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Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Global Strategic Alliance $1.32 billion General Motors PSA Peugeot Citroën Freshfields Bruckhaus Deringer Bredin Prat Acquisition $1.3 billion Molycorp Neo Material Technologies Jones Day / McCarthy Tetrault Fogler, Rubinoff / McDonald Hopkins / Stikeman Elliott Acquisition 610.7 million LSE LCH.Clearnet Freshfields Bruckhaus Deringer / Sullivan & Cromwell Clifford Chance Acquisition $463 million Energy Capital / PPL Generation / GDF Suez International AES Red Oak / AES Ironwood / AES Energia Cartagena Latham & Watkins - David Raab, Kevin Brogan Acquisition $321 million SingTel Amobee Fenwick & West - Michael Solomon, Natalie Pardo De Zela Acquisition $171 million Legrand France Numeric Power Systems WongPartnership - Low Kah Keong, Teo Hsiao-Huey, Jeffrey Lim, Ameera Ashraf Amarchand & Mangaldas & Suresh A. Shroff & Co Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Notes Offering $2.75 billion PepsiCo Goldman Sachs / J.P. Morgan / Merrill Lynch Davis Polk & Wardwell - Avishai Shachar, Patrick Sigmon Jones Day Notes Offering $800 million Wyndham Worldwide J.P. Morgan / Deutsche Bank / Goldman Sachs Kirkland & Ellis Davis Polk & Wardwell - Harry Ballan, Nessia Kushner Fixed Rate Subordinated Notes Issue $798.5 million DBS Bank Allen & Gledhill WongPartnership - Hui Choon Yuen Notes Offering $600 million Heinz J.P. Morgan / Merrill Lynch / UBS Davis Polk & Wardwell - Samuel Dimon, Adam Perry Sullivan & Cromwell Investment Grade Notes Offering $500 million Fifth Third Bancorp Deutsche Bank / J.P. Morgan / Morgan Stanley Graydon Head & Ritchey Davis Polk & Wardwell - Rachael Kleinberg, Sarah Joy Five Year Revolving Credit Facility $462.6 million Aurubis AG Commerzbank / Deutsche Bank / Unicredit Bank Hengeler Mueller Clifford Chance Follow-On Equity Offering $370 million Waste Connections Morgan Stanley Latham & Watkins Davis Polk & Wardwell - Lucy Farr, Neil Barr, Gregory Hannibal, Johann Wagner Initial Public Offering $123.3 million Yelp Goldman Sachs / Citigroup / Jefferies & Co Davis Polk & Wardwell - Rachel Kleinberg, Una Au

Multinationals with nothing to hide should back country-by-country reporting to reduce their exposure to risk and negative press and to make investors happy.

Colin Clavey and Lee Corrick, in the Tax and Development unit at the OECD explain how the organisation is structuring its efforts towards developing countries, in particular through transfer pricing and the work of the Task Force on Tax and Development.

Deloitte has named Todd Wolosoff, in its New York office, as its new global transfer pricing managing partner, succeeding Jeff Neuenschwander. Wolosoff will remain as the US leader for transfer pricing.

The Egyptian government is not ready to bring in VAT yet. It is also considering other tax policy options.

Governments could do a lot more to improve how they formulate tax policy, including putting in place a recognised process of consultation with taxpayers.

Draft legislation for France’s financial transaction tax (FTT) was adopted last week, and it is French-listed companies who look set to lose out.

India’s Standing Committee on Finance has sent its latest report on the Direct Taxes Code (DTC) to parliament, recommending a more user-friendly structure and stricter reviews of assessing officers, as well as changes to the controlled foreign company (CFC) and general anti-avoidance rules (GAAR) regimes.

The UK High Court has ruled that where taxpayers have unlawfully paid VAT to a supplier, they are not entitled to bring claims against HMRC under UK law but may have the opportunity to claim under European law.

Brazil is expanding the scope of its IOF transactions tax on short-term loans and bonds following last year’s rate increase to 6%.