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  • US-based fashion design house Tommy Hilfiger has announced that it will buy Pepe Jeans USA and Tommy Hilfiger Canada for $1.15 billion.
  • Failure by a member state to fulfil obligations — Directive 90/434/EEC — Failure to transpose.
  • US carpet manufacturer Interface has bought the European carpet division of UK company Readicut International for $50.3 million. Readicut was advised by UK law firm Eversheds with tax advice from partner Richard Hutchinson in Leeds.
  • UK brewer Bass has disposed of Coral Bookmakers to fellow bookmakers Ladbrokes. The deal is worth approximately £375.5 million ($604 million). Bass was advised by tax partner Charles Hellier at Linklaters in London.
  • US chemical group Hercules has made a hostile bid for US chemicals company Allied Colloids, a UK producer of water-treatment chemicals. The deal is valued at $1.8 billion.
  • UK insurance group Guardian Royal Exchange has paid £435 milllion ($700 million) for PPP Healthcare, the UK's second largest private medical insurer. The acquisition gives the group a strong position in the private medical insurance and long-term care markets PPP Healthcare was advised by Linklaters in London. Tax partner Charles Hellier, and tax assistants Sarah Squires and Paul William worked on the deal.
  • In 1997, a number of high-profile tax advisers made a bid for professional independence by setting up their own tax boutiques. Can these firms survive without the support of a large law or accounting firm network? Phillippa Cannon reports
  • LucasVarity is to sell its diesel engines business to Caterpillar, the world's largest maker of construction equipment. The deal, worth $1.325 billion, will enhance Caterpillar's market position in small engine construction.
  • UK department store Debenhams is to be introduced to the London Stock Exchange, following its demerger from The Burton Group. It is expected to have a market capitalization of approximately £1.5 billion ($2.4 million).
  • Royal Bank of Scotland has acquired GRS Holding Company from a shareholder group led by Nomura International. GRS is the holding company of Angel Train Contracts, a rolling stock leasing company.