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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.

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.

New York firm Sullivan & Cromwell is advising SBC Communications in the acquisition of Comcast Corporation's wireless subsidiary.

Electricity utility PacifiCorp of the US has announced an agreed merger with ScottishPower of the UK.

The Fortis banking and insurance group is making an offering of 25 million ordinary shares with expected proceeds of euro899 million.

Personal taxation: employee stock option plans

New York firm Cravath, Swaine and Moore is advising UK publisher Emap on the acquisition of US magazine publisher Petersen.

After much debate and delay, the Mexican Congress finally approved the 1999 budget on December 31 1998. The final measures do not differ from the original proposals submitted by the president in November, except that the controversial telephone tax proposal was scrapped.

During 1998 a number of very large cross-border tax-free acquisitions of US public corporations by foreign public corporations were completed. One of the largest was the acquisition of Amoco Corporation, a major US integrated oil company, by British Petroleum.

1998 was a busy year for M&A. The International Tax Review insiders’ guide takes you into the heart of the deals, with advisers from Allen & Overy, Haarmann, Hemmelrath & Partner, Sullivan & Cromwell, Davis, Polk & Wardwell and Tory, Tory, Deslauriers & Binnington