DOCSLIB.ORG

Overview of Tax Inversions

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Overview of Tax Inversions SeptemberAugust 1, 2014 | Private Wealth Management Overview of Tax Inversions Tax Inversions have been in the headline lately as large US health care companies have turned to inversions to lower their tax bill and access cash held outside of the US. This is not a new phenomenon; in the last decade 47 corporations have moved overseas, but the uptick in announcements has garnered significant attention. We have recently gotten headlines of US companies like Medtronic (through a proposed acquisition of Covidien), AbbVie (through a proposed acquisition of Shire), and Mylan (through the proposed acquisition of Abbott’s ex-US generic business) pursuing inversions. Additionally Pfizer (with an attempted acquisition of AstraZeneca), Walgreens (speculated to be increasing ownership of Alliance Boots), and Hospira (speculated to acquire the medical nutrition business on Danone) have been rumored to go down this path. What is a tax inversion? When a US company purchases a foreign company and as long as the shareholders of the foreign company own 20 percent or more of the combined entity, a company in the United States can adopt a new homeland for tax purposes as part of the acquisition, in that way lowering its taxes and permitting it access to cash held abroad. As the Holder of the Acquiring Company’s Shares you should expect a Taxable Event. When you hold the stock of the company undergoing the inversion, the IRS is expected to treat the acquisition as a sale, requiring the holder to pay taxes on gains even though no shares have been sold. Under IRS rules, when a company moves abroad in a tax inversion, the buyer’s shareholders must pay capital gains if they will hold 50% or more of the shares (this is assumed to be the case with ABBV, MDT and MYL). The Federal Government is calling these Inversions un-American. The Senate Finance Committee held a hearing to discuss the current US international system of taxation. At the hearing, both Members and witnesses agreed that corporate inversions are largely problematic; however, they disagreed as to how they should be dealt with. Currently, it is unclear whether legislative proposals to halt inversion transactions could receive necessary bipartisan support. While Credit Suisse believes it is a possibility for Congress to craft a bipartisan amendment that could be attached to a funding bill or year-end tax deal, they still feel that the probability still remains less than 50% that Congress could pass something that halts inversion transactions by year’s end. Deal Specific AbbVie/Shire - ABBV reached an agreement to buy Shire, valued at $53.6B consisting of $41.78/share in cash and 0.896 ABBV shares for each SHPG share. Shire shareholders will own 25% of new ABBV, which will re-incorporate in the UK. ABBV believes it can lower its tax rate to 13% by 2016 from its current rate of 22%. The combined company will have sales of about $24B. ABBV agreed to a $1.6B breakup fee should the deal fall apart. ABBV expects the deal to close by the end of 2014. Holders of ABBV are expected to be taxed on the transaction, recognizing a gain on the date the deal closes. A new cost basis will then be established for the “new” ABBV shares. Medtronic/Covidien - In June MDT agreed to acquire Covidien for $42.9 billion or $93.22 a share, consisting of $35.19 in cash and 0.956 MDT shares for each COV share. The deal, subject to approvals, is expected to close in late 2014/early 2015. The combined companies will have revenue of about $27 billion. The deal is also being structured as a tax inversion with MDT forming a new company to be based in Ireland due to its lower corporate tax rate of 12.5% compared to the U.S. corporate tax rate of 35%. Holders of MDT are expected to be taxed on the transaction, recognizing a gain on the date the deal closes. A new cost basis will then be established for the “new” MDT shares. Robert W. Baird & Co. does not provide tax advice or services Please speak with your tax professional regarding all tax matters. Kathy Blake Carey, CFA Ron Freisleben, CPA Katie Schoen, CFA, CAIA Kimberly Stulo, CFA Senior Vice President First Vice President Vice President Senior Vice President [email protected] [email protected] [email protected] [email protected] 414.298.2313 414.298.7637 414.298.1701 414-765-3895 Robert W. Baird & Co. Page 1 of 1 Appendix – Important Disclosures This is not a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this date and are subject to change. The information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. There are no guarantees that any of the stocks’ share prices will increase and there is risk in any investment, including the potential for loss of principal. ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUEST Baird is exempt from the requirement to hold an Australian financial services license. Baird is regulated by the United States Securities and Exchange Commission, FINRA, and various other self-regulatory organizations and those laws and regulations may differ from Australian laws. This report has been prepared in accordance with the laws and regulations governing United States broker-dealers and not Australian laws. Copyright 2014 Robert W. Baird & Co. Incorporated. Other Disclosures UK disclosure requirements for the purpose of distributing this research into the UK and other countries for which Robert W. Baird Limited holds an ISD passport. This report is for distribution into the United Kingdom only to persons who fall within Article 19 or Article 49(2) of the Financial Services and Markets Act 2000 (financial promotion) order 2001 being persons who are investment professionals and may not be distributed to private clients. Issued in the United Kingdom by Robert W. Baird Limited, which has an office at Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB, and is a company authorized and regulated by the Financial Conduct Authority. For the purposes of the Financial Conduct Authority requirements, this investment research report is classified as objective. Robert W. Baird Limited ("RWBL") is exempt from the requirement to hold an Australian financial services license. RWBL is regulated by the Financial Conduct Authority ("FCA") under UK laws and those laws may differ from Australian laws. This document has been prepared in accordance with FCA requirements and not Australian laws. Applicable disclosures regarding the equities discussed can be accessed at http://www.rwbaird.com/research- insights/research/coverage/third-party-research-disclosures.aspx. .
