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  • Senior partners from Price Waterhouse and Coopers & Lybrand met in New York in April this year, to discuss strategy proposals for a merged firm. One proposal involves hiring 1,000 new members of staff every week for the next five years.
  • US investment groups Blackstone and Colony Capital are to acquire the British Savoy Hotel group for £520 million ($840 million). Deloitte & Touche in New York and London is advising Blackstone. Partners Paul Herrera and Ken MacFarlane are handling tax questions. The Savoy Hotel group is advised by accountants Coopers & Lybrand and by law firm Slaughter & May.
  • ICI is to sell Crosfield, its worldwide silicas and catalysts business, to WR Grace and Company for $455 million.
  • Imperial Tobacco has acquired the Douwe Egberts Van Nelle tobacco business from the Sara Lee group for £652 million ($1billion).
  • Schroder Ventures, a private equity provider, is to buy Leica Microsystems, part of the Leica Holdings group, in a deal valued at $500 million. Leica Microsystems is a world leader in the manufacture of microscopes and other related equipment for the healthcare, research and semi-conductor industries.
  • A Canadian business tax committee, set up as part of the 1996 budget, has recommended a reduction in Canada's corporation tax rate from 43% to 33%. The committee claims such a reduction would improve the competitiveness of Canada as a business location.(For related coverage see Canada unveils a new model system.)
  • British Gas has completed the sale of its Pipeline Integrity International business to companies formed by Mercury Asset Management Private Equity for £90 million ($147 million). Pipeline Integrity International provides high resolution inspection and maintenance services for oil, gas and chemical pipelines. It works in more than 30 companies.
  • Citicorp and Travelers Group are to merge in a transaction worth $166 billion, which will create the world's largest financial services company. The new company will be called Citigroup Inc. The deal calls for Citicorp shareholders to exchange each of their shares for 2.5 shares of Citigroup in a tax-free exchange. Travelers shareholders will retain their existing shares. The shareholders of each company will own 50% of the combined enterprise.
  • US banks Banc One and First Chicago NBD have agreed to a merger valued at $72 billion.
  • New Decaux has announced a £475 million ($770 million) bid for UK billboard and bus shelter advertising company, More. New Decaux is advised by Linklaters in London and Paris. Tax partners Martin Lynchehan and Neal Todd are providing tax advice.