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By Eduardo Abad and Ramón Tejada, Garrigues

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)

New Zealand's tax policy work programme for 2006 will help "to ensure our tax arrangements remain competitive with trading parties like Australia to encourage investment and promote productivity.", the country's revenue minister has said. High on the list of priorities was a business tax review, measures to increase productivity and growth, and New Zealand's international tax rules. Peter Dunne outlined the blueprint when addressing the annual conference of New Zealand branch of the International Fiscal Association in Wellington.

Priority Guidance Plan updates Revenue procedure regarding a new pilot ruling program relating to corporate reorganizations. (Published October 11 2005)

In 2003 a Luxembourg-resident company received a tax assessment for the year 1998 from the Luxembourg tax authorities under which the company was denied the right to credit Spanish withholding tax it incurred against Luxembourg municipal business tax (MBT).

Treasury and the IRS have promulgated new temporary regulations to allow the making of late purging elections in order to eliminate the passive foreign investment company (PFIC) taint on ownership of shares in certain foreign corporations. This procedure, which requires IRS approval, should help taxpayers who have inadvertently fallen under the PFIC rules.

The Minister of Finance presented his Budget speech to parliament on February 15 2006. Apart from announcing changes in tax rates, allowances, exemption thresholds, and the like, the documentation accompanying the Budget speech also spelt out a number of tax-related issues to which attention would be given, and possible amendments to the law to be made.

Mark Schofield: Would like more focus on tax risk management Around two-thirds of companies attending a tax risk management seminar in London did not have a written tax risk policy that was signed off by the board.

Switzerland is about to make its value added tax system more attractive for businesses, report Mathias Bopp and Michelle Heer of PricewaterhouseCoopers

Transfer pricing has traditionally not been an issue for Spanish companies. Under existing legislation the burden of proof lies with the tax administration and there are not specific documentation requirements to be fulfilled by taxpayers.