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Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $11.6 billion CenturyTel Embarq Weil, Gotshal & Manges Kenneth Heitner, Chayim Neubort Acquisition $10.2 billion Teck Cominco Fording Canadian Coal Trust Borden Ladner Gervais Doug Powrie Investment £3.5 billion ($5.6 billion) Abu Dhabi Royal Family Barclays Allen & Overy David Hughes, Charles Yorke Acquisition $5.2 billion PNC Financial Services National City Corporation Wachtell, Lipton, Rosen & Katz Joshua Holmes Acquisition $3 billion JM Smucker Folgers Coffee Company Davis, Polk & Wardwell Rachel Klienberg, Nancy Chen Acquisition $2 billion Commonwealth Bank of Australia Bankwest and St Andrews Baker & McKenzie Ashley Poke, Craig Andrade, Frank Casiglia, Andrew Reilly Acquisition £450 million ($585 million) Fujitsu Fujitsu Siemens Computers Freshfields Bruckhaus Deringer David Taylor Acquisition of loans PLN 859 million ($360 million) Varde Partners Europe Distressed assets of Bank Pekao Weil, Gotshal & Manges Acquisition $255.6 million Novafara Transmeta Davis, Polk & Wardwell Rachel Kleinberg, M Ryan LaRosa Fenwick & West Ron Schrotenboer Acquisition £200.6 million ($329.5 milion) Gardner Denver CompAir Holdings Baker & McKenzie Peter Strivens, Dieter Schmitz, Alastair Slater Acquisition $247 million United Technologies Far East GST Holdings O'Melveny & Myers Merger $128 million Fidelity National Financial LandAmerica Wachtell, Lipton, Rosen & Katz, Joshua Holmes Acquisition of 75% shareholding £83 million ($124 million) Xchanging Cambridge Solutions KPMG UK Ian Latter; Jenn Lawrie;

Mario Ortega Calle On October 31 the Spanish government approved the long-awaited regulations for the development of the new Spanish transfer pricing rules.

Henry An David Jin-Young Lee The Korean National Tax Service (NTS) introduced the advance ruling programme which is effective from October 1 2008. The programme is intended to help taxpayers reduce uncertainties on their tax matters arising from the interpretation of tax provisions and enhance predictability in business operation.

Fernando Castro Silva André Pappamikail Branco The government budget bill for 2009 was presented to parliament on October 14 2008 and encompasses amid others the following:

Marta Szafarowska For last couple of months Polish parliament has been debating the amendments to the VAT act. Some of the amendments are expected to come into force from December 1 2008 and the rest – from January 2009. The changes to be introduced are quite revolutionary.

Roberto del Toro Araceli Sosa Mexico is mainly a form over substance jurisdiction. Pursuant to the Mexican tax regulations, domestic entities must issue official invoices, meeting several formal requirements, to document their transactions. To the extent the counterparty obtains an official invoice, and meets other applicable requirements, it gets the right to deduct the involved purchases and expenses.

By Ralph Cunningham

Stefan Ditsch of PricewaterhouseCoopers outlines some recent changes to German tax legislation

Joachim Eggers, Elke Reichel and Sebastian Löser of PricewaterhouseCoopers explain recent changes to how the legal requirements governing VAT groups are interpreted and applied

By Alexander Vögele, Hendrik Fügemann and Stuart Harshbarger of NERA