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Laporte Plc has announced its intention to sell 60% of its business to investment company Kohlberg Kravis Roberts and Co (KKR) for $1.175 billion. KKR will acquire Laporte's water technology, timber treatment and electronics division, leaving Laporte free to focus on the development of speciality organics, including fine chemicals.

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.

A group of 39 US states has drafted a series of proposals in the Streamlined Sales Tax Project ? the first serious attempt for decades to simplify the US sales tax system.

Eversheds has represented HSBC Private Equity on its purchase of the plumbing division of Caradon plc for £440 million ($636 million). Black Knight, the new company controlled by HSBC Private Equity, now owns one of the leading plumbing businesses in the UK. Last year the business had a turnover of £338 million and a profit of £41.5 million The business includes overseas operations in Austria, Belgium, the Czech Republic, France, Germany, Holland, Poland and Turkey.

Jones Day Reavis & Pogue has acted for the parcels and logistics holding company of La Poste Group on its cooperation agreement with FedEx. La Poste and FedEx will cooperate in the international express document and parcel delivery area, and in a more limited fashion on domestic express delivery and deferred delivery. La Poste will have access to the FedEx air network, while FedEx will gain from the European ground infrastructure of the La Poste parcels and logistics holding company. Jones Day partner Pierre Ullman of the Paris office advised on tax matters. FedEx worked with Baker & McKenzie; tax advice was provided in-house.

Weil, Gotshal & Manges has represented Hanson Plc in the $750 million offering of its 7.875% notes due in 2010. The Securities and Exchange Commission registered bonds were listed on the London Stock Exchange.

Japan’s economic recovery has started but corporate tax reform could give it a much-needed boost. Dean Yoost and Al Zencak of PricewaterhouseCoopers, Tokyo set out the implications of the proposals now being discussed

The Antiguan government has given in to protests from local businesses and withdrawn the Income Tax Amendment Act 2000, and the 25% businesses tax.

From October 16 2000, an electronic services package for Estonia's corporate taxpayers went on trial. Following the example of EU countries, the electronic tax board was set up to improve communication between the Estonian tax authorities and the taxpayer.

UK firm Linklaters & Alliance is rumoured to be in secret merger talks with Australian firm Mallesons Stephen Jaques. Mallesons is keen to merge with a London firm and last year terminated merger talks with Clifford Chance. The merger would come after a year of activity for Linklaters & Alliance who agreed a merger with Oppenhoff & Rädler, to take effect in January 2001, and in August announced a joint venture with Singapore firm Allen & Gledhill.