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By Eva Farkas-DiNardo, Alston & Bird

By Peter Collins, Michael Frazer and Chris Morris of PricewaterhouseCoopers

The development of international capital markets has seen transactions become quicker and larger, but also more complex. Deals can involve more than one jurisdiction and, accordingly, more than one set of tax rules and regulations. While investors look to do deals in a tax-efficient manner, tax authorities strive to ensure that the due amount of tax is being paid on each arrangement. The volume of law in different countries make the easy access to high-quality knowledge and advice more and more essential.

Reto Savoia and Stefan Kuhn of Deloitte discuss certain key aspects of M&A transactions/leveraged buy-outs in Switzerland in light of the current tax environment

By Xavier Hoyos Hernández and Victor Pérez Ruiz, KPMG Cárdenas Dosal

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A €250million ($299million) Swisscom (Switzerland) Antenna Hungária (Hungary) Allen & Overy Levente Torma (Hungary) Acquisition attempt £1.8billion ($3.1billion) Nippon Sheet Glass (Japan) Pilkington (UK) Allen & Overy Brenda Coleman, Lydia Challen (UK) Slaughter and May Richard Carson, Fiona Jivraj (UK) M&A $7.3billion National Grid (US) KeySpan (US) Skadden, Arps, Slate, Meagher & Flom US Simpson Thacher & Bartlett Charles Rappaport, Rachel Birnbaum (US) Acquisition attempt $1.7billion Xstrata (Switzerland) Cerréjon/ Glencore (Columbia/Switzerland) Freshfields Bruckhaus Deringer In-house counsel Richard Marshall (Switzerland) and Parra Rodríguez & Cavalier (Columbia) M&A $2.7billion BASF (Germany) Degussa (Germany) Freshfields Bruckhaus Deringer Hans-Jörg Ziegenhain (with Hengeler Mueller since March 1 2006) (Germany) M&A AUD248.4million ($184.8million) Pacific Equity Partners (Australia) Vision Fire & Security (Australia) Freehills Australia Ashurst UK PricewaterhouseCoopers M&A $67.1billion AT&T (US) BellSouth (US) Sullivan & Cromwell US Fried, Frank, Harris, Shriver & Jacobson Alan Kaden, Michael Alter (US) M&A £8billion ($13.9billion) Linde (Germany) BOC (UK) Slaughter and May Sara Luder, Clare Richardson (UK) Hengeler Mueller Germany Shearman & Sterling US M&A €572million ($685million) Foodco Pastries, Medimosal (Spain) TelePizza (Carbal, Permira) (Spain) Uría Menéndez Spain Baker & McKenzie Spain Linklaters Spain M&A £205million ($356million) Blackstone/ Forest Bidco (US) Center Parcs (UK) Ashurst UK Simmons & Simmons UK M&A €3.1billion ($3.7billion) Eurazeo (France) Europcar (Germany) Bredin Prat France, Slaughter and May Richard Cason (UK), Hengeler Mueller Germany, Bonelli Erede Pappalardo Italy, Uría Menéndez Juan Antonio Férnandez-Velilla (Spain) Clifford Chance M&A $14.6billion Capital One (US) North Fork (US) Cleary Gottlieb Steen & Hamilton US Wachtell Lipton Rosen & Katz US M&A €826million ($990million) Aleris International (US) Corus Group Aluminium (UK) Slaughter and May Graham Airs, Feiza Jivrai (UK) M&A €1.2billion ($1.4billion) Blackstone/ Lion Capital (US) Cadbury Schweppes (UK) Uría Menéndez Spain Slaughter and May, Pérez Llorca M&A Undisclosed Kuzbassrazrezugol (KRU) (Russia) Powerfuel (UK) Ashurst Richard Palmer (UK) Fishers Charles Killin and Louise Taylor (UK) M&A £652million ($1.1billion) L'Oréal (France) Bodyshop (UK) Bodyshop: Baker & McKenzie James Burdett (UK) , Anita and Gordon Roddick: Ashurst Geoffrey Green, Robert Ogilvy Watson (UK) Linklaters Richard Godden (UK) Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers IPO CDN$410million ($352million) Addax Petroleum Corporation (Switzerland) Merrill Lynch Fasken Martineau Canada Herbert Smith Jim Wickenden, Adam Wells, Mark Tudor, Arit Ekpo, Siddharth Gyaltsen and Richard Hollis (UK) and Fraser Milner Casgrain (Canada) Project finance €657million ($787million) Junta de Compensació n Parque de Valdebebas BBVA and Caja Madrid Uría Menéndez Spain Clifford Chance Spain Debt Capital Markets €270million ($323million) ONO Finance II (Cableuropa, Auna Telecomunicacio (Spain)) Royal Bank of Scotland, Calyon, ABN Amro Clifford Chance US, England, Spain A&L Goodbody Ireland Uría Menéndez Rafael García Llaneza, Francisco Javier Blanco (Spain) Debt Capital Markets €2billion ($2.4billion) Santander (Spain) Goldman Sachs, Morgan Stanley In house Uría Menéndez Jesús López-Tello, Victor Martín (Spain) IPO $125million Falcon Asset Backed Investments (Guernsey) Antenna Hungária (Hungary) Slaughter and May Nilufer von Bismarck, Carl Della-Bosca, Sarah Dunstall (UK)

Transaction specialist Pierre-Pascal Bruneau joined the firm from Slaughter and May's Paris office, where he was a partner for more than 10 years.

The European Court of Justice has recently given its ruling in the Halifax case. It stated that:

By Tobias Lintvelt and Koichi Sekiya, Shin Nihon Ernst & Young

By Heini Rüdisühli and Jean-Blaise Eckert, Lenz & Staehelin