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European cross-border mergers

Aurell Taussig and Isaac Zailer examine some of the tax issues that can arise in the context of European cross-border mergers

This article addresses some of the UK tax issues which may be relevant in the context of a public M&A merger effected under the European cross-border merger directive as implemented by UK legislation. In particular we highlight a few practical problems to bear in mind when using the legislation introduced into the UK tax code to deal with such transactions and suggest some possible solutions.

Northern Foods/Greencore

Interest in European cross-border mergers has increased recently following the announcement in November 2010 of the proposed merger between Northern Foods Plc and Greencore Group Plc. If the merger completes it is likely to be the first UK public transaction to take place under the EU Cross-Border Mergers Directive (2005/56/EC) (the ECBM Directive).

The proposed merger will be effected by way...

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