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Life sciences companies, long at the vanguard of international tax planning, are facing particular challenges because of the important role the exploitation of intellectual property (IP) plays in the industry. Aydin Hayri, Keith Reams and Susan Eisenhauer discuss the complex web of tax and transfer pricing regulations that multinational companies have to navigate.

Kristine Riisberg and Anna Soubbotina discuss the appropriate pricing of intangible asset transactions in the media and entertain­ment industry.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $199 million FolioDynamix Actua Davis Polk & Wardwell - William Curran Growth Equity Investment $110 million Google Capital MapR Technologies Fenwick & West Acquisition Pending Cisco Metacloud Fenwick & West - Ronald Schrotenboer, Ora Grinberg Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Global Bank Note Program $5 billion Compass Bank Davis Polk & Wardwell - Michael Farber Mayer Brown Convertible Senior Notes Offering $1.8 billion Twitter Inc. Goldman, Sachs & Co. and Morgan Stanley & Co. LLC Swilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Rachel Kleinberg, Neetin Gulati Preferred Stock Offering $1 billion Morgan Stanley Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Merrill Lynch, Pierce Fenner & Smith Inc., Mitsubishi UFJ Securities (USA) Inc., UBS Securities LLC, Wells Fargo Securities, LLC. Davis Polk & Wardwell - Lucy Farr, Rachel Kleinberg, Andrew Smith, Kelli Luebben Sidley Austin Notes Offering $750 million Mexichem BBVA Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc. Creel Garcia-cuellar Aiza y Enriquez, Cleary Gottlieb Steen and Hamilton, Bufete Robles Miaja Davis Polk & Wardwell - Po Sit, Harry Ballan, Kelli Luebben Senior Notes Offering $550 million Owens & Minor Inc J.P. Morgan Securities LLC, Merrill Lynch, Pierce Fenner & Smith Inc., Wells Fargo Securities LLC Hunton & Williams Davis Polk & Wardwell - Craig Phillips, Vinay Prabhakar Notes Offering $500 million ICICI Bank Ltd. Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Ltd., Merrill Lynch International Amarchand & Mangaldas, Allen & Gledhill, Zu'bi & Partners, Davis Polk & Wardwell - Sarah Joy Latham & watkins Term Loan Credit Facility $495 million Sodimac Peru S.A. JPMorgan Chase Bank, N.A. Linklaters, Grau Abogados Mirnada & Amado, Claro & Cia, Davis Polk & Wardwell - Harry Ballan Concurrent Offerings of Senior Notes and Commmon Stock $430 million AK Steel Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC Davis Polk & Wardwell - Harry Ballan Dao Fu Senior Notes Offering $400 million J.C. Penney Company Inc. J.P. Morgan Securities LLC, Barclays Capital Inc. and Goldman, Sachs & Co. Skadden Arps Slate Meagher & Flom Davis Polk & Wardwell - Po Sit, Lucy Farr

The manufacturing sector is entering an era of complex transformation, driven by shifts in globalisation and demand, rapid innovations and the rise of new players in the emerging markets. Kaoru Dahm, Richard Sciacca, Juan Sebastian Lleras and Daisuke Hagiwara discuss the key trends and transfer pricing challenges arising from this transformation.

This week, the Organisation for Economic Co-operation and Development (OECD) released its first recommendations for combating international tax avoidance. The announcements, which form part of the multilateral organisation’s Base Erosion and Profit Shifting (BEPS) initiative, mark a major change to the global tax and transfer pricing landscape and will have an impact on multinational enterprises worldwide.

Will Morris, chairman of the BIAC Tax and Fiscal Affairs Committee and global tax policy adviser for GE, weighs up the strengths and weaknesses of the OECD’s BEPS disclosure documents.

In the Finnish K Oy case on the VAT treatment of digitally published books, the ECJ ruled that if a typical consumer in the EU treats the product the same as it would a physical book then the same rate of VAT should be applied.

The European Commission has decided to refer Germany to the European Court of Justice regarding its rules on VAT refund applications which discriminate against non-EU operators.

The G20’s finance ministers have outlined their plans to minimise global tax avoidance and evasion, which are not only about completing the work of the BEPS Action Plan on time by the end of next year.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $3 billion Robert Bosch GmbH BSH Bosch und Siemens Hausgerate GmbH (BSH) Hengeler Mueller - Stefanie Beinert Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Revolving Credit Facility $2.5 billion Computer Sciences Corporation Citibank N.A. Davis Polk & Wardwell Shearman & Sterling Senior Notes Offering $2 billion General Motors Financial Company Inc. Deutsche Bank Securities Inc., Banco Bradesco BBI S.A., Goldman, Sachs & Co., Lloyds Securities Inc. and Morgan Stanley & Co. LLC Hunton & Williams Davis Polk & Wardwell - Lucy Farr, Nicholas Machen Covered Bonds Offering $1.75 billion Royal Bank of Canada RBC Capital Markets, LLC, Citigroup Global Markets Inc., TD Securities (USA) LLC Morrison & Foerster, Sullivan & Cromwell, Norton Rose Fulbright Canada Allen & Overy, Davis Polk & Wardwell, McCarthy Tetrault Senior Notes Offering $400 million Trinity Industries Inc. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc. Haynes & Boone Davis Polk & Wardwell - Michael Mollerus, Adam Perry Senior Notes Due 2019 $350 million GameStop Corporation Merrill Lynch, Pierce Fenner & Smith Inc. Pepper Hamilton Davis Polk & Wardwell - Rachel Kleinberg, William Curran, Anne McGinnis Notes Offering and Tender Offer $325 million Gol LuxCo S.A. BB Securities Limited, Banco Bradesco BBI S.A., Citigroup Global Markets Inc., Morgan Stanley & Co LLC and Santander Investment Securities Inc. Milbank Tweed Hadley & McCloy Davis Polk & Wardwell - Rachel Kleinberg, Isaac MacDonald