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US investment bank Merrill Lynch has made an agreed bid of £3.1 billion ($5.3 billion) to buy Mercury Asset Management, the UK's largest fund management group.

On November 25 1997, UK Chancellor Gordon Brown launched an innovative pre-Budget debate. This was the so-called Green Budget; the colour reflects that of the government's consultative papers, rather than environmental concerns.

A $30 billion restructuring deal will merge the financial services division of BAT Industries and Zurich Insurance. BAT shareholders will own a 45% interest in the merged group, through a listed UK holding company. Zurich Insurance shareholders will own 55%, through a listed Swiss holding company. The new group will be called Allied Zurich. BAT Industries will spin off its tobacco industries into a new company, BAT.

Foreign investment flooded into Latin America in 1997, but investors should note that the region cannot be treated as a homogeneous unit, both in terms of tax rules, and in terms of the level of advice provided. Phillippa Cannon and Moray Borthwick report

Federal-Mogul has made an agreed cash offer of $2.43 billion to acquire the UK group T&N. The combined group will be a leading global supplier of automotive parts with 42% of its revenue in North America, 44% in Europe and 14% in the rest of the world.

British Aerospace and Daimler-Benz Aerospace have made a joint purchase of the Siemens Defence Electronics Group. British Aerospace will acquire Siemens Plessey Systems in the UK, and Siemens Plessey Electronic Sytems in Australia. Daimler-Benz Aerospace will acquire Siemens Bereich Sicherungs-technik in Germany. The total value of the deal has not been announced, but British Aerospace is to pay Dm930 million ($530 million) for the two businesses. The deal represents British Aerospace's third acquisition in Germany this year.

Tomkins has made a £70.5 million ($114.2 million) successful bid to acquire Golden West Foods.

US telecommunications group MCI Communications has agreed to merge with WorldCom, the US long-distance telephone operator. The deal is valued at $37 billion.

Publishing groups Reed Elsevier of the UK and Wolters Kluwer of the Netherlands have reached agreement to merge, in a £20 billion ($33 billion) deal. The combined market capitalization of the merged group will be £17.5 billion.

On November 12 1997, the UK Inland Revenue published draft legislation bringing controlled foreign corporations (CFCs) into the corporation tax self-assessment regime. Under the current system, a direction must be made by the Inland Revenue Board before a CFC tax charge can be imposed. Once self-assessment is underway, UK companies will be responsible for self-assessing and reporting their CFC liabilities.