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Deals 1998: a behind the scenes guide

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

February 01 1999

Cleary, Gottlieb advises Deutsche Bank

Deutsche Bank is to acquire Bankers Trust in a transaction valued at approximately $9.7 billion. The move will create the world’s largest financial services company in terms of assets.

January 01 1999

UK unwraps GAAR proposals.

After months of speculation, the UK government has released a consultative document on a GAAR. In a follow-up to last year’s article on the subject, Peter Nias of McDermott, Will & Emery, London argues that this could lead to excessive power for the courts and the Revenue

January 01 1999

Energy tax fuels indignation

The German government’s proposals for an ecological tax are proof of the old saying that if you try and please everyone you end up pleasing nobody. Plans to tax the use of energy and channel revenue into statutory non-wage costs have split Germany’s coalition government, and has attracted criticism from unlikely bedfellows Greenpeace and the German Federation for Industry.

January 01 1999

Competition: More harm than good.

Mason Gaffney, Professor of Economics, University of California argues that the OECD’s definition of harmful tax competition must be challenged. Instead, he suggests that tax competition is both a natural and beneficial process

January 01 1999

Canada GAAR: Trap set for the unwary.

The Canadian GAAR has yet to show its teeth, but tax advisers and their clients should be under no illusions about its potential bite. Robert Couzin of Ernst & Young, Toronto examines the rule and highlights the principal areas of concern

January 01 1999

Exploring options in Germany

Stock options, an increasingly popular means of aligning employee remuneration with company performance, are now becoming more widely available in Germany. Sven Tischendorf, Wessing & Berenberg-Gossler, Frankfurt discusses their tax and other implications

January 01 1999

Taxing a Borderless world

The OECD conference on e-commerce laid down basic principles and areas for debate. But, as Christine Sanderson of PricewaterhouseCoopers Global and Electronic Business Group reports, there is work still to be done for states to avoid the need for unilateral action

January 01 1999

Denmark squares up for holding battle

Competition for holding company business will intensify with the proposal for a new Danish structure. The regime offers multinationals significant benefits and, as Ned Shelton of Sheltons, Copenhagen, explains could win Denmark business from more established jurisdictions

January 01 1999

Japan makes new cuts.

Japanese Prime Minister Keizo Obuchi and opposition party leader Ichiro Ozawa have agreed to increase the scale of tax cuts from Y6,000 ($50.5bn) to Y10,000 ($84.2bn). The cuts are aimed at stimulating the flagging economy by encouraging spending.

January 01 1999

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