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Though in less than three years' time, some areas of Switzerland will be unable to offer a federal tax holiday, it will make little difference to their tax appeal for foreign companies, believe Stephan Baumann, Jacqueline Hess, Jacques Kistler and Rene Zulauf of Deloitte

The decision in the Datatronic case may have gone with the taxpayer, but there are a number of reasons why others in a similar position should not celebrate just yet, say Chris Abbiss and Nigel Hobler of KPMG

By Joanna Faith

Controlling the deadweight cost of tax is a job that a tax director does that is often not appreciated, believe PJ Henehan and Aidan Walsh of Ernst & Young

Australian tax advisers, Greenwoods & Freehills and Irish law firm, William Fry are the latest members to join Taxand, the global alliance of independent tax advisory firms.

By International Tax Review

Donald Bowman, former chief justice of the Tax Court of Canada, has joined Fraser Milner Casgrain.

Ryan Pinder, a partner in the firm's corporate and tax law group, is to be the head of Becker & Poliakoff's new office in the Bahamas.

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

Sean Foley On July 10 2008, the Senate Foreign Relations Committee held hearings on the new protocols to the US-Canada and US-Bulgaria income tax treaties as well as new US-Iceland and US-Bulgaria income tax treaties. On July 29 the protocols and the treaties were approved by the committee and are now one step closer to becoming effective. Before entering into force: (1) the protocols and treaties need to be approved by the full Senate; (2) US instruments of ratification need to be drafted and signed by the President; and (3) the US treaty partner has to be notified about completion of the US ratification process. (For the prior treaty coverage see the February 2007 and January 2008 Outbound columns.) Along with the treaties, the Treasury has issued the respective technical explanations.