Load more

Recommended publications
  • Corporate Social Responsibility Report 2016 Walgreens Boots Alliance Is the First Global Pharmacy-Led, Health and Wellbeing Enterprise
    Corporate Social Responsibility Report 2016 Walgreens Boots Alliance is the first global pharmacy-led, health and wellbeing enterprise. Our purpose is to help people across the world lead healthier and happier lives. Our 2016 Corporate Social Responsibility Report covers the fiscal year that ended 31 August 2016. In this year’s report: Overview Marketplace Introduction ...................................................1 Our CSR goals .............................................2 28 Our vision, purpose and values ................3 Our approach to CSR .................................4 Contributing to the United Nations Sustainable Development Goals .............6 Transparency ........................................... 30 Our impact ...................................................8 Ethical Sourcing ...................................... 30 ........................... About our Company ................................. 10 External Stakeholders 31 Stakeholder engagement ....................... 12 Workplace Community 32 14 Employee Health and Wellbeing ........ 34 Equal Opportunities .............................. 36 Health and Wellbeing ............................. 16 Health and Safety ...................................37 Young People ........................................... 17 ...................................... Cancer Programs .....................................20 About this report 38 Data management process ................ 38 Environment Data ............................................................ 38 Community data
    [Show full text]
  • OSB Participant List by Research Area
    OSB Participant List by Research Area Contact Centers (CC) • AARP • Air Products and • American Drug Stores Chemicals • AAA • ABB • American Electric Power • Airbus • Accor • Abbott • American Express • Alcatel Lucent • American Electric Power • Abengoa • American International • Alcoa Group • American International • Abu Dhabi National Group Energy Company • Alcon • American Stores Company • Austin Energy • ACC Limited • Alfa • American Water • Bank of America • Access Insurance Holdings • Algonquin Power & • Amgen Utilities • Blue Cross Blue Shield • Accord Holdings • AMIL • ALH Group • Charles Schwab & • ACE • AmInvestment Bank Company • Alitalia • Acea • AMR • Citigroup • ALK Abello • Acer • Amssi • Citizens Gas • Alkermes • Acxiom • Amtran Logistics • Clarke American • Allergan • Adelaide Clinic Holdings • Andrew Corporation • CPS Energy • Alliance & Leicester • Adidas • Anglian Water Services • Direct Energy • Alliance Boots • Advance Food Company • Anritsu • Federal Reserve Bank of • Alliant Techsystems Minneapolis • Advance Publications • Anschutz • Allianz • John Deere • Advanced Coating • Apache • Allied Irish Banks • Technologies Louisville Water Company • Apex Equity Holdings • Advanced Semiconductor • Allstate Insurance • Manila Electric Company Engineering Company • Apple • • • Mellon Financial Adventist Health System Ally Financial • Arcadia Housing • • • MetLife Aegon Alon USA Energy • Arcos Dorados Holdings • • • Morgan Stanley AEON AlpTransit Gotthard • Ardent Health Services • • • NetBank Aera Energy Alstom • Argos •
    [Show full text]
  • Local Businesses – Large and Small
    Local Businesses – Large and Small The details of the local businesses documented below have been researched by the Local History Group. Thomas Glover & Son Thomas Glover & Son, elastic web and fabric manufacturers appeared in the Post Office Directory for Nottinghamshire in 1855. The company is recorded as having several addresses in Nottingham, however it had disappeared from the directory by 1900, returning in 1925 described as a surgical hosier in Chesterfield Street, Carlton. The firm remained at that address until the 1970s. The company’s buildings were on both sides of Chesterfield Street but are now demolished, new houses being built on the side. Turney Brothers In 1861 two brothers, Edward and John Turney built a tannery and began to make leather on a site next to the River Trent and the adjacent canal in Nottingham, known as Sneinton Island. The first buildings took up only a fraction of the space that by the 1920s had developed into a large site with labour-saving machinery imported from many countries. They traded under the name of Turney Brothers and had offices in London, Leicester and Manchester. Edward left some years after the commencement of the company and the driving force was John Turney who was in sole charge for over a quarter of a century. In 1888 the company re-organised into a Limited Company, John being chairman. John led an exceptionally distinguished social, political and commercial life. He was a member of Nottingham Corporation for 46 years, and became Sheriff and then Alderman in 1879 and Mayor for two years 1886 – 1888.
