Lexpert identifies and reports on emerging business issues and practice areas in the business of law. Whether online, in our magazine or in the DealsWire e-newsletter, we chronicle deals and lawsuits of interest, and cover issues of broad concern to the legal profession and those who purchase legal services. We hope you enjoy this sampling of our latest content.
Competition Bureau's mixed blessing
The Competition Bureau's recent clearance of the proposed acquisition of Canexus Corporation by Chemtrade Logistics Income Fund brought good news and bad to M&A stakeholders. The good news was that the Bureau deferred to the Supreme Court's decision in Tervita v. Canada, which said anti-competitive mergers could be saved by the unique "efficiencies" defence of the Competition Act. The bad news was that the Bureau commissioner believes Tervita's interpretation of that defence does not reflect Parliament's intent, and has made it clear he would like the provision to be amended or repealed.
More voices at the table
In September, 2016, Navdeep Bains, the federal Minister of Innovation, Science and Economic Development, introduced Bill C-25, which if enacted will make significant changes to the corporate governance (including director elections) of public companies incorporated under the Canada Business Corporations Act. The amendments, for example, will bring majority voting into law for many companies. Are these changes necessary? There's some doubt. Are they coming? No doubt at all.
The pullout puzzle
In this month's "On the Deal" Q&A, we talk to key dealmakers behind Yintai Resources' acquisition of Chinese mining assets from Eldorado Gold Corp. Vancouver-based Eldorado Gold Corp., a global low-cost gold producer, currently has mines in Greece, Turkey, Romania, Serbia, Brazil – and until recently China. With more than 7,000 employees around the world, it first entered China in 2005. Just a decade later, however, Eldorado wanted out.
Graphic: is Chinese-Canadian M&A growing?
Transactional work between Canada and China (above $50-million U.S.) began in the early 2000s, ramping up until 2012, when state-owned CNOOC acquired Nexen Energy for $15-billion. Controversy around the deal prompted the federal government at the time to tighten reviews, but Ottawa is now looking to reverse that policy.
This week's announced deal spotlight in DealsWire features the key players and figures in Goldcorp's agreement to buy Exeter Resource Corp., which was announced alongside a joint venture with Barrick Gold to develop gold mines in northern Chile.
In DealsWire's Closed Transactions section, we look at the legal teams on the IPO of high-end outerwear company Canada Goose, as well as Apotex selling its softgel manufacturer Accucaps to Catalent Pharma Solutions.
We also look at the players behind Norway's Statoil ASA selling its oil sands business to Athabasca Oil Corp.
Finally, we give you the teams on Caisse de dépôt et placement du Québec in its joint venture with DP World Partners.
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