On December 7, 2012, the Canadian government approved two proposed investments in Canadian energy companies by state-owned enterprises (SOEs) under the Investment Canada Act (ICA): the proposed acquisition by PETRONAS of Progress Energy Resources Corp. (Progress) and the proposed acquisition
Mandatory Jail Time for Certain Competition Act Offences Now in Effect
Effective today, an individual convicted of certain violations of the Competition Act (Canada) may be punished with prison time instead of community service. These offences include price-fixing, bid-rigging and misleading advertising. For more information please see Norton Rose’s Legal Update
Trends in Q3 M&A activity
Canadian M&A activity was down sharply in Q3, but the proposed $15.1 billion takeover of Nexen Inc. by China National Offshore Oil Company Limited drove the overall value of deals up 23% over Q2 and 16% over Q3 2011. PricewaterhouseCoopers
Increasing focus on M&A alternatives
With increasing cash reserves and a stagnant economy, firms are looking for alternatives to M&A for excess cash, including returning capital to shareholders by way of repurchase, dividend and debt reduction.
According to the Thomson Reuters fourth annual Outlook for
Q3 M&A Trends
Thomson Reuters recently released its Q3 Mergers & Acquisitions Review – Financial and Legal Advisory Review. Overall, worldwide M&A totalled US$455B, but was down 16% from 2011, with quarterly activity down 13%. The United States was the biggest contributor
There’s a new sheriff in town: government announces Interim Commissioner of Competition
Following the resignation of Melanie Aitken as Commissioner of Competition, the federal government announced on September 26, 2012 that John Pecman would serve as Interim Commissioner of Competition for up to one year. Pecman, most recently Senior Deputy Commissioner –
Criminal charges laid for alleged breach of merger consent agreement
On September 11, 2012, the Competition Bureