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Assuming that analysts have recognized structuring methods that make the deal possible, it is then doable to look for real tax-associated synergies. Probably the most common is the switch of brands and other mental property to a low-tax subsidiary. However there are a host of other potential synergies: putting shared companies and central buying in tax-advantaged locations; reorganizing inside a rustic to pool taxes; pushing down debt into high-tax subsidiaries; and acquiring tax benefits that neither company might have realized on its own.
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