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COMMENT: Yesterday marked the introduction of Australia’s carbon pricing mechanism, with companies being charged A$23 ($23) a tonne for their carbon dioxide emissions. Prime Minister Julia Gillard has swum against the tide to drive through the unpopular measure, but her efforts might be in vain and could also cost her the premiership.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $20.1 billion Anheuser-Busch InBev Grupo Modelo Skadden, Arps, Slate, Meagher & Flom / Sullivan & Cromwell / Freshfields Bruckhaus Deringer Cravath Swaine & Moore Acquisition $5.35 billion Petronas Progress Energy Norton Rose Burnet, Duckworth & Palmer Acquisition $3.8 billion MediaTek Mstar Semiconductor Jones Day Lee & Li Acquisition $1.9 billion Rift Veolia Hogan Lovells Simmons & Simmons Acquisition $1.2 billion Microsoft Yammer Perkins Coie Orrick Herrington & Sutcliffe Acquisition $500 million Oriental Financial Group Banco Bilbao Vizcaya Argentaria Davis Polk & Wardwell - Kathleen Ferrell Acquisition $315 million Affymetrix eBioscience Davis Polk & Wardwell - Rachel Kleinberg DLA Piper Acquisition $237.6 million Marubeni ACR Allen & Gledhill WongPartnership TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Notes Offering $1.5 billion Caterpillar Citigroup / J.P. Morgan / Merrill Lynch Sidley Austin Davis Polk & Wardwell - Kathleen Ferrell Refinancing $1.08 billion Loy Yang B Power Station (International Power / GDF Suez / Mitsui & Co) King & Wood Mallesons Freehills Secondary Offering $1 billion IHS Goldman Sachs Davis Polk & Wardwell - Harry Ballan Sullivan & Cromwell Global Bond Offering $1 billion Province of Ontario Deutsche Bank / Goldman Sachs / J.P. Morgan / TD Securities Davis Polk & Wardwell Medium-term Note Programme $630.7 million Mewah International DBS Bank WongPartnership Allen & Gledhill Notes Offering $250 million Brasil Foods BB Securities / HSBC / Itau BBA / Santander Simpson Thacher & Bartlett / Machado, Meyer, Sendacz e Opice Davis Polk & Wardwell - Samuel Dimon, Yuliya Epifantseva Term Loan Facility $250 million NCI Building Systems Credit Suisse Debevoise & Plimpton Davis Polk & Wardwell - Michael Mollerus Entitlement Offer $225 million Billabong Goldman Sachs / Deutsche Bank Allens / Sidley Austin King & Wood Mallesons / Skadden, Arps, Slate, Meagher & Flom

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement (Amendment) Cyprus Austria May 21 2012 Double Taxation Avoidance Agreement China Ethiopia Ratified June 26 2012 Double Taxation Avoidance Agreement Egypt Ethiopia Ratified June 26 2012 Double Taxation Avoidance Agreement Ethiopia India Ratified June 26 2012 Double Taxation Avoidance Agreement Ethiopia Sudan Ratified June 26 2012

Bob van der Made At the ECOFIN meeting on June 22, EU finance ministers held a debate on the European Commission's proposed FTT Directive and a Danish EU presidency paper. This paper set out alternative ways forward on the FTT project – either introduction of a FTT on a two step basis (i.e. introduction of a narrow form FTT, followed in due course by a wider scope FTT), or examining other possible ways of regulating or taxing the financial sector.

A monthly commentary on the notable facts, figures and goings-on in the tax world. Suitable items should be sent to taxrelief@euromoneyplc.com

Boris Lazic

Rajendra Nayak

Ayesha Lau

Valérie Gin

Michael Shikuma