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Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $2.9 billion Forest Labs Aptalis (TPG Capital) Debevoise & Plimpton; Cleary Gottlieb, Steen & Hamilton; Stikemann Elliott - Vince Imerti, Dean Kraus Ropes & Gray Acquisition $1.7 billion Smith & Nephew ArthroCare Corp Davis Polk & Wardwell - Kathleen Ferrell Acquisition Undisclosed Vector Capital CollabNet Davis Polk & Wardwell - Rachel Kleinberg, Catherine Paskoff Chang Wilson Sonsini Goodrich & Rosati Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Global bond offering $2 billion Province of Ontario Deutsche Bank; Goldman Sachs; Merrill Lynch; TD Securities Shearman & Sterling Davis Polk & Wardwell Notes offering $600 million Textron JP Morgan Securities; Citigroup Global Markets Pillsbury Winthrop Shaw Pittman Davis Polk & Wardwell - Michael Farber Convertible bonds offering $460 million Acciona HSBC; Credit Agricole; RBS; Societe Generale Slaughter and May - Tony Beare, Shofiq Miah; Uria Menendez - Jesus Lopez Tello, Roberto Medrano Common stock offering $444 million Rexnord Corporation Goldman Sachs; Robert W Baird; Credit Suisse Paul, Weiss, Rifkind, Wharton & Garrison Davis Polk & Wardwell - Samuel Dimon, Rachel Lerner Senior notes offering $400 million Legg Mason JP Morgan Securities; Citigroup Global Markets Davis Polk & Wardwell - Po Sit Shearman & Sterling Common stock offering $360 million XPO Logistics Credit Suisse; Citigroup; Deutsche Bank; JP Morgan Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell - Kathleen Ferrell, Isaac MacDonald Block trade $251 million BankUnited Goldman, Sachs & Co Skadden, Arps, Slate, Meagher & Flom; Simpson Thacher & Bartlett; Weil, Gotshal & Manges Davis Polk & Wardwell - Michael Mollerus, Patrick Sigmon Initial public offering $188 million Intrawest Resorts Holdings Goldman Sachs; Credit Suisse; Deutsche Bank; Merrill Lynch Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell - Harry Ballan, Ameya Bapat Secondary offering $48 million Centene Corporation Barclays Capital Bryan Cave; Jaffe Raitt Heuer & Weiss Davis Polk & Wardwell - Michael Farber, Patrick Sigmon

David Gauke, Exchequer Secretary to the Treasury, has rejected a 15 percentage point cut in VAT for the tourist sector, despite evidence it will boost GDP, create jobs and increase fiscal revenue.

The opposition Labour Party has slammed the Coalition government’s VAT rise. Labour is on course to win the next election. But will it lower VAT?

Luxembourg will be hit hard by next year’s changes to the EU digital VAT rules.

The Tax Justice Network (TJN) has described the Common Reporting Standard (CRS) and the signing this week of the multilateral competent authority agreement to implement it as “progress” and “a good first step” towards automatic information exchange (AIE) and the elimination of illicit financial flows, but has refused to give them its unqualified support.

The Hungarian government has added an amendment to its draft ‘internet tax’ – the first of its kind in the world – in a bid to quell public outrage at the tax.

To add your deals to our table, email Joe Stanley-Smith at joseph.stanley-smith@euromoneyplc.com.

Hong Kong and South Africa signed their comprehensive double tax agreement (DTA) on October 17.

Konstantin Korobchenko, of Leiden University, analyses substance requirements with a particular focus on substance requirements in respect of intermediary companies from the perspective of the source state.

A beneficial ownership register would increase transparency over who controls Russian businesses A new draft of the Russian controlled foreign companies (CFC) law expected to be implemented in January 2015 is less severe than previous versions, but still presents a number of challenges to taxpayers.