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Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $7.3 billion Aetna Coventry Health Care Jones Day / Davis Polk & Wardwell Wachtell, Lipton, Rosen & Katz - Deborah Paul Merger $3.7 billion Hudson City Bancorp M&T Bank Corporation Sullivan & Cromwell Wachtell, Lipton, Rosen & Katz - Joshua Holmes Merger $2.3 billion Hertz Global Holdings Dollar Thrifty Automotive Cravath, Swaine & Moore / Debevoise & Plimpton / Jones Day Cleary Gottlieb Steen & Hamilton - Jason Factor Acquisition $1.2 billion Pacific Industrial Services BidCo Spotless Gilbert + Tobin Clayton Utz Acquisition $1 billion Bain Capital Partners Genpact Ropes & Gray Cravath, Swaine & Moore / Nishith Desai Associates Acquisition $577 million Silver Lake Global Blue Luxembourg Holdings WongPartnership Weil, Gotshal & Manges Joint Venture $337 million SK Innovation Continental AG Kim & Chang / WongPartnership Acquisition $285 million FMC Technologies Pure Energy Services Stikeman Elliott - Douglas Richardson / Vinson & Elkins Blake, Cassels & Graydon Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Notes Offering $3 billion Rio Tinto HSBC / Morgan Stanley / RBS / BNP Paribas / RBC / SG Americas / Standard Chartered Davis Polk & Wardwell - John Paton Notes Offering $2.5 billion PepsiCo Citigroup / Morgan Stanley / RBS Davis Polk & Wardwell - Avishai Shachar Jones Day Subordinated Notes Offering $2 billion UBS AG UBS Securities / Citigroup / Goldman, Sachs / J.P. Morgan / Merrill Lynch / Morgan Stanley / RBS / Wells Fargo Davis Polk & Wardwell - John Paton High-Yield Notes Offering $1.2 billion Continental Resources Merrill Lynch Latham & Watkins Davis Polk & Wardwell - Michael Mollerus Notes Offering $750 million ICICI Bank Citigroup / HSBC / J.P. Morgan / Merrill Lynch / Standard Chartered Davis Polk & Wardwell - Alon Gurfinkel Senior Notes Offering $500 million Moody's Citigroup / Merrill Lynch Gibson, Dunn & Crutcher Davis Polk & Wardwell - Michael Mollerus Dribble-Out Offering $500 million Westar Energy BNY Mellon Davis Polk & Wardwell Hunton & Williams

Tom Walsh, managing director, global customs trade and trust, for the tax & accounting business of Thomson Reuters, explains why there is a lack of confidence among firms that implementation deadline can be met.

Tax policy and implementation is changing rapidly in Asia. Regulations are constantly being reformed and taxpayers' tactics and strategies need to be consistently reviewed to keep up. The region is wising-up to the notion that tighter tax regulations mean higher revenues and, while this is nothing new, some of the procedures that are in place and they way they are scrutinising taxpayers' operations are becoming more sophisticated. General-anti avoidance rules (GAAR), sanction-lifting, managing certain types of structures and compliance are just a few of the issues taxpayers are facing.

Poland’s Supreme Court recently questioned the economic rationale behind the acquisition of procurement services from a related entity. Aneta Blazejewska-Gaczynska of Ernst & Young explains why this decision should force multinationals to examine their supply chain structures.

VAT fraud costs the EU and the national budgets several billion euros every year. Thus, avoiding fraud has become the most important issue for the EU and the member states. Ronny Langer and Thomas Küffner of Küffner Maunz Langer Zugmaier look at the measures that have been introduced to address the problem and how they are affecting honest businesses.

A report from the UK Parliament’s International Development Committee has highlighted the importance of tax collection in developing countries, demanding greater transparency and country-by-country reporting.

Proposed Indian general anti-avoidance rules (GAAR) were not met with much support when details were revealed earlier this year. But a recent consultation period has brought transparency and clarity to proposal, much to the benefit of taxpayers explains Rajendra Nayak of Ernst & Young.

As transfer pricing enforcement evolves, the State Administration of Taxation (SAT) in China has developed the concept of anti-avoidance tax system combining management, service and investigation. Wu Duo and Li Ying of Siemens in China discuss the merits of transfer pricing investigation versus self-inspection.

While the banking crisis in Ireland has constricted traditional lines of credit, it has also created opportunities for financial institutions with healthier balance sheets to finance the many businesses based in Ireland with strong fundamentals. Understanding the tax implications for the Irish borrower is a key consideration in the lending process. John Gulliver and David Burke of Mason Hayes & Curran examine the tax treatment of corporate debt for Irish borrowers, comparing and contrasting this by way of illustration with the tax treatment for UK borrowers.

The lifting of US sanctions on general investment in Myanmar is one of the key indications that this Southeast Asian frontier market is poised for a big leap in terms of foreign direct investment (FDI). Cynthia Herman, Edwin Vanderbruggen and Thida Cho Win of VDB Loi discuss how non-residents will be taxed.