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Accounting firms have cautiously welcomed a report that could ease their transformation into multidisciplinary practices (MDPs). The report, by a commission of the American Bar Association (ABA), has recommended that lawyers should be allowed to practise law in organisations other than law firms. The ABAs' refusal to permit lawyers to practise in MDPs has been a stumbling block to the aspirations of the big five accounting firms.

Wachtell Lipton Rosen & Katz, in New York, is advising Connecticut chemical maker Crompton & Knowles in its merger with chemical company Witco. The deal is valued at $1 billion, plus the assumption of $1 billion worth of debt.

Gerhard Schroder, the German Chancellor, has revealed a package of tax cuts worth at least Dm 8 billion ($4.2 billion) to business. But industry figures think the Chancellor has not gone far enough.

France’s CFC rules were originally modelled on the US regime but revised tax treaties and EU directives have caused extra problems for French companies with CFCs. Patrick Dibout of Jeantet et Associés in Paris explains how government and taxpayers have reacted

Ernst & Young and Simmons & Simmons are advising Wal-Mart Stores Inc, the world's largest retailer, on its £6.7 billion (S10.8 billion) bid for UK supermarket group Asda.

New York firm Kramer, Levin, Naftalis & Frankel is advising Bermuda company Tyco on its acquisition of Raychem. Tyco is the world's biggest underwater communications firm, and Raychem designs, manufactures, and distributes electronic components. Tyco will pay $1.4billion in cash and will issue 16 million new shares based on the remainder of the Raychem shares.

Weil Gotshal & Manges is advising Hicks Muse Tate & Furst on its £822 million ($1.3 billion)bid for UK foods comapny Hillsdown Holdings. Hillsdown's brands include Typhoo tea, Cadbury's biscuits and HP canned foods.

The Australian government has passed a goods and services tax (GST) deal which may place an additional compliance burden on business.

Cravath Swaine & Moore is advising MCI WorldCom, the US's second-largest communications company on its acquisition of SkyTel, the wireless communications company. MCI will pay $1.8 billion for the company. The purchase will be made in stock and includes assumption of debt. The two companies have had business arrangements with each other for some time, and MCI WorldCom is the largest reseller of SkyTel services.

In 1994, the Dutch Supreme Court ruled that a UK person legally entitled to receive dividends from a Dutch company could claim reduced Dutch dividend withholding tax of 15% under the UK/Netherlands tax treaty. The case in question involved a Luxembourg company that sold Shell dividend coupons to a UK market maker at 80% of their nominal value. Since the Luxembourg company was not entitled to the benefits of a tax treaty, it would otherwise have suffered 25% dividend withholding tax on dividends it received from Shell in the Netherlands.