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The Chinese State Administration of Taxation (SAT) recently issued a circular regarding imposition of the business tax on a sale of software to Chinese entities by foreign businesses that do not have business establishments in China. Specifically, the circular provides that payments for such transfers will not be subject to business tax, regardless of whether the transfer is bundled with a sale of hardware, such as postal and communication equipment, or a computer. The circular further clarifies that separate payments for software transferred in connection with the lease of hardware to Chinese lessees will be treated as rent on which business tax will not be levied.

International law firm Allen & Overy is advising Nikko Principal Investment Limited (Nikko), the European private equity arm of Japanese broking house Nikko Securities, on its £507 million ($721million) bid for Powell Duffryn, the UK ports and engineering group.

Jones Day Reavis & Pogue is representing Flowers Industries in connection with the sale of its Keebler Food subsidiary to the Kellogg Company.

Ashurst Morris Crisp has advised United News & Media on the sale of UK newspaper group Express Newspapers to Northern & Shell for £125 million ($176.8 million).

General Electric has merged with industrial components and controls business Honeywell, in a deal worth $45 billion.

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Norton Rose has advised Benchmark Group plc on the formation of a limited partnership with JER Partners, the investment affiliate of the JE Robert Companies. Benchmark Group is a specialist London property investment and development company.

Simmons & Simmons is advising fund managers Perpetual in the recommended cash and share offer to be made by Schroder Salomon Smith Barney on behalf of investment managers AMVESCAP for Perpetual.

Herbert Smith has advised Associated British Foods plc on the £130 million ($187 million) sale of Burton's Gold Medal Biscuits Limited, makers of wagon wheels and jammy dodgers, to Kicks Muse Tate & Furst.