Tax
Tax » Mergers & Acquisitions
Merger & Acquisition activity in Australia remains strong, fuelled by the energy and resources boom, foreign investment and corporate restructuring. Demergers are also increasingly common, particularly where a company decides to focus on a core business to maximise shareholder value. When it comes to a strategically important deal, it is not enough to be a technical expert. Clients need to understand the perspective of revenue authorities and how to respond tactically to get the deal over the finish line. And this is where Corrs comes to the fore.
Our Experts
Our Experience
Foster's Group
When Foster’s Group embarked on the demerger of its beer and wine businesses, the process was complicated by some unexpected challenges. Corrs has developed innovative solutions to address tax issues associated with the treatment of partly paid shares, a complex holding company structure and uncertainty caused by changes to the dividend provisions of the Corporations Act. This required working closely with the ATO. Corrs advised on all tax aspects of the demerger, including obtaining the tax ruling and providing the tax opinion for the scheme booklet.
Shell
When Shell sold a 10% stake in Woodside in a block trade to institutional investors through UBS, they turned to Corrs to act as tax counsel. The A$3.3 billion sale price made it the largest block trade conducted in Australia to date. Complex cross-border capital gains tax and financing issues were analysed in the lead up to this transaction which was then executed rapidly due to its market sensitivity. Corrs worked closely with Shell and UBS to deliver the outcome. Corrs has been a major provider of tax advice to Shell over the last four years.
Southern Cross
Southern Cross Media’s acquisition of the Austereo Group enables it to dramatically expand its reach in the metropolitan radio markets. Tax issues addressed as part of this transaction included the availability of the scrip for scrip capital gains tax relief.
Our Thinking
Federal Budget 2012-13: The major business tax measures
The Treasurer, the Hon Wayne Swan MP, has just delivered the most highly anticipated Budget speech for a long time. So what are the major business tax measures in the Budget that impact the Budget bottom line?
MoreNew South Wales stamp duty changes
An amending bill has been introduced into the New South Wales Parliament which will make significant changes to the corporate reconstruction exemption provisions and introduce a specific anti-avoidance measure into the landholder duty provisions.
MoreCorrs in Brief: Announced changes to the Australian General Anti-Avoidance Rule (GAAR)
The government’s action is in direct response to concerns about recent court losses suffered by the Australian Taxation Office (ATO) in seeking to apply the GAAR to transactions or arrangements entered into by some of Australia’s largest taxpayers.
MoreOur Experience
Foster's Group
When Foster’s Group embarked on the demerger of its beer and wine businesses, the process was complicated by some unexpected challenges. Corrs has developed innovative solutions to address tax issues associated with the treatment of partly paid shares, a complex holding company structure and uncertainty caused by changes to the dividend provisions of the Corporations Act. This required working closely with the ATO. Corrs advised on all tax aspects of the demerger, including obtaining the tax ruling and providing the tax opinion for the scheme booklet.
Shell
When Shell sold a 10% stake in Woodside in a block trade to institutional investors through UBS, they turned to Corrs to act as tax counsel. The A$3.3 billion sale price made it the largest block trade conducted in Australia to date. Complex cross-border capital gains tax and financing issues were analysed in the lead up to this transaction which was then executed rapidly due to its market sensitivity. Corrs worked closely with Shell and UBS to deliver the outcome. Corrs has been a major provider of tax advice to Shell over the last four years.
Southern Cross
Southern Cross Media’s acquisition of the Austereo Group enables it to dramatically expand its reach in the metropolitan radio markets. Tax issues addressed as part of this transaction included the availability of the scrip for scrip capital gains tax relief.
Our Thinking
Federal Budget 2012-13: The major business tax measures
The Treasurer, the Hon Wayne Swan MP, has just delivered the most highly anticipated Budget speech for a long time. So what are the major business tax measures in the Budget that impact the Budget bottom line?
Corrs in Brief: Announced changes to the Australian General Anti-Avoidance Rule (GAAR)
The government’s action is in direct response to concerns about recent court losses suffered by the Australian Taxation Office (ATO) in seeking to apply the GAAR to transactions or arrangements entered into by some of Australia’s largest taxpayers.
New South Wales stamp duty changes
An amending bill has been introduced into the New South Wales Parliament which will make significant changes to the corporate reconstruction exemption provisions and introduce a specific anti-avoidance measure into the landholder duty provisions.
Our Experts
Gary Chiert
Partner Sydney +61 2 9210 6155