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European Monetary Union (EMU) will affect the European group on two levels - structural and technical. Ernst & Young's international tax group London examines some of the most striking of the structural business effects, and highlights technical pitfalls.

US pharmaceuticals company Bayer Group is to buy Chiron Diagnostics from the Chiron Corporation. The deal is worth $1.1 billion. The acquisition will be completed by the end of the year subject to regulatory approval. Chiron Diagnostics provides blood gas analysis and clinical laboratory systems. Bayer's diagnostics business group provides a range of products and services to hospitals and commercial laboratories. Bayer Group was advised by the New York office of law firm Cravath, Swaine & Moore. Partner Herbert Camp advised on the tax aspects of the deal.

Allegiance Corporation, a US distributor of health care products and provider of cost management services, is to merge with Cardinal Health, a pharmaceutical services company. The merger will create a health care products and services company worth around $21 billion. Allegiance shareholders will receive 0.415 Cardinal Health common shares for each share of Allegiance common stock owned. Cardinal Health will issue approximately 49 million fully diluted shares. The combination has been structured as a tax-free transaction, and will be accounted for as a pooling of interests. Davis Polk & Wardwell in New York advised Allegiance Corporation. The tax team included partner Dana Trier and associate Jonathan Bennett.

A consortium including Prudential Insurance Company of America and the Abu Dhabi Investment Authority has bought British Aerospace's property development business, Arlington Securities. The sale is valued at £285 million ($450 million). Cameron McKenna in London advised Prudential Insurance Company of America. The tax team included partner Stephan Charge and assistant Charles Elphicke.

Dutch retail groups Vendex and KBB are to merge in a deal valued at Fls1.91 bn ($1 billion). The Dutch authorities have given the go ahead to the deal without it being subject to special conditions. The new groups will control almost all department stores in the Netherlands. Tax advice to Vendex came from KPMG Meijberg in Amsterdam. The tax partners involved were Adri van Kemenade and Wytze van der Meer. Vendex is also represented by Loeff Claeys Verbeke in Amsterdam

German property group Deutsche Gesellschaft fur Immobilienfonds (DEGI) has sold eight properties in central London to UK group Heron International. The deal is valued at £205 million ($350 million) Advice to DEGI came from London law firm Nabarro Nathanson. Senior associate Lydia Simpson handled the tax matters.

Australia's Liberal Party was reelected on October 3 1998. Its pre-election tax reform package will now be implemented, some key aspects of which follow.

In the September 1998 International update, the provisions of Argentina's tax reform as they apply to residents were analyzed. In this second article, issues affecting non-residents and foreign beneficiaries will be considered based on the project approved by the Deputies Chamber which is pending approval by Congress.

Changes to Japan’s debt securities regime have cleared the way for withholding tax exemption. Yusaku Ono of Hamada & Matsumoto, Tokyo advises on how non-residents and non-Japanese corporations can make the most of the new system

Sweden has attempted several versions of a GAAR. However, the latest version still leaves taxpayers uncertain that it will be applied to their transactions. By Brita Munck-Persson and Thomas Lakhall, Mannheimer Swartling Advokatbyrå, Stockholm