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Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition undisclosed Lockheed Martin (US) Savi Technology (US) Fenwick & West David Forst, Neal Gordon (US) Acquisition £2.3 billion ($4.3 billion) Consortium led by Netcare Healthcare Holdings (South Africa) and Apax Partners Worldwide (US) General Healthcare Group (UK) Ashurst Ian Johnson, Tom Cartwright (UK) Dickson Minto UK (advising sellers BC Partners) Acquisition $1.4 billion Millipore (US) Serologicals (US) Cravath Swaine & Moore Stephen Gordon, Jeffrey Mandel (US) Slaughter and May UK Hengeler Mueller Germany King & Spalding US Acquisition $3.8 billion Investor group Kerzner International (US) Cravath Swaine & Moore Stephen Gordon, Annie Kim (US) Simpson Thacher & Bartlett US Acquisiton of 26% stake $2.65 billion Emirates Telecommunications (UAE) Pakistan Telecommunications (Pakistan) Norton Rose UAE Allen & Overy Acquisition £71.4 million ($133.5 million) Inchcape (UK) Lind Automotive Group (UK) Slaughter and May UK Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers IPO $5 billion Kohlberg Kravis Roberts (US) Goldman Sachs (US), Citigroup (US), Morgan Stanley (US) Simpson Thacher Bartlett Steve Todrys (US), Linklaters US/ Luxembourg Cravath Swaine & Moore William Brannan (US), Freshfields Bruckhaus Deringer Eelco van der Stok (the Netherlands/ UK) IPO €1 billion ($1.28 million) GRIFOLS (Spain) Morgan Stanley (US) Uría Menéndez UK/ Spain Bond issue $250 million SOCO International (UK) Merrill Lynch (US) Bridgewell (UK) Ashurst Paul Miller (UK) Linklaters IPO £76 million ($142 million) Acertec (UK) Collins Stewart (Channel Islands) Travers Smith UK Ashurst Simon Swann (UK) Listing £58 million ($108 million) African Copper (Botswana) Numis Securities (UK), Dundee Securities (Canada), Raymond James (US), Paradigm Capital (Canada), BMO Nesbitt Burns (Canada) Ashurst Tom Cartwright (UK), Macleod Dixon Canada, Skadden Arps Slate Meagher & Flom US PFI deal £1 billion Barts and the Royal London NHS (UK) Skanska, Innisfree, Equion Clifford Chance Robert Davies (UK)

The Canadian business community welcomed the new Conservative minority government's first budget, which unveiled several tax benefits.

If they weren't already thinking about it, the success of Kohlberg Kravis Roberts Private Equity Investors' public offering in early May, makes other private equity funds even more likely follow suit. Claire Jones investigates some of the tax issues involved in what may soon become a very popular investment vehicle.

Peter Costello, the Australian Treasurer, announced measures aimed at providing greater flexibility, streamlining definitions and reducing complexity and compliance costs as part of his 2006/2007 Budget on May 9, though international tax changes were limited and the business community expressed disappointment at the government's tax reform programme.

The place called a "competitive tax environment" is the hallowed place that taxpayers and tax collectors alike seek. It means different things to different people but it approximates to a place where the tax system has the right mix of incentives and obligations that allow businesses to create wealth and the tax authorities to raise the revenue they require for their spending plans.

Paul Davies: "More and more, HMRC are looking into whether tax information is documented correctly." Aidan O'Carroll: "What I want to do is to help the teams around the world, the biggest practices in particular, to work together." Paul Davies, who will take over from Aidan O'Carroll on July 1 as head of the UK tax group, has said that he considers tax accounting systems and controls the most important growth area for Ernst & Young's UK tax practice. O'Carroll will become the global tax leader for client services and accounts.

The Treasury Department and IRS in February 2006 issued final regulations (TD 9250) regarding the application of section 367 to cross-border stock transfers to which section 304 applies. The final regulations generally adopt rules that were proposed in May 2005, but with certain revisions.

In the Cadbury Schweppes case the Advocate General (AG) to the European Court of Justice has stated in his opinion released on May 2 2006 that the UK controlled foreign companies (CFC) rules are prima facie a breach of the freedom of establishment set out in article 43 of the EC Treaty but may be justified on the grounds of needing to counter tax avoidance, as long as the legislation is targeted against wholly artificial arrangements intended to circumvent national law. The court is not obliged to follow the opinion of the AG but does so in most cases.

Over the last year there have been many updates on the plans for a reform of the Dutch Corporate Income Tax Act (CITA) as it was published in the white paper "Working on profit" in April of 2005. Recently the Dutch Ministry of Finance announced that a legislative proposal has now been sent to the Advisory Council for advice.