    [Show full text]
  • Corporate Finance Guide 2021 CORPORATE FINANCE GUIDE SPECIAL | CORPORATE
    01/06/2021 15:30 15:30 01/06/2021 01/06/2021 1 1 cover.indd cover.indd Guide Guide Finance Finance Corporate Corporate MIDLANDS BUSINESS INSIDER www.midlandsbusinessinsider.com JULY 2021 JULY midlands businessinsider WEST ™ MIDLANDS insiderEDITION VOL.29 NO.7 £10 JULY 2021 West Midlands Mayor What does business want from Andy Street’s second term? CITY OF CULTURE CITY OFCULTURE Wolverhampton The new home of green construction | SMEGUIDE Mental health | MENTAL HEALTH HEALTH MENTAL Helping a colleague on the edge | RESIDENTIAL AWARDS RESIDENTIALAWARDS | CORPORATE FINANCEGUIDESPECIAL CORPORATE Guide Guide 2021 Corporate Finance Corporate MIDLANDS | CIRCULARECONOMY FIREDHOW A YEAR AS CITY OF CULTURE UP! IS VOL.29 N VOL.29 SPARKING GROWTH IN COVENTRY O 7 MBI July 2021 cover MASTER.indd 1 02/06/2021 15:00 Optimising outcomes for our clients no matter what their destination DLA Piper has been the No 1 M&A law firm, both in the UK and globally, for each of the past 11 years. Trusted adviser to: Put simply, we do things that other law firms cannot. Times 2 SISTERS FOOD GROUP may change, but our qualities do not. Our clients trust us with Advised on the GBP246m sale of part of Fox’s Biscuits to their most important, strategic and transformational M&A and Ferrero Group. ECM transactions. We use our market and sector intelligence and unrivalled deal execution experience to drive and obtain NOBLE GROUP optimal outcomes for our clients, no matter what the deal type, Advised on the sale of chilled dessert brand Gü to Exponent the transaction process, the geography or the counter-party.
    [Show full text]
  • Download Annual Report 2013
    Annual Report 2013 Our goal Our goal is to become Central and Eastern Europe’s leading spirits company – commanding a major stake in each of our core operating markets and making our presence felt in the wider global market. Contents Strategic report Chairman’s statement 02 Group at a glance 04 Our “millionaire” brands 06 Our heritage 08 Chief Executive Officer’s statement 10 Our business model 14 Strategy and KPIs 16 Our markets 18 HIGHLIGHTS Spirits market overview 20 Regional reviews Poland 22 17.4 m €340.5m Czech Republic 24 Italy 26 9 LITRE CASES NET SALES REVENUE Other 27 +11.4% +16.4% Operations 28 2012: 15.6m 9 litre cases 2012: €292.4m Our people 29 Corporate responsibility 30 €83.7m €47.7m Financial review 32 Principal risks 36 ADJUSTED EBITDA* OPERATING PROFIT Directors and +22.3% -44.2% Company Secretary 42 2012: €68.4m 2012: €85.4m Senior management 44 Corporate governance 46 Chairman’s letter 46 €74.4 m €8.9m Corporate governance framework 47 ADJUSTED EBIT* PROFIT FOR THE YEAR Audit Committee report 52 +26.7% -66.0% 2012: €58.7m 2012: €26.2m Nomination Committee report 56 Directors’ remuneration * Stock Spirits Group uses alternative performance measures as key financial indicators to assess the underlying performance of the Group. These include adjusted EBITDA, adjusted EBIT and adjusted free cash flow. report 57 The narrative in the Annual Report & Accounts is based on these alternative measures and an explanation is set out in note 7 to the consolidated financial statements included in the Annual Report & Accounts.
