilmer Cutler Pickering Hale and Dorr Davis Polk & Wardwell - Lucy Farr

Dear readers,

In this economic environment, companies around the world are looking to optimise the way they conduct business and enhance their bottom lines. Andrew Newman and Brian Pinto explain that companies are also interested in aligning their tax planning with their business strategy to further enhance their financial efficiencies, allowing the business to make better after-tax investment decisions.

John Henshall and Achim Roeder explain why it would be unwise to underestimate the impact of business restructuring. The impact extends to the discussion on the revision of chapter VI of the OECD transfer pricing guidelines on intangibles.

Increased globalisation has resulted in significant pressure on US multinationals to take a more global view not only of their operations but also of the manner in which they hold, manage, and develop intangible assets. As a result of these drivers, transferring intangible property (IP) out of the US group to a controlled foreign corporation (CFC) may make sense, explain David Cordova, Gretchen Sierra and Douglas Cowan.

Marco Fiaccadori, Arindam Mitra, and Robert Plunkett explain how to reconcile the licensor-licensee profit split approach with the income approach.

Baker Tilly Pitcher Partners has hired Tim Martino as a manager in the firm’s Tax Services division in Perth. He leaves a tax management role at Ernst & Young.

Amendments to the UK’s exit tax regime announced in the draft Finance Bill 2013 this week do not go far enough to comply with EU case law, according to some advisers.

Australia's High Court delivered a decision in the Consolidated Media Holdings case which gives a broader meaning to the concept of share capital account.

The chairman of the Senate Finance Committee, Max Baucus, is urging its members to approve the nominations of Ronald Buch and Albert Lauber to be new judges on the US Tax Court.