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A draft finance bill for 2001 was released in September. Individuals and companies should benefit from a reduced tax rate, however, larger firms will need to make a case-by-case assessment. Priscilla Demenge-Beauchesne of HSD Ernst & Young, Paris reviews the effects of the bill

Contracts for royalty payments must be carefully scrutinized to ensure compliance with arm’s-length standards

International information and communications technology group, GN Great Nordic, looks set to improve its position in the optical communications test equipment market following the $1.05 billion purchase of Photonetics, a French manufacturer of fibre-optic networking equipment. Photonetics will become part of GN Nettest, one of three hi-tech divisions within Great Nordic.

Bush Boake Allen, Inc (BBA), a producer and supplier of aroma chemicals, has chosen Paul, Weiss, Rifkind, Wharton & Garrison to represent it in a $970 million tender offer and merger with International Flavor & Fragrances, Inc (IFF). IFF will acquire all of the outstanding shares of BBA for $48.50 cash per share.

Seat Pagine Gialle, a European publisher of telephone directories, has agreed to purchase TDL Infomedia, publisher of the Thomson Local Directories in the UK. The deal is valued at £308 million ($448.6 million) plus assumption of debt, and is due to be effected by means of a share exchange.

Allen & Overy is advising the technology and investment company BTG on a £125 million ($180 million) rights issue. BTG hopes to invest the money raised in a variety of projects to strengthen its competitive position in the intellectual property market in Europe and North America. Partner David Lewis, of Allen & Overy's London office, is advising BTG on tax matters. Credit Suisse First Boston (Europe) is underwriting most of the rights issue. Associate James Inglis at Linklaters in London is working on the deal.

Tax advisory work is changing. Dramatically. Globalization and e-commerce mean that companies are looking for an increasingly niche set of skills. Is hourly billing still appropriate in this environment? Georgina Stanley reports

Christine McElroy has joined UK law firm Pinsent Curtis as an associate in the corporate tax team. McElroy, who will be based in the firm's Birmingham office, joins the firm from Osborne Clarke in Bristol, where she has spent the last three years.

November 1 — Jones, Day, Reavis & Pogue is advising US bakery company Flowers Industries on its sale of Keebler Foods, the second largest cookie and cracker manufacturer in the US, to Kellogg. The deal is valued at $3.6 billion. Jones Day M&A partners Lizanne Thomas and Robert Smith lead the team, along with Jim Landon (benefits), Rory Lyons and Candace Ridgeway (tax) and Tom Smith (antitrust). Wachtell, Lipton, Rosen & Katz is acting for Kellogg, led by partner Daniel Neff (corporate), and assisted by partners Karen Krueger and Bruce Goldberger (benefits), and Deborah Paul (tax). Winston & Strawn M&A Partners Robert Wall and Bruce Toth are representing Keebler Foods.

The Swedish government has recently presented a proposal concerning tax relief for foreign experts, scientists and managers working in Sweden for a limited period of time. Under the proposal, income tax and social security contributions will be payable on 75% of salary for a maximum period of three years. Certain elements of remunerations related to living expenses will also be tax-free, including moving costs, travel expenses for the family between Sweden and the home country, and school costs.