    [Show full text]
  • Glaxosmithkline Aims to Divest Many OTC Brands
    OTC11-02-11p1&28FIN.qxd 8/2/11 11:52 Page 1 11 February 2011 COMPANY NEWS 3 GlaxoSmithKline aims to Valeant expands in CEE 3 with PharmaSwiss deal J&J loses sales of US$1.1bn 4 Boots faces up to tough market 5 divest many OTC brands Key brands boost Novartis OTC sales 6 GSK consumer races ahead 7 laxoSmithKline intends to divest non- to divest the non-core brands as soon as pos- Taisho holds steady in weak market 8 Gcore OTC brands with combined an- sible – hopefully before the end of the year – Vicks shipments lift OTC at P&G 9 nual sales of £500 million (C593 million). depending on buyer interest. Perrigo plans spring Allegra launch 10 Chief executive officer Andrew Witty said The announcement came as GlaxoSmith- Consumer Care grows at Merck & Co 11 the move would enable the company’s Con- Kline reported a 7% rise – 5% at constant ex- Omega reports strong quarter 12 sumer Healthcare division to focus more effec- change rates – in 2010 sales at the Consumer Winter woes hit Boiron 13 tively on its “priority or global” brands as well Healthcare division to £5.01 billion. Sales in Pfizer wants Consumer 14 as its operations in emerging markets. Consumer Healthcare’s OTC Medicines busi- to prove worth A spokesperson for GlaxoSmithKline told ness grew by 5% – 3% at constant exchange OTC bulletin that the company was currently rates – to £2.46 billion. GENERAL NEWS 15 compiling the lists of priority and non-core OTC brands, and hoped to release more details Recent deals with Meda and Valeant Perrigo faces lawsuit over 15 in the second quarter of the year.
    [Show full text]
  • Management Stakeholders
    Hyperglycaemia in acute coronary syndromes: management Stakeholders 15 Healthcare 2gether NHS Foundation Trust 3M Health Care UK 4Children 5 Boroughs Partnership NHS Foundation Trust A.Menarini Pharma U.K. S.R.L. Abbott Diabetes Care Abbott Diagnostics Division Abbott Diagnostics Division Abbott Laboratories Abbott Vascular Devices Abbott Vascular Devices AbbVie AbbVie Abertawe Bro Morgannwg University NHS Trust Achieving for Children Action Heart Action on Addiction Action on Hearing Loss Action on Smoking & Health Action on Smoking and Health Addaction Addenbrookes Hospital Addiction Today ADFAM Adults Strategy and Commissioning Unit Advisory Committee for Community Dentistry Advisory Council on the Misuse of Drugs Afiya Trust African Health Policy Network Aintree University Hospital NHS Foundation Trust Alcohol and Drug service Alcohol Focus Scotland Alcohol Use Disorders: Clinical Management Guideline Development Group Alcoholics Anonymous Alder Hey Children's NHS Foundation Trust Alere Alere Alere International Alere Ltd Alere Ltd Alkermes Inc All Party Parliamentary Group on Vascular Disease Allergan Ltd UK Alliance Boots plc Allocate Software PLC Alpha Medical American Medical Systems Inc. American Medical Systems Inc. American Medical Systems UK Ltd AMORE health Ltd AMORE health Ltd AMORE Studies Group AMORE Studies Group Aneurin Bevan University Health Board anglia community leisure Anglia University Anglian Community Enterprise Ark Therapeutics Ltd Arrhythmia Alliance Arrowe Park Hospital Assocation of NHS Occupational Physicians
    [Show full text]
  • WALGREENS BOOTS ALLIANCE, INC . (Exact Name of Registrant As Specified in Its Charter) Delaware 47-1758322 (State of Incorporation) (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2016 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ____________ to ___________ Commission file number 001-36759 WALGREENS BOOTS ALLIANCE, INC . (Exact name of registrant as specified in its charter) Delaware 47-1758322 (State of incorporation) (I.R.S. Employer Identification No.) 108 Wilmot Road, Deerfield, Illinois 60015 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (847) 315-2500 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock ($.01 Par Value) The NASDAQ Stock Market LLC 2.875% Notes due 2020 New York Stock Exchange 3.600% Notes due 2025 New York Stock Exchange 2.125% Notes due 2026 New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • The Inversion Experience in the United States
    The Inversion Experience in the United States ITPF/TPC Conference on Corporate Inversions and Tax Policy Paul W. Oosterhuis Skadden, Arps, Slate, Meagher & Flom Washington, D.C. January 23, 2015 Beijing Houston Palo Alto Tokyo Boston London Paris Toronto Brussels Los Angeles São Paulo Washington, D.C. Chicago Moscow Shanghai Wilmington Frankfurt Munich Singapore Hong Kong New York Sydney │1 Skadden, Arps, Slate, Meagher & Flom LLP EVOLUTION OF INVERSION TRANSACTIONS Edit│2 on Slide Master │2 Skadden, Arps, Slate, Meagher & Flom LLP INTRODUCTION • This presentation provides background regarding various “inversion” related transactions, and the evolution of those transactions in response to the changing legal landscape. • The basic concept of an inversion is a transaction in which a U.S. parent becomes a subsidiary of a new foreign parent corporation (“NFP”). − If done alone under NFP this is a “self inversion” (Aon, Ensco, etc.). − If done in connection with a target (typically foreign) under NFP this is a combination migration transaction (Eaton/Cooper, Medtronic/Covidien, etc.). • Inversions offer fours main areas of potential tax benefits: 1) Future foreign expansion under NFP outside of the U.S. tax “net” 2) Tax efficient leverage on the group’s U.S. operations 3) Restructuring of legacy foreign operations owned by the U.S. group 4) Better access to offshore cash for NFP dividends, share buybacks, etc. │3 Skadden, Arps, Slate, Meagher & Flom LLP THE START: MCDEROMOTT TRANSACTION (1980’s) Public Public Public McDermott McDermott McDermott
    [Show full text]
  • An Insight Into Our Life Sciences and Healthcare Sector
    An insight into our Life Sciences and Healthcare Sector 2020 allenovery.com 2 An insight into our Life Sciences and Healthcare Sector | 2020 © Allen & Overy LLP 2020 3 Contents Introducing Allen & Overy 04 Full service, international support for the life sciences and healthcare sector 05 M&A/corporate finance 06 Licensing and collaborations 09 Patent litigation 11 Regulatory 13 Dispute resolution/arbitration 14 Equity and debt financing 15 Restructuring 16 Key contacts 17 allenovery.com 4 An insight into our Life Sciences and Healthcare Sector | 2020 Introducing Allen & Overy GEOGRAPHIC SPLIT BY TOTAL NUMBER OF LAWYERS† 141 Central & Eastern Europe 1,016 UK 929 Western Europe 440 129 Asia Pacific 185 Middle East North, Central & South America 77 Africa GLOBAL PRESENCE NORTH AMERICA EUROPE AFRICA ASIA PACIFIC New York Amsterdam Istanbul Casablanca Bangkok Seoul Washington, D.C. Antwerp London Johannesburg Beijing Shanghai Barcelona Luxembourg Hanoi Singapore CENTRAL & Belfast Madrid MIDDLE EAST Ho Chi Minh City Sydney SOUTH AMERICA Bratislava Milan Abu Dhabi Hong Kong Tokyo São Paulo Brussels Moscow Dubai Jakarta* Yangon Bucharest* Munich Perth * Associated office Budapest Paris ** Cooperation office Düsseldorf Prague † All figures represent the Frankfurt Rome financial year 2016/17 Hamburg Warsaw Source: Regional active headcount October 2018 KEY STATISTICS 5,400 2,300 550 40+ Number of staff Number of lawyers Number of partners Offices around the world © Allen & Overy LLP 2020 5 Full service, international support for the life sciences and healthcare sector Our global Life Sciences and Healthcare sector comprises a multi-disciplinary team. We act for companies and their investors across the industry, including in the pharmaceuticals, biotech, animal health, consumer health, med tech, and diagnostics sectors.
    [Show full text]
  • 1054 PLG Journal Issue 21 01.04.Indd
    Issue 21 | August 2014 www.plg-uk.com The Future for Generics Business Models Factors for Success in the OTC Market Non-Patent Exclusivities in Major Markets Faster Market Access for Precision & More Personalised Medicines SinkorSwiminEurope:theRoleofBusinessDevelopment 7thEuropeanPharmaLicensingSymposium 23rd&24thSeptember2014Prague,CzechRepublic Following the formaƟon of the new PLG CEE group, the EPLS meeƟng travels to Eastern Europe this year for its 7th event. This two day meeƟng will include presentaƟons, talking tables and plenty of networking opportuniƟes both formal and informal. There will be an online delegate contact system open to all registered delegates, with a dedicated oneͲtoͲone meeƟng area available to all delegates throughout the meeƟng. PresentaƟonswill include: Ͳ Overview of Growth OpportuniƟes in Europe Ͳ Are Emerging Markets Paying Their Way? Ͳ The Role of HTA in Assessing BD OpportuniƟes and Deals Ͳ Building By AcquisiƟon Ͳ New Business Models with Pharma Ͳ DeͲRisking Rare Disease Projects Ͳ Launch Strategies in Europe ‘TalkingTables’ With deals becoming increasingly complex, the interacƟve Talking Tables format will enable a range of hot topics to be debated in small groups. The Įndings from each debate will then be presented to the group followed by a panel discussion based on delegate feedback. Issues to be debated will include: Ͳ TerminaƟon Issues in Agreements Ͳ IP Aspects Including SPCs Ͳ Performance Issues in Agreements Ͳ Current Deal Trends Ͳ Consensus Market ForecasƟng Ͳ CoͲBranding Ͳ Due Diligence and Regulatory Issues VenueͲMarrioƩPrague The hotel is centrally located close to Prague Old Town. For those arriving on Monday evening, the informal networking will begin with a drinks recepƟon held at the hotel from 7pm.
    [Show full text]
  • Representative Participant List by Alpha
    Open Standards Benchmarking® Representative Participant List 0-9 2 SISTERS EUROPE A ADOBE SYSTEMS 3M ADP 3S SOLVAY ADRENALIN ESYSTEMS 50HERTZ TRANSMISSION ADVA OPTICAL NETWORKING 7-ELEVEN ADVANCE FOOD COMPANY A AAA ADVANCE PUBLICATIONS AARP ADVANCED BUSINESS GRAPHICS ABB ADVANCED COATING TECHNOLOGIES ABBOTT ADVANCED MICRO DEVICES ABBOTT PRODUCTS ADVANCED SEMICONDUCTOR ENGINEERING ABENGOA ADVENTIST HEALTH SYSTEM ABERCROMBIE & FITCH ADVERTISING RESOURCES ABERTIS TELECOM AEGON ABU DHABI NATIONAL ENERGY COMPANY AEON AC NIELSEN AERA ENERGY ACC LIMITED AERO INVENTORY ACCESS INSURANCE HOLDINGS AEROLÍNEAS ARGENTINA ACCIONA ENERGÍA AES ELETROPAULO ACCOR AETNA ACCORD HOLDINGS AFFILIATED FOODS ACCUITY AFFILIATES MANAGEMENT COMPANY ACCUTEK PACKAGING EQUIPMENT AFH STORES ACE AFLAC INCORPORATED ACE INA INSURANCE AFRICAN DEVELOPMENT BANK ACEA AFRISAM CEMENT ACER AFTONBLADET HIERTA ACME INDUSTRIES AGCO ACTARIS AGF BRASIL INSURANCE ACTEGA TERRA AGFA HEALTHCARE ACXIOM AGFA-GEVAERT ADAPTEC AGGREGATE INDUSTRIES ADELAIDE CLINIC HOLDINGS AGGREKO INTERNATIONAL ADI AGILENT TECHNOLOGIES ADIDAS AGL TORRENS ISLAND HOLDINGS ADITYA BIRLA NUVO LIMITED AGRICOLA FORNACE ADMIRAL INSURANCE COMPANY AGRICULTURAL BANK OF CHINA © 2017 APQC Generated on 12/4/2017 Open Standards Benchmarking® Representative Participant List A AGRO-ON A ALIGN TECHNOLOGY, INC. AICHI BANK ALIMENTATION COUCHE-TARD AIG SEGUROS ALIMENTOS POLAR AIOI NISSAY DOWA INSURANCE ALITALIA AIR CANADA ALK ABELLO AIR CHINA ALKERMES AIR FRANCE ALLAHABAD BANK AIR LIQUIDE ALLEGHANY CORPORATION AIR PRODUCTS ALLEGIANCE
    [Show full text]