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Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A Undisclosed Landsbanki Kepler Equities S.A. (Lightyear Capital - controlling shareholders) Allen & Overy, Patrice Couturier, UK Simpson Thacher and Bartlett (For Lightyear Capital) M&A €440 million One Equity Partners Vacuumschmelze GmbH & Co. KG Allen & Overy, Volker Balda, Holger Erwin, Tobias Ackert, Germany M&A Undisclosed DIS Deutscher Industrie Service AG acquired 60% of CST Group CST Group PricewaterhouseCoopers Laudien & von Nottbeck and Dr. Wennekers und Partner M&A £80 million Apeejay International Tea Limited Premier Foods, Typhoo, London Fruit & Herb, Lift Berwin Leighton Paisner, Richard Harbot, London, BDO, David Beck Weil Gotshall & Manges, Sarah Priestley and Jane Scobie, UK M&A €1.3 billion Tele2 / Apax Partners Versatel Telecom International NV PricewaterhouseCoopers, Netherlands, Hans Seeling, Marius Möller, Machiel Visser Versatel In-house Tax department M&A €440 million Kuehne + Nagel International AG ACR Logistics Clifford Chance, Douglas French and Shimaela Anwar, London Baker & McKenzie M&A Undisclosed NextiraOne GFI Informatics Limited from GFI Informatique S.A. of France Jones Day, Lisa Anderson, UK Eversheds, Janet Jones, UK M&A £478 million SABMiller Backus of Peru Lovells, Daniel Friel, UK In-house M&A $1.3 billion Eniro Findexa Bird & Bird Cleary Gottlieb, Steen & Hamilton M&A €840 million EnBW Energie Baden-Wurttemberg EVN AG EnBW in-house, Ingo Voigt, Germany Cerha Hempel Spiegelfeld Hlawati, Albert Birkner, Clemens Hasenauer, Germany Ernst & Young Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Bond Issue £2.26 billion HBOS's master trust Mound Financing Citigroup, Deutsche Bank and Lehman Brothers Allen & Overy, Mark Brailsford, Amrit De Hal, Steffan Adfeld, UK, Arnold & Porter, Michael Rufkahr, Joy Taylor, US Herbert Smith, Howard Murray, Robert Young, UK Financing €455.2 million Regasificadora del Noroeste, S.A BBVA and Caixa Galicia Uría Menéndez. Juan I. González (partner) and Cristina Navarro (associate Lovells. Madrid IPO €1 billion Telnet P Morgan Securities Ltd., KBC Securities NV/SA , Lehman Brothers International (Europe), Merrill Lynch International, Goldman Sachs International, Dexia Bank NV/SA, Petercam NV/SA and Fortis Bank NV/S Cleary Gottlieb, Frederieke Compernolle, Belgium Allen & Overy, Patrick Smet, Belgium

At a speech in Zurich on October 21, EU tax commissioner, Laszlo Kovacs, said that the European Commission plans to work with financial centres outside of the EU, such Hong Kong and Singapore, to encourage them to adopt measures contained in the Savings Directive.

The European Commission has announced a plan to propose a code of conduct for transfer pricing documentation by the end of 2005.

South Africa has comprehensive controlled-foreign-company (CFC) rules. An important exemption is the business-establishment exemption, whereby provided there is a real and substantial, qualifying business establishment suitably equipped and staffed by appropriate management and employees, essentially deriving active business profits, the profits will not be taxable in the South African resident shareholder's hands.

George Osborne, opposition chancellor of the exchequer, or finance minister, in the UK, has launched a tax reform commission aimed at improving the economic efficiency, transparency, simplicity and fairness of the British tax system.

The IRS has announced that taxpayers may come forward and settle a range of 21 transactions that it considers to be abusive.

Popular perception of Arabian Gulf oil-rich states suggests that the region is a high-salary, free-spending and tax-free environment.

The Emag VAT case gives the European Court of Justice the opportunity to offer fresh thinking on the concept of "static" and "moving" supplies as a tool for analyzing chain transactions, point out Henry Cairns-Terry and Simon Kirk of Ernst & Young

HM Revenue and Customs, in consultation with small business, has developed a new guide to R&D tax reliefs. The guide, which has been welcomed by tax consultancies and businesses, includes a flowchart that aims to help businesses to assess whether they have expenditure that might qualify for R&D tax relief. It also attempts to show businesses what to claim, how to claim and the pitfalls to avoid. It can be accessed via the HMRC's website.

The UK government continues to focus on tax avoidance. The government has published a new national insurance contributions Bill that is aimed at combating avoidance.