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Type of deal Value Issuer Lead managers Adviser to issuer (tax) Adviser to lead managers (tax) Notes Offering $1 billion Boeing Company Credit Suisse First Boston; Deutsche Bank; JP Morgan Piper Rudnick Simpson Thacher & Bartlett, New York, Michelle Wandler IP0 R3.8 billion ($4.68billion) Telkom J P Morgan; Deutsche Bank Paul, Hastings, Janofsky & Walker, Washington, Andrew Short, Sean McGrady Freshfields, Bruckhaus, Deringer, Washington, Gregory May Securitization $7.4 billion Halifax J P Morgan; Lehman Brothers Allen & Overy, London, Mark Brailsford, Jack Heinberg, Adam Blakemore, Zoe Hammond, Mark Dunshee Sidley Austin Brown & Wood, London, Mo Browning, Graeme Harrower, New York, Robert Kreitman, Laurence Salva Notes Offering ?110 million ($116.6 million) ATAC UniCredit Banca Mobiliare Clifford Chance, Milan, Marcello Valenti Allen & Overy, Milan, Francesco Bonichi, Massimiliano Danusso IPP ?690 million ($730 million) Electricity Supply Board of Ireland (ESB) A syndicate of banks led by Royal Bank of Scotland Uría & Menéndez, Madrid, Rafael Fuster Linklaters

Type of deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $4.7 billion Blackstone Group Sale by Northrop Grumman of TRW's Automotive Division Deloitte & Touche, New York, Deanna Dudzinski; Simpson Thacher & Bartlett Freshfields, Bruckhaus, Deringer, London, Jonathan Cooklin Acquisition $250 million Soros Private Equity Partners Sale by Degussa and Bayer of Polymer Latex Allen & Overy, Frankfurt, Eugen Bogenschuetz Freshfields, Bruckhaus, Deringer, Munich, Hans-Joerg Ziegenhain Acquisition $615 million CNOOC North Caspian Sea BG Group is to sell an 8.33% interest in the North Caspian Sea Production Sharing Agreement Merril Lynch, Credit Suisse First Boston Allen & Overy, London, David Lewis Acquisition Undisclosed Heijmans J B Leadbitter & Co Allen & Overy, London, David Lewis, Daniel Lewin, Negin Mainakaran Wedlake Bell, London, Robin Dabydeen Demerger £4.8 billion ($7.5 billion) Six Continents plc was split into two holding companies: Mitchells & Butlers, InterContinental Hotels Group Six Continents Allen & Overy advised Mitchells & Butlers and InterContinental Hotels Group, London, David Lewis, Anne Powell Linklaters, London, Charles Hellier, Stephen Pevsner Acquisition £543 million ($846 million) Acquistion by The Royal Bank of Scotland of 80% of Southern Water Southern Water Linklaters, London, Martin Lynchehan, Elizabeth Conway, Richard Hawkins Simmons & Simmons, London, Nick Cronkshaw Acquisition $1 billion Bain Capital SigmaKalon Kirkland & Ellis Freshfields, Bruckhaus, Deringer, London, Francis Sandison Acquisition $76.2 million Euronet Worldwide e-pay Squire Sanders & Dempsey Lawrence Graham, London Michael Murphy, Elizabeth Ashby Acquisition £1.67 billion ($2.61 billion) Smith & Nephew Centerpulse Ashurst Morris Crisp Lehman Brothers, London, Kenneth Siegel, Henry Phillips and Joseph Kohls, UBS Warburg, London, Karl Schmidt and Liam Beere Acquisition £414 million ($648 million) Avenue Acquisition Coats CMS Cameron McKenna, London, Richard Croker, Sarah Buxton Slaughter & May, London, Nigel Boardman, Simon Robinson, Roland Turnhill, Christopher Field Acquisition ?19.5 billion ($21 billion) Crédit Agricole Crédit Lyonnais Bredin Prat; Clifford Chance Cleary Gottlieb Steen & Hamilton, Paris, Gilles Entraygues, Pascal Coudin, Anne-Sophie Coustel Acquisition $350 million Evercore Partners and its portfolio company American Media Weider Publications Simpson Thacher & Bartlett, New York, Gary Mandel Latham & Watkins

Plans by the SEC's newly-created Public Company Accounting Oversight Board (PCAOB) to make foreign audit firms register with the body when auditing companies issuing in the US are stirring up strong emotions in Europe. While the US body insists that the measure is necessary, those in Europe are arguing that not only is the policy unnecessary as existing national standards are sufficient but that it could even breach human rights.

Singapore companies with overseas branches and subsidiaries were given a boost last month when the government announced a Budget which, according to the country's Finance Minister, Lee Hsien Loong, will exempt 90% of Singaporean companies' overseas income from tax.

The Venezuelan government has decided to extend its tax on financial transactions by another year to help repair the country's damaged economy. A two-month strike, which began at the end of last year, virtually brought the country to a standstill with the oil industry, businesses and the stock exchange shutting their doors. The transaction tax will gradually fall from 1% to 0.5%.

The US Senate Foreign Relations Committee has approved the new US-UK double tax treaty. When adopted, the treaty will abolish the 5% US withholding tax on dividends. The treaty was signed in July 2001 and was ratified by the UK in November last year.

A European Court of Justice (ECJ) Advocate General opinion on a personal tax case could lead to similar cases being brought by businesses. The case related to the French residential exit tax due by Hughes de Lasteyrie du Saillant, transferring his tax residence from France to Belgium. The ECJ Advocate General ruled that the French exit tax is against the EC freedom-of-establishment principle in the EC Treaty.

Glenn Hubbard has resigned from his role as chairman of the White House Council of Economic Advisers. Hubbard, who played a key role in President Bush's tax-cutting programme, is expected to return to Columbia University where, until joining Bush's government in 2001, he was a professor of economics. Bush intends to nominate Nicholas Gregory Mankiw, an economics professor at Harvard University, to replace him.

Grady Bolding has joined Orrick, Herrington & Sutcliffe as a tax partner in the San Francisco office. Bolding joined the firm from the defunct Brobeck, Phleger & Harrison that folded in February this year.

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