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Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A ?1.3 billion ($1.6 billion) Boyd Gaming Corporation merger with Coast Casinos Coast Casinos Boyd Gaming Corporation advised by Cravath, Swaine & Moore, New York, Lewis Steinberg Coast Casinos advised by Gibson, Dunn & Crutcher, Los Angeles, Stephen Tolles, Dora Arash M&A ?1.2 billion ($1.5 billion) Sacyr Vallehermoso SOMAGUE SGPS Uría & Menéndez, Madrid, Rafael García Llaneza Gonçalves Pereira, Castelo Branco & Associados M&A DKr875 million ($150 million) Triton Advisers DSV Miljø Linklaters, Stockholm, Lars Jonnson, Sara Jacobsson Luxembourg, Paul Tulcinsky Mazanti-Andersen, Copenhagen, Hanne Magnussen, Flemming Otzen M&A $54 billion Comcast launched a hostile bid for The Walt Disney Company The Walt Disney Company Davis Polk & Wardwell, New York, Avishai Shachar Dewey Ballantine M&A $4 billion Juniper Networks agreed to merge with NetScreen Technologies NetScreen Technologies Wilson Sonsini Goodrich & Rosati, Palo Alto, Ivan Humphreys Fenwick & West, Palo Alto, Ronald Schrotenboer M&A $493 million Commercial Capital Bancorp Hawthorne Financial Corporation Patton Boggs, Washington DC, Norman Antin, Jeffrey Haas Manatt Phelps & Phillips, Palo Alto, David Herbst, Donald Fitzgerald M&A $5.8 billion Regions Financial Corporation Union Planters Corporation Sullivan & Cromwell, New York, Ronald Creamer, Katherine Eldred Wachtell Lipton Rosen & Katz, New York, Adam Chinn M&A $2.68 billion L'Air Liquide has agreed to acquire the industrial gas activities of Messer Griesheim Messer Griesheim Debevoise & Plimpton, London, Peter Schuur Freshfields Bruckhaus Deringer, Cologne, Stephan Eilers M&A £327 million ($615 million) P&O agreed to buy a 25% interest in Royal Nedlloyd Royal Nedlloyd P&O in-house, Derek Shaw KPMG, London, Robert Turnbull, Rosalie Lockwood Amsterdam, Rob van Moorsel; Freshfield Bruckhaus Deringer, London, Helen Lethaby, Jonathan Cooklin KPMG, Rotterdam, Rob Truijens, Gilbert Kortenaar M&A ?285 million ($363 million) Electra Aliplast Ashurst, Paris, Catherine Charpentier; London, Richard Palmer Stibbe, Brussels, Luc De Broe Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Securities Issue ?7 billion ($8.9 billion) Banca Monte dei Paschi di Siena JP Morgan Securities Clifford Chance, New York, David Moldenhauer, Wei Cui Linklaters, New York, Francisco Duque Rome, Massimo Agostini Portfolio financing £400 million ($756 million) RWE Innogy The Bank of Tokyo-Mitsubishi, ABN Amro, BNP Paribas, Fortis Bank, Royal Bank of Canada, Bank of Scotland, Bayerische Hypo- und Vereinsbank Linklaters, London, Michael Hardwick, Dominic Winter, Gideon Sanitt, Roland Shaw Allen & Overy, London, Brenda Coleman, Jonathan Chapper, Ben Eaton Leveraged and mezzanine loans transaction Undisclosed Alcentra Deutsche Bank Linklaters, London, John Lindsay Ashurst, London, Ian Johnson IPO $675 million TRW Automotive Holdings Corporation Morgan Stanley Simpson Thacher & Bartlett, New York, Gary Mandel Cravath, Swaine & Moore, New York, Lewis Steinberg, Anne Kim Securitization £500 million ($956 million) First Flexible No. 6 Deutsche Bank and JP Morgan Lovells, London, Lindsey Bainton, Mervyn Flatt Weil, Gotshal & Manges, London, Andrew Norwood Notes issue $120 million OJSC Bank Petrocommerce Standard Bank London and ABN AMRO Bank Lovells, London, Lindsey Bainton Linklaters, London, Stephen Taylor; Moscow, Victor Matchekhin

Korea's National Tax Service announced on February 16 that it will defer tax audits for job-creating companies. Companies operating in Seoul that boost their hiring by more than 10% over the previous year will have their tax audits deferred until the end of 2005. Qualifying companies in other regions will enjoy the benefit until the end of 2006.

By Andre Guelman, Dias Carneiro Advogados in association with Uría & Menéndez

Olivier Mesmin, formerly of EYLaw, joined the Paris office of Baker & McKenzie as a tax partner and head of the firm's real estate tax practice. Mesmin brought tax associates Christine Daric and Sybille Salmon-Legagneur in the February 17 2004 move. His practice focuses on tax consulting for French and international businesses in the real estate industry.

Former Linklaters senior tax partner Conor Hurley switched to Irish law firm Arthur Cox on March 1 2004. Hurley advises clients on international corporate taxation and specializes in the tax aspects of cross-border mergers and acquisitions, banking, capital markets and structured finance. He was also head of the investment funds tax practice at Linklaters' London office.

Legislative Decree 6 of January 17 2003, reforming Italian company law, with effect from January 1 2004, introduced in the Italian Civil Code (the ICC) specific rules related to groups.

A new decree allows non-German investors to invest in a German limited partnership without paying German income tax, but tax on carried interest remains. Dietgard Klingberg and Lars Lawall of PricewaterhouseCoopers explain

The Bush Administration's 2005 Budget proposal and the Treasury's so-called Blue Book (General Explanations of the Administration's Fiscal Year 2005 Revenue Proposals), both published in early February, seek to reform US international tax law in a number of ways.

Several EU member states have established attractive holding company regimes. Pat Cullen and Evelyn Forde of Deloitte consider a number of new measures in Ireland's new Finance Bill which will improve its atractiveness in this regard

Taxpayers must pay attention to proposals in new transfer pricing regulations, which give the IRS substantial discretion to override the method selected by a taxpayer, argue Ken Wood and David Canale of Ernst & Young