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Over the last few years Australian multinationals like James Hardie Industries have relocated outside Australia and others including Brambles and BHP Billiton have opted for dual-listed structures.

Type of deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A ?112 million Electra Partners Europe Electra Partners Europe to acquire Gardiner Group, Stentorius and JLD from Rexel Ashurst Morris Crisp, Paris, Christopher Potter; London, Richard Palmer, Ian Johnson Rexel was advised by Linklaters, Paris, Edouard Chapellier, Philippe Derouin; London, Ian Bowler, David Crowther, Simon Marks M&A $1.1 billion Malaysian International Shipping Corporation Neptune Orient Lines has sold American Eagle Tankers Paul, Weiss, Rifkind, Wharton & Garrison, New York, David Sicular, Joseph Mann In-house, Kelly Hughes; Akin Gump Strauss Hauer & Feld M&A $127 million Wand Partners, Banc of America Capital Investors, Greenhill Capital Partners, Brazos Private Equity Partners, 21st Century Group and Norwest Equity Partners Winterthur US Holdings is to sell its Republic group of companies Wand Partners advised by Skadden, Arps, Slate, Meagher & Flom, New York, Barnet Phillips, Angelo Ciavarella; the investor group was advised by Kennedy Covington Lobdell & Hickman, Charlotte, Warren Kean, Jared Mobley Dewey Ballantine, New York, Robert McDermott M&A ?1.05 billion ($1.2 billion) Candover Investments and Cinven Bertelsmann is to sell BertelsmannSpringer Clifford Chance Pünder, Düsseldorf, Uwe Schimmelschmidt Hengeler Mueller, Düsselforf, Martin Klein, Bernd Wirbel M&A $425 million Taylor Nelson Sofres The Interpublic Group of Companies Freshfields Bruckhaus Deringer, London, Jonathan Cooklin, Emma Bailey Cleary Gottlieb Steen & Hamilton, New York; Leslie Samuels, William L. McRae; Paris, Nicolas de Boynes M&A ?246 million ($287 million) SABMiller Birra Peroni Lovells, London, Daniel Friel; Rome, Fulvia Astolfi Maisto e Associati, Rome Paolo Ludovici M&A ?1.1 billion ($1.3 billion) Siemens ALSTOM Cleary, Gottlieb, Steen & Hamilton, London, Nikhil Mehta, Julian Hickey, Sophie Dworetzsky; Frankfurt, Daniel Weyde, Henning-Guenther Wind Lovells, London, Phillip Gershuny; Linklaters, Stockholm, Lars Jonsson M&A $500 million Valero Energy Corporation Orion Refining Corporation Baker Botts; Jones Day, Houston, Derek Green Vinson & Elkins, Houston, James Penny, Edward Osterberg M&A $1.1 billion Barclays Bank Banco Zaragozano Clifford Chance, Madrid, José Ignacio Jiménez Blanco, Roberto Grau, Maria Conejo Garrigues Abogados & Asesores Tributarios M&A $734 million USA Interactive Lending Tree Wachtel Lipton Rosen & Katz, New York, Jared Rusman, Joshua Holmes Weil, Gotshal & Manges, Houston, Paul Asofski; M&A $358 million Zoran Corporation Oak Technology Gray Cary Ware & Freidenrich, Palo Alto, David Plewa Wildman Harrold Allen & Dixon, Chicago, Michael Donovan, Joseph Bender M&A $133 million Aerojet-General, subsidiary of Atlantic Research Propulsion, subsidiary of Sequa GenCorp Slaughter and May Jones Day, London, Nick Thornton M&A ?756 million ($892 million) Chiron Corp Recommended cash offer for PowderJect Pharmaceuticals Allen & Overy; Sullivan & Cromwell Linklaters, London, Ian Bowler, Victoria Garton, Daniel Alexander, Cathya Djanogly; New York, Stephen Land, Valerie Leipheimer M&A £98 million ($160 million) Finning (UK) RAC is to sell Lex Harvey Freshfields Bruckhaus Deringer, London, Sarah Falk, Charlotte Jones, Kate Aubury Pincents, London, Ashley King-Christopher Type of deal Value Issuer Lead managers Adviser to issuer Adviser to lead managers Fundraising £200 million ($324 million) Thorstone Investment Grade Property Trust N/A Hammonds, London, Tracy Fisher, Omleen Ajimal N/A Notes Offering $350 million Kazkommerts International Credit Suisse First Boston Mayer, Brown, Rowe & Maw White & Case, New York, John Narducci Securitization £194 million ($317 million) Real Estate Capital, a special purpose lender established by NM Rothschild & Sons Merrill Lynch Clifford Chance, London, Tom Hawes Sidley Austin Brown & Wood, London, Graeme Harrower

On May 23 the US House of Representatives agreed $350 billion of tax cuts. The Senate gave its final approval to the proposals the following day. The Jobs and Growth Tax Relief Reconciliation Act of 2003 will lower the top tax rate on dividends and capital gains on the sale of assets held for over a year to 15% until 2008. At present, dividends are taxed at standard income tax rates, while the rate on most capital gains is 20%.

The Czech coalition government will cut corporation tax from 31% to 24% by 2006 as part of a new reform package. The gradual decrease in the corporate income tax rate will be accompanied by a large increase in VAT on most services from 5% to 22% and increases in excise taxes.

Baker & McKenzie's Global Tax Practice has had an international focus since the Firm was established in 1949. More than 50 years of development has produced an unparalleled level of experience and professional resources internationally. With more than 450 tax attorneys in 36 countries Baker & McKenzie has the infrastructure and depth of talent to provide global integrated tax and legal solutions.

In a ruling released in April this year, Germany's highest tax court has referred a case to the European Court of Justice (ECJ) that gives this body the opportunity to decide whether EU member states may deny their taxpayers a deduction for losses incurred in another EU member state (German Federal Tax Court ruling of November 13 2002 - IR 13/03).

Larry Gafinowitz and Peter McCullough of Deloitte & Touche discuss the potential benefits for Australian and non-resident companies in the 2003 Budget

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NautaDutilh has expanded its Luxembourg tax group. The Benelux firm hired Frédéric Feyten from Loyens & Loeff. Feyton was a senior associate at Loyens & Loeff. The firm is expecting to hire a number of junior tax specialists for its Luxembourg office.

Indian law firm Lexindia has launched a tax group in New Delhi attracting key big-four personnel and a corporate tax director. The firm, which also has offices in London, New York and Paris, has hired the former senior partner of PricewaterhouseCoopers India, Amal Ganguli and corporate tax director Vinod Sablok.