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KPMG in the US has chosen John Gimigliano to run its Americas climate solutions and energy sustainability practice.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $18.8 billion DOW Chemical Company Rohm and Haas Wachtell, Lipton, Rosen & Katz, T. Eiko Stange Acquisition $14. 1 billion Teck Cominco Fording Canadian Coal Trust Borden Ladner Gervais, Doug Powrie & Randy Morphy Osler, Donald Watkins Merger $8.9 billion Teva Pharmaceutical Barr Pharmaceuticals Wilkie, Farr & Gallagher, Christopher Peters Simpson Thacher & Bartlett, Gary Mandel, Noah Beck and Jason Vollbracht Acquisition $4.5 billion Bristol-Myers Squibb ImClone Systems Cravath, Swaine & Moore, Stephen Gordon, Lauren Angelilli, Ellen Kandel-Burg & Amanda Albert Merger $3.3 billion Ashland Hercules Squire, Sanders & Dempsey Wachtell, Lipton, Rosen & Katz, Deborah Paul Acquisition $2.9 billion CVS Caremark Longs Drug Stores Wachtell, Lipton Rosen & Katz, Joshua Holmes Acquisition $1.25 billion GIC Special Investments Oncor Electric Delivery's holding company, Energy Future Holdings Heller Ehrman, Brett Dick & Jonathan Zhu Acquisition £630 million ($935 billion) Grupo SOS Unilever's Bertolli, Maya, Dante & San Giorgio businesses Travers Smith, Kathleen Russ Slaughter and May, Jeanette Zaman & Harriet Symes Acquisition $490 million Tower Group CastlePoint Holdings Debevoise & Plimpton, Gary Friedman & Lucy Xi Cheng Acquisition $375 million Vestar Capital Partners Unilever's laundry business in the US, Canada & Puerto Rico Cravath, Swaine & Moore, Michael Schler & Dana Frenkel Acquisition $363 million Dongwon Enterprise Starkist Simpson Thacher, John Creed, Noah Beck, Jeffrey Graff Acquisition $315 million Ameriprise Financial H&R Block Financial Advisors Wachtell, Lipton, Rosen & Katz, T. Eiko Stange, Joshua Holmes & Michele Alexander Sullivan & Cromwell Merger $290 million Orbotech Photon Dynamics Cravath, Swaine & Moore, Andrew Needham & Anne Kim Choi Acquisition £116 million ($216 million) Moyallen Holdings Peacocks Centre (owned by British Land) SJ Berwin, Heather Corben & Anna Downey Acquisition £100 million ($186 million) Phoenix Equity Partners & Sirius Equity LK Bennett Travers Smith, Simon Skinner, Kathleen Russ & Russell Warren Berwin Leighton Paisner, Charles Goddard Acquisition $120 million Cisco Systems Pure Networks Fenwick & West, Ron Schrotenboer & Larissa Neumann Acquisition $120 million Fincantieri - Cantieri Navali Italiani Manitowoc Marine Group Morgan Lewis, Ken Kail Acquisition $93.5 million Carousel Capital Partners Mergent & Kinetic Information System Services (owned by Xinhua) Latham & Watkins Wachtell, Lipton, Rosen & Katz, T. Eiko Stange & Michele Alexander Acquisition $90 million Janus Capital Group Perkins, Wolf, McDonnell and Company Wachtell, Lipton, Rosen & Katz, Joshua Holmes Acquisition Undisclosed Sun European Partners ScS Upholstery Linklaters, Elizabeth Conway Deloitte Pinsent Masons, John Robinson and John Cristian KPMG Joint Venture Undisclosed Mirax Group Beetham Organisation Herbert Smith, Neil Warriner Acquisition Undisclosed One Equity Partners Professional Wound Care business of ETHICON Morgan Lewis, Michael Walutes Cravath, Swaine & Moore, Michael Schler, Lauren Angelilli, Annie Kim Choi & Sophie Alexane Acquisition Undisclosed Publicis Groupe Kekst Wachtell, Lipton, Rosen and Katz, Joshua Holmes & Jason Oh Acquisition Undisclosed COFCO Smithfield Foods Davis Polk & Wardwell, Po Sit & Neil Weinberg Acquisition Undisclosed IBM Platform Solutions Cravath, Swaine & Moore, Andrew Needham, Vinay Shandal, Luke Facer & Ilya Podolyako O'Melveny & Myers, Robert Fisher Acquisition Undisclosed VION Grampian Country Food Group Mayer Brown, Michael Cashman Merger Undisclosed NovaThera MedCell Taylor Wessing, Ann Casey Acquisition Undisclosed Steuben Glass Corning's Steuben(R) Glass Division Wachtell, Lipton, Rosen & Katz, Michele Alexander Acquisition Undisclosed Monomoy Capital Partners Redcats USA's missy division Wachtell, Lipton, Rosen & Katz, Jodi Schwartz & Michele Alexander Acquisition Undisclosed Symantec SwapDrive Fenwick & West, Ron Schrotenboer, Adam Halpern & Melinda Vance Acquisition Undisclosed LBO France Tourexcel Lefèvre Pelletier & associés, Pierre Appremont & Karen Berdugo CMS Bureau Francis Lefebvre, François Charpai & Dimitri Leboff Acquisition Undisclosed Sony Bertelsmann's 50% interest in Song BMG Davis Polk & Wardwell, Harry Ballan & Raymond Holst Type of Deal Value Issuer/borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Covered bond programme €8 billion ($11.9 billion) Alpha Bank Covered Bond Barclays Capital In house counsel Allen & Overy, Chris Harrison, Amrit Dehal & Alice Gamble Loan securitisation €460 million ($682 million) Schuldschein Deutsche Bank Linklaters, Florian Lechner IPO €361.9 million ($536.8 million) SMA Solar Technology Deutsche Bank & Citibank Hengeler Mueller, Martin Klein Cleary Gottlieb SPAC offering €275 million ($408 million) Germany1 Acquisition Deutsche Bank Weil Gotshal & Manges, Tobias Geerling Herbert Smith, Derek Hill & Stephen Gurman

Jane Dodd On June 10 2008, the UK revenue authority, Her Majesty's Revenue and Customs (HMRC), published new guidelines on the conduct of transfer pricing enquiries. The guidelines apply in the main to transfer pricing enquiries only. In thin capitalisation cases, negotiations leading to an agreement between HMRC and business tend to be shorter in duration and, in HMRC's view, are operating successfully. The guidance does, however, apply to thin capitalisation where the issue is considered for the first time in the context of a formal enquiry into a return.

Andrés Edelstein Ignacio Rodríguez During the last week of June, the Argentine government sent the formal notification to the Austrian government for terminating the double tax treaty with this country. In accordance with the provisions set forth in article 29 of the treaty, this termination will become effective on January 1 2009.

Edward Tanenbaum Diana Wessells Section 7874 applies if, pursuant to a plan, (1) a foreign corporation acquires, directly or indirectly, substantially all of the properties held directly or indirectly by a US corporation; (2) the foreign acquiring corporation or any affiliated corporation (based on greater than 50% common ownership) does not have substantial business activities in the country in which the foreign acquiring corporation is organised; and (3) immediately after the transaction, former shareholders of the US corporation own at least 60% of the stock (by vote or value) of the foreign corporation by reason of holding stock in the domestic corporation. The stock ownership test disregards stock held by members of the expanded affiliated group (EAG) that includes the foreign acquiring corporation.

Ramón López de Haro Amendments in Spanish transfer pricing legislation introduced last year in the Spanish corporate income tax (CIT) act, have revitalised a traditional tax issue for foreign multinationals based in Spain: the valuation and deductibility of charges linked to inter-company services.

Fernando Castro Silva Tiago Cassiano Neves Following the recent recommendations of the 2008 OECD tax intermediaries' study, Portugal is the first continental European country to enact disclosure rules on abusive tax planning schemes.

Securities/ futures firms are now allowed to invest in China indirectly and foreign funds are exempt from submitting certificates declaring that investment capitals are not sourced from China. In a recent press release announced by the Taiwanese Executive Yuan, the cabinet has approved five proposals, for example allowing Taiwan securities/futures firms to invest in China and relaxing the relating investment cap in a legislative hearing held on June 26 2008.

Monique van Herksen, Clive Jie-A-Joen and Marco Wallart of Baker & McKenzie outline the risks of and implications surrounding exit charges

Cross-border trade is not a phenomenon anymore. It is happening. Companies are doing business in places where it suits them to do so, without thinking too much that it may not be in the country they started. To get business to come to a country has been a demanding task for national authorities. Tax has played an important role in the effort.