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Pranab Mukherjee, India’s finance minister, said transfer pricing is robbing developing nations of scarce natural resources.

The Informal Meeting on the Practical Transfer Pricing Issues for Developing Countries, which was convened in New York last week, discussed the UN’s draft manual which will offer guidance on the practicality of adapting OECD guidelines to developing countries.

The OECD has released a multi-country analysis of existing transfer pricing simplification measures.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $3.7 billion Maple Group Acquisition Corporation TMX Group Inc Davies Ward Phillips & Vineberg Acquisition $2 billion VF Corporation The Timberland Company Davis Polk & Wardwell - Kathleen Ferrell Acquisition $290 million Aetna Genworth Financial Inc's Medicare Supplement Business Davis Polk & Wardwell - Harry Ballan, William Curran Acquisition Undisclosed Pacific Andes International Holdings Icelandic Group Hengeler Mueller; Bredin Prat - Pierre-Henri Durand, Chloe Delion; Slaughter & May; LEX Joint venture Undisclosed INEOS Industries Holdings Ltd BASF SE, Ludwigshafen Noerr - Lutz Enno Werner, Stefan Renger Noerr - Oliver Trautmann, Utho Grieser Acquisition Undisclosed Admin Re (Swiss Re) American Life Insurance Company (MetLife) Freshfields Bruckhaus Deringer - Todd Kramers Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Secured asset-based credit facility $2 billion Lyondell Chemical Company Citibank Cadwalader, Wickersham & Taft Davis Polk & Wardwell Initial public offering $1.4 billion Verallia (Saint-Gobain) BofA Merrill Lynch; BNP Paribas; JP Morgan Bredin Prat - Sebastien de Mones, Magali Buchert; Cravath, Swaine & Moore Linklaters; Allen & Overy Senior secured revolving credit facility $1.25 billion El Paso Corporation JP Morgan Securities; Citigroup Global Markets Bracewell & Giuliani Davis Polk & Wardwell - Po Sit, Jason Chlipala SEC-registered notes offering $1.25 billion Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) Barclays Bank; HSBC Bank; JP Morgan Securities Shearman & Sterling; Poch Krassnigg Davis Polk & Wardwell B/C share scheme $1.1 billion John Wood Group plc Slaughter and May - Mike Lane, Richard Jeens Senior notes offering $650 million CGG Veritas Credit Suisse; BofA Merrill Lynch; BNP Paribas; Natixis; RBC Capital Markets Linklaters Bredin Prat - Julien Gayral, Timur Celik; Cravath, Swaine & Moore Senior subordinated notes offering $500 million Range Resources Corporation JP Morgan Securities; Merrill Lynch, Pierce, Fenner & Smith Inc; Wells Fargo Securities Vinson & Elkins Davis Polk & Wardwell - Rachel Kleinberg, Arie Rubenstein

Law firm Irwin Mitchell has announced the hire of Alex Barnes as a property tax advisory partner.

The Australian government’s climate adviser, Ross Garnaut, has delivered his final climate change report to the Prime Minister, Julia Gillard. With suggested details now tabled, companies could be one step closer to paying tax on their carbon emissions, though there is still widespread opposition.

Martineau, a UK law firm with offices in Birmingham and London, has hired Oliver Gutman as a tax partner.

John Cridland, Director-General of the Confederation of British Industry (CBI) has criticised the uncertainty created for energy investors by the UK government’s Energy White Paper.

By Mike Ahern, Piotr Wiewiorka, and Przemyslaw Orwat, of PwC Poland

Tomas Karlsson and Royne Schiess of Ernst & Young compare how Sweden handles VAT for software developers with that of the EU VAT Directive and discover that they are not entirely aligned.