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Zeneca is to acquire a US fungicide business owned by Japanese chemicals company Ishihara Sangyo Kaisha. Zeneca will acquire ISK Biosciences and the international distribution rights outside Asia-Pacific. The deal is valued at $500 million. Davis Polk & Wardwell in New York is acting for Zeneca, with advice from tax partner Mario Verdolini and assistant Avrohom Gelber. KPMG is also advising.

On December 5 1997, Russian president Boris Yeltsin convinced the Duma to accept the 1998 budget at the first of three readings. Nevertheless, the decrepit taxation and budgetary system continues to hinder potential economic growth. Tax collection in Russia remained poor in 1997. David John, tax partner at Price Waterhouse in Moscow, says tax collection this year represented 52% of the budget. Government expenditure in 1997 represented 18.3% of GDP, while tax revenue was just 10.8%. The promise of radical revenue collection methods has failed to disguise a deteriorating system.

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.

Directive 69/335/EEC — Contribution of immovable property.

Directive 69/335/EEC — Regional charge on vehicle registration certificates.

Directive 69/335/EEC — Registration charges on companies — Procedural time-limits under national law.

The Bank of Ireland has made a IR £274 million ($465 million) bid for life assurance company New Ireland Holdings. Linklaters in London acted for Sun Life and Provincial Holdings, which owns an 83% shareholding in New Ireland. Tax advice on the deal came from tax partner Mike Hardwick and tax associate Liz Conway.

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.

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

Tax planning can be a decisive element in the success or failure of acquisitions in Latin America. Nicasio de Castillo, Alberto Lopez, Ramon Mullerat, New York and Manuel Solano, Mexico City, of Coopers & Lybrand advise on strategies to maximize bids