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PricewaterhouseCoopers is advising British Steel on its merger with Netherlands rival Koninkijke Hoogovens. The merged company will be the world's third-largest steel producer and will be called BSKH. It will seek listings in London, Amsterdam and New York. British Steel shareholders will hold a 61.7% stake in the company. BSKH will have a market capitalization of £2.65 billion ($4.3 billion).

Herbert Smith is advising the UK's largest transport group, Stagecoach, on its purchase of Houston-based Coach USA. The purchase is valued at $1.8 billion, which includes the assumption of $571million of debt. This is Stagecoach's first US acquisition and gives the company a foothold in the North American transport sector. The deal is being financed through a $2.25 billion loan from Credit Suisse First Boston, JP Morgan and the Royal Bank of Scotland. Stagecoach will also later issue up to $1 billion in bonds and equity-related securities for refinancing.

Belgium’s advance rulings procedure has existed since 1993. But recent legislation has expanded the range of rulings available. Marc de Munter of Freshfields Deringer in Brussels explains how multinationals can make the most of the new system

Alexander Vögele of KPMG in Frankfurt challenges the conclusions reached by Thomas Borstell and Michael Prick (ITR April 1999) regarding the court decision banning the use of secret comparables, a decision that has provoked considerable controversy in Germany

Growing controversies such as the Notice 98-11 debate, have forced the IRS to reconsider its attitude towards CFCs. Andrew Immerman of Alston & Bird in Atlanta considers the debate and offers advice on how multinationals can plan amid the growing uncertainty

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.

US law firm Paul Weiss Rifkind Wharton & Garrison is advising Trinet Corporate Realty Trust in its merger with Starwood Financial Trust in a $1.5 billion stock-for-stock transaction.

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.

Shearman & Sterling is advising US holding company Georgia Pacific on its acquisition of North America's largest paper distributing and marketing company, Unisource.

With effect from January 1 1999, Spain introduced new legislation (Law 41/1998) on the taxation of non-residents. This new law marked a milestone in the history of Spain's tax legislation, since for the first time non-residents obtaining taxable income in Spain are governed by a law separate from that regulating the taxation of resident taxpayers under corporate income tax and personal income tax.