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Australian tax breaks cause controversy, PwC loses ground in Latin America, Japan proposes largest-ever tax reductions, Cartel probe follows PwC Italy merger, Italian government signs tax reform pact, Taxman freezes Pakistan's press, Russia placates regions with tax split deal

Both the US Treasury Department and the UK Inland Revenue have announced that they will schedule meetings early next year for the purpose of renegotiating the existing income tax treaty, which has been in effect since 1975.

China's finance minister, Xiang Huaicheng, has announced the end of the mainland's development zones, which are the country's main incentive attracting foreign investors.

The Frankfurt office of Beiten, Burkhardt, Mittl & Wegner advised Mediclin AG in its takeover of the Hurrie clinics group.

In the write-up of the Ciba/Clariant merger (Dealmakers, December/January 1999) the partners concerned were wrongly attributed. Dr Urs Schenker, Philip Marcovici and Hans Andrée Koch were the partners from Baker & McKenzie; Peter Athanas and Steven Widmer were the Arthur Andersen partners involved.

Following in the footsteps of its competitor Arthur Andersen, which in 1997 merged with Spanish law firm J&A Garrigues, PricewaterhouseCoopers has announced a merger with the Madrid office of Spanish law firm Mullerat & Roca. "The system of Garrigues & Andersen is the right way to increase our presence in the legal market," says Antonio Lewis Vañon, head of the legal practice at PricewaterhouseCoopers.

British American Tobacco is to acquire Rothmans for $8.6 billion. The new group will have 16% of the world market, and will sell 900 billion cigarettes each year.

Struggling Brazil may lose R$7 billion ($2.7 billion) in tax revenue because of a complicated legislative process. This would result in the country missing budget targets negotiated with the International Monetary Fund.

The London branch of The Sumitomo Bank, Limited completed its Aurora corporate loan securitization in April 1998. Many corporate loan securitizations (otherwise known as collateralized loan obligations, or CLOs) involve complicated structures.

A potential acquirer is often interested in using its stock to purchase a certain portion of a US target's businesses. In this circumstance, the acquisition commonly employs the so-called "Morris Trust" structure. In such a structure, the target corporation first distributes the stock of a controlled subsidiary (which would typically hold all of the target's "unwanted" businesses) to its shareholders, and then, holding only the desired business, the target corporation is acquired for stock by the acquiring corporation.