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Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition £267 million ($525 million) Blackstone (US) Tragus Group (UK) Simpson Thacher & Barlett (UK), DLA Piper (UK) Ashurst (Alexander Cox, UK) Acquisition €430 million ($557 million) Management buy-out backed by Sagard (France) and Ergon (Belgium) Aliplast Group (Belgium) Clifford Chance Ashurst Acquisition €122 million ($158 million) GE Real Estate Italia (Italy) Italian office properties in Milan and Rome Ashurst (Paola Flora, Italy) Acquisition €226 million ($293 million) Pamplona (UK) Johnson Matthey (ceramics division) (UK) Jones Day (UK) Herbert Smith (Michelle Williamson, UK) Acquisition £103 million ($203 million) BSkyB (UK) 365 Media (UK) Herbert Smith (UK) SJ Berwin (UK) Acquisition $1 billion Carlyle Group (US) Elkcorp (US) Debevoise & Plimpton (Peter Furci, Karl Lee, US) Wachtell Lipton Rosen & Katz (US) Acquisition undisclosed Carlyle Group (US) Atlas Roofing (US) Debevoise & Plimpton (Peter Furci, Karl Lee, US) Kirkpatrick & Lockhart Nicholson Graham (US) Acquisition $1.7 billion John H. Harland Company (US) M & F Worldwide (US) Cravath, Swaine & Moore (Stephen Gordon, Michael Breidenbach, US) Skadden, Arps, Slate, Meagher & Flom (Barnet Phillips, Ron Kovalsk, US) Acquisition £263 million ($517 million) Inchcape (UK) European Motor Holdings (UK) Slaughter and May (Dominic Robertson, UK) Freshfields Bruckhaus Deringer (UK) Acquisition $237 million Georgia-Pacific (US) five mills belonging to International Paper (US) Debevoise & Plimpton (Peter Furci, US) Acquisition C$1.25 billion ($1.07 billion) Nucor Corporation (US) Harris Steel (Canada) Stikeman Elliot (Canada) Goodmans (Maureen Berry, Canada) Acquisition $399 million Orascom Telecom Holding (Egypt) 7.91% stake in Orascom Telecom Algeria (Algeria) Gide Loyrette Nouel (Algeria) Allen & Overy (Dubai) Acquisition $2.35 billion Onex (Canada) Eastman Kodak (Health Group) (US) Kaye Scholer (US) Sullivan & Cromwell (US), Freshfields Bruckhaus Deringer (Europe) Merger $2.72 billion FairPoint (US) Verizon (Wireline businesses in Maine, New Hampshire, and Vermont) (US) Paul Hastings (US) Debevoise & Plimpton (Peter Furci, David Schnabel, Vadim Mahmoudov, Brooke Monahan McKeever, Gabriela Palmieri, US) Acquisition $4.8 billion General Electric (US) Smiths Aerospace (UK) Slaughter and May (Steve Edge, Gareth Miles, Dominic Robertson, UK) Allen & Overy (Brenda Coleman, UK) Acquisition £218 million ($429 million) Oak Hill Capital, GenNx360 Capital, and Knox Lawrence (US) Vertex Data Science (UK) Olswang (Stephen Hignett, Stephen Smith, UK) Slaughter and May (Graham Airs, Edward Denny, Timothy Woodthorpe, UK) Type of deal Value Issuer/Borrower Lead managers/ lenders Adviser to issuer/borrower (tax) Adviser to lead managers (tax) CDO €317 million ($410 million) Henderson Global Investors (collateral manager) (UK) Bank of America Securities (underwritter) (US) Ashurst (Ian Johnson, UK) Milbank Tweed Hadley & McCloy (UK) Notes issue €508 million ($658 million) Avoca CLO VI/ Avoca Capital Holdings (Ireland) Credit Suisse (Switzerland) Matheson Ormsby Prentice (Ireland) Ashurst (UK), McKee Nelson (US)

Peter Dachs In the absence of a double tax agreement, non-resident investors are subject to South African tax in respect of any South African-sourced income, or income deemed to be sourced from here.Because of this, foreign investors into South African funds (such as hedge funds, private equity funds) face an enquiry into whether the profits from such investments are derived from a South African source or deemed source.This is particularly relevant where the foreign investors have a direct exposure to the underlying assets, such as where the fund is a transparent entity such as a partnership.

Mikhail Filinov Ilarion Lemetyuynen Certain changes to Russian tax law came into force in 2007. Below we present an overview of some of them which may be of interest to international tax professionals.

Arne Kattouw The Dutch Supreme Court recently rendered judgement in several appeal cases concerning whether the Netherlands may levy tax on the wages of employees working abroad on a short-term basis for a foreign-affiliated company of their employer.

Laurent Grençon Nicolas Devillers New position of the Luxembourg VAT Authorities On December 29 2006, the VAT Authorities issued a long-awaited circular regarding changes in VAT aspects in the investment fund industry. These changes follow two major VAT cases brought to the European Court of Justice; the BBL case (C-8/03) and the Abbey National case (C-169/04).

Michael Friedman and Todd Miller of McMillan Binch Mendelsohn identify the challenges and tax-planning opportunities that the new SIFT rules raise for non-resident investors

Malta seeks to transform itself for international business Source: Flickr The Maltese parliament is now debating legislation that it tabled earlier this month to bring the country's tax system into line with European Commission requirements.

Draft bill almost fully implements EU merger directive Marc De Muynck Last summer the Belgian Government elaborated on a draft bill aimed at further implementing the EU merger directive (90/434/EEG dated July 23 1990) into the Belgian tax code.

The OECD's Mary Bennett tells Sed Crest why double tax treaties should take more notice of arbitration

Claire Jones finds out how two of the world's biggest media companies benefited from a recent reform of the US tax code to do a tax-efficient transaction