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Williams Communications Group, the US internet and data provider, has launched a $783 million public offering of shares, as well as $2 billion worth of high-yield notes.

The US communications companies MCI WorldCom and Sprint have merged in a $129 billion deal. Under the terms of the deal, one share of Sprint will be exchanged for $76 of WorldCom common stock. The merger will be tax-free for shareholders.

The French company Alcatel has strengthened its position in the US market by announcing the acquisition of Genesys Telecommunications. Alcatel is paying $1.5 billion for the San Francisco-based company that specializes in developing software for call centres. Genesys had revenues of only $140 million in the 12 months up to June this year, and many analysts believe that the deal has been overpriced. Alcatel argue that Genesys is a safe investment within a fast-moving industry, though its earnings are expected to fall next year.

WTO upholds FSC complaint

Ernst & Young close in on Atlanta firm

During the second half of 1998, a special committee under the auspices of the Department of the Taoiseach was formed to review and recommend amendments to the legislation dealing with securitizations in Ireland. Legislation is already in place for securitization special purpose vehicles (SPVs) certified in the International Financial Services Centre (IFSC) in Dublin and the Finance Act 1999 introduced a new regime for SPVs outside the IFSC. It was felt that the review was necessary due to the increasing complexity of securitization transactions and the difficulty of applying the existing legislation to them.

Canada’s recent transfer pricing reforms have opened up the prospect of recharacterization of bundled transactions. Janice McCart of Bennett Jones and Emma Purdy of Ernst & Young in Toronto advise multinationals on how to avoid this worrying possibility

The June 1997 and June 1998 issues of International Tax Review, reported on the position of the German tax authorities regarding the amortization of purchased trademarks and purchased licences for the sale of medications (Arzneimittelzulassungen).

Recent UK proposals regarding withholding taxes on royalties have been largely overlooked but have wide ranging international implications. Malcolm Naylor, managing partner of Arthur Andersen’s UK tax and legal practice, explains

France’s draft finance bill for 2000 includes changes to the participation exemption, merger rules, enterprise zones, registration duty and the business liscence tax. Michel Magnon and Dominique Bera of Deloitte & Touche in Paris explain the most important proposals.