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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, being a technical expert is not enough. Clients need to understand the revenue authorities’ perspective and how to respond tactically to get the deal over the finish line – this is how Corrs can make a difference.
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
Infrastructure early stage tax losses - Welcome reform but issues remain
The draft legislation on tax loss incentives for infrastructure projects is welcome, but gaps remain.
More
Federal Budget 2013-14: A tough one for business, especially multinational business
What are the most significant tax measures that will impact the business bottom line?
More
Australia turns up the heat on large and multinational taxpayers
The government’s announcement that it wants greater transparency around the tax activities of large businesses and multinationals reveals a suspicion that it’s missing out on tax revenue it ought to be getting.
More
A refocused tax treaty network is key to achieving the Asian Century vision
Australia must urgently refocus its tax treaty network towards Asia if it is to compete with Hong Kong and Singapore as a regional investment hub.
More
Are the retrospective transfer pricing measures unconstitutional?
The Government’s willingness to introduce tax laws with retrospective effect creates fertile ground for a constitutional challenge.
More
Federal Budget 2012-13: The major business tax measures
Business won’t be thrilled with the 2012-13 Budget, but should be relieved that other changes floated in the lead up ended up on the cutting room floor.
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
A refocused tax treaty network is key to achieving the Asian Century vision
Australia must urgently refocus its tax treaty network towards Asia if it is to compete with Hong Kong and Singapore as a regional investment hub.
Federal Budget 2012-13: The major business tax measures
Business won’t be thrilled with the 2012-13 Budget, but should be relieved that other changes floated in the lead up ended up on the cutting room floor.
Are the retrospective transfer pricing measures unconstitutional?
The Government’s willingness to introduce tax laws with retrospective effect creates fertile ground for a constitutional challenge.
Australia turns up the heat on large and multinational taxpayers
The government’s announcement that it wants greater transparency around the tax activities of large businesses and multinationals reveals a suspicion that it’s missing out on tax revenue it ought to be getting.
Federal Budget 2013-14: A tough one for business, especially multinational business
What are the most significant tax measures that will impact the business bottom line?
Infrastructure early stage tax losses - Welcome reform but issues remain
The draft legislation on tax loss incentives for infrastructure projects is welcome, but gaps remain.
Our Experts
Gary Chiert
Partner Sydney +61 2 9210 6155
Heran Kim
Special Counsel Sydney +61 2 9210 6200
Jonathon Leek
Partner Perth +61 8 9460 1616