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The US Internal Revenue Service has signalled its intention to limit the tax advantages available to some hybrid branches. Joseph DeCarlo of Price Waterhouse LLP, and Alan Granwell and Dirk Suringa of Ivins, Phillips & Barker, Washington DC report

For the first time, Deloitte Touche Tohmatsu has released its worldwide tax fee income results.

An international group of investigators is said to be examining the tax affairs of global media group News Corporation. The rumoured investigation is thought to involve senior tax investigators from tax authorities in the UK, US, Australia and Canada. A spokesman for the UK's Inland Revenue would neither confirm nor deny the story, adding that the affairs of individual companies are never discussed. However a prominent international tax lawyer has told International Tax Review that even if there is as yet no investigation, the adverse publicity will probably ensure one.

Scottish Equitable has disposed of Aegon Financial Services Group to the UK's Life Assurance Holding Corporation for an undisclosed sum.

EC Tax Law

Switzerland's consumer products group Nestlé is to purchase the Spillers pet food business from UK food group Dalgety. The deal is worth £715 million ($1.2 billion) and is still subject to regulatory clearance. The acquisition will give Nestlé 20% of Europe's branded pet food market.

Ireland's international food ingredients and consumer foods company Kerry Group has agreed to purchase the food ingredients business of UK company Dalgety. The deal, which is worth £335 million ($539 million), encompasses Dalgety Food Ingredients and its subsidiaries.

Glaxo Wellcome is set to acquire Polish medicine manufacturer Polfa Poznan following a successful competitive tender with the Ministry of State Treasury in Poland. The £133 million ($220 million) deal will make Glaxo Wellcome the largest pharmaceutical company in Poland.

Hans-Peter Niedrig and Axel Schiller of KPMG Düsseldorf use practical examples to illustrate the real affects of changes to German tax law, including the taxation of reorganization profits, accruals for anticipated losses, and loss deductions for shell purchases

Bank of Montreal and Royal Bank of Canada have agreed to merge. The merged bank will have assets of C$453 billion ($314 billion) and revenues of C$16.3 billion.