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Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $2.1 billion Hong Kong Exchanges and Clearing London Metal Exchange Allen & Overy Freshfields Bruckhaus Deringer Acquisition $1 billion Apax / JMI Paradigm Kirkland & Ellis Skadden, Arps, Slate, Meagher & Flom Acquisition $555 million Upsher-Smith Laboratories Proximagen Group Skadden, Arps, Slate, Meagher & Flom - Tim Sanders Reed Smith - Caspar Fox Acquisition $386 million Lion Little World Beverages King & Wood Mallesons - Judy Sullivan Freehills Acquisition $382 million Unibail-Rodamco Perella Weinberg (mfi) Hengeler Mueller Merger U.S. Silver Corporation RX Gold & Silver Stikeman Elliott - Dean Kraus, Francesco Gucciardo Davies Ward Phillips & Vineberg Acquisition Undisclosed América Móvil Telekom Austria Wachtell, Lipton, Rosen, & Katz / Wolf Theiss Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Senior Notes Offering $600 million Bunge Citigroup / J.P. Morgan / Morgan Stanley / BNP Paribas Davis Polk & Wardwell - Harry Ballan Senior Notes Offering $400 million PPL Capital Funding BNP Paribas / Goldman, Sachs / J.P. Morgan / UBS Davis Polk & Wardwell - Samuel Dimon Sullivan & Cromwell Intercompany Financing $181 million Singapore Press Holdings Seletar Mall WongPartnership Lee & Lee Syndicated Loan $125 million China Aviation Oil ABN AMRO / Australia and New Zealand Banking Group / Bank of Communications / Crédit Agricole / United Overseas WongPartnership Rajah & Tann

Multinational agricultural company Bunge estimates up to €1 billion ($1.26 billion) a year is being lost in Hungary because of VAT fraud on food products, and the reaction of the tax authorities could give compliant companies and multinationals a headache.

The OECD Working Party No 6 launched its intangibles project in 2010 and released its discussion draft on June 6 2012. One adviser provides an in-depth analysis of what this draft means for taxpayers.

The G20 should commit to the adoption of International Financial Reporting Standards (IFRS) around the world and examine and improve how taxes are assessed and collected.

Erkki Tuomioja, Finland's Minister for Foreign Affairs, has said the government wants to introduce a financial transaction tax (FTT), but not unilaterally.

The introduction of a GST in Malaysia is said to be imminent, says the finance ministry despite it being on the table since the 2005 budget speech.

The Czech Republic is raising the rate of VAT once again, to keep the nation’s budget deficit in check.

Business lobbying organisation the Confederation of British Industry (CBI) is calling on the UK government to scrap the carbon reduction commitment (CRC), claiming it is stifling investment and does not incentivise companies to improve energy efficiency.

The Cypriot finance minister has confirmed the country will retain its 10% corporate tax rate, even if it asks for the assistance of the European Stability Mechanism (ESM) or the European Financial Stability Facility (EFSF).

The US Customs and Border Protection (US CBP) published a Notice on May 16 revoking a Headquarters Ruling, HRL 54764 (November 8, 2001). The revocation should make it easier for companies importing products purchased from a related party to navigate the potentially conflicting rules and procedures for complying with US transfer pricing rules, while properly reporting the dutiable value of property imported from a related party.