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DATE TYPE OF DEAL VALUE ACQUIRER TARGET HOLDER ADVISERS TO TARGET ADVISERS TO ACQUIRER ADVISERS TO HOLDER 25/04/01 partnership undisclosed Granada, Carlton n/a n/a n/a Granada - Lovells, London, Karen Hughes, Conor Delaney; Carlton - Slaughter and May, London, Tony Beare, Jeanette Lloyd n/a 26/05/01 disposal £2.4 billion ($3.38 billion) consortium including Apax Partners and Hicks, Muse, Tate & Furst Yell BT Clifford Chance, London, Robin Tremaine; Andersen Weil, Gotshal & Manges, London, Sarah Priestley, New York, David Bower, Helyn Goldstein, Martin Pollack Allen & Overy, London, David Lewis, Adam Blakemore 29/05/01 acquisition £300 million ($424 million) TotalFinaElf (TFE), Centrica Humber Power Ltd Midlands Electricity, British Energy Clifford Chance TFE - Denton Wilde Sapte, London, Jane Douglas; Centrica - Ashurst Morris Crisp, London, Richard Palmer, Alexander Cox Linklaters, London, Charles Hellier, Conor Brindley 01/06/01 share sale £110 million ($155 million) Unite Group Plc Unilodge Holding Company Cabot Square Nabarro Nathanson, London, Paul Beausang Herbert Smith, London, Howard Murray, Zoe Brown; Andersen, London, Martin Portnoy, Brian White Herbert Smith, London, Howard Murray, Zoe Brown 01/06/01 acquisition £1.2 billion ($1.69 billion) BSkyB Open BT n/a Herbert Smith, London, David Martin, Derek Hill In-house; Andrew Parker, Tim Shaw 01/06/01 acquisition £940 million($1.32 billion) Ti Automotive Holdings Ti automotive division Smiths Group n/a Lovells, London, Daniel Friel Allen & Overy, London, Michael McGowan 01/06/01 real-estate acquisition £280 million ($395 million) Scottish Widows New Square Park MEPC n/a Freshfields Bruckhaus Deringer London, Anthony McWhirter Clifford Chance, London, Etienne Wong, Nina Buchan 01/06/01 tax leasing £500 million ($705 million) Railtrack n/a n/a n/a Clifford Chance, London, Michael Ehrlich, Nina Buchan, Clare McMath, James Plummer n/a 04/06/01 acquisition $1.65 billion Domtar Inc four paper mills Georgia-Pacific Corporation n/a Debevoise & Plimpton, New York, Gary Friedman, Pamela Boorman King & Spalding, Atlanta, Bob Woodward 11/06/01 IPO EUR 914 million ($781 million) Fraport AG n/a n/a n/a n/a White & Case, Frankfurt, Erich Michel 13/06/01 outsourcing deal £2.3 billion ($3.15 billion) Telereal - consortium of Land Securities/Trillium, William Pears outsourcing of telephone exchanges and other properties BT n/a Freshfields Bruckhaus Deringer, London, Michael Thompson, Peter Cosmetatos Ashurst Morris Crisp, London, Susan Crawford, John Cruise; Andersen, London, Andy Rotheray, Lisa McKibben 18/06/01 notes offering $700 million n/a n/a Aetna Inc n/a n/a Davis Polk & Wardwell, New York, Harry Ballan 18/06/01 acquisition $2.9 billion Cedant Corporation Galileo International Inc n/a Jones Day Reavis & Pogue, Cleveland, Edward Purnell, Wade Wagatsuma Skadden, Arps, Slate, Meagher & Flom, New York, James Tandler, Katherine Bristor n/a 19/06/01 joint venture $2.2 billion Teco Energy Inc, Panda Energy International n/a n/a n/a White & Case, New York, Arthur Scavone, Helen Laval n/a 21/06/01 recommended offer £147.1 million ($207.6 million) Johnson Matthey Plc Meconic plc n/a Travers Smith Braithwaite, London, Victoria Nicholl, Jo Walker Herbert Smith, London, Neil Warriner, Nikol Davies n/a 22/06/01 acquisition £570 million ($807 million) General Electric Capital Corp National Mutual n/a Herbert Smith, London, Howard Murray, Zoe Brown PricewaterhouseCoopers, London, Jane Arkle, John Preston n/a

In response to the increasing focus of the UK Inland Revenue on combating serious tax fraud, UK tax consultancy WJB Chiltern has launched the Raid Protection Plan. The plan offers an emergency support service in the event of a raid by the Inland Revenue or HM Customs and Excise. Although it is aimed primarily at professional advisers such as accountants and solicitors, the scheme has the added bonus of then being available to those advisers' clients at no additional cost.

Liechtenstein has been removed from the Financial Action Task Force (FATF) blacklist of countries. The state was the only European country placed on last year's list of non-cooperative countries fighting against money laundering. The Bahamas, the Cayman Islands and Panama were also withdrawn from the blacklist. The decision, announced on June 22, comes after Liechtenstein took a series of measures to deal with the problems.

In a comprehensive strategy paper examining the EU's future taxation policy, the European Commission (EC) has claimed that increased tax coordination within the EU would help member states to meet the objectives of making Europe the most competitive economy in the world by 2010. However, while it believes that a large measure of harmonization is necessary in the fields of value-added tax (VAT) and excise, the EC stresses that in other tax fields, coordination does not imply tax harmonization. The statement states: ?A reasonable degree of tax competition within the EU is healthy and should be permitted.?

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Russia's lower house of parliament has approved a draft law to cut corporate profit tax by 11%, to reduce the incentive for companies to look for ways to avoid paying tax

A UN report has suggested reforms to global tax practices, including the creation of an international body to fight tax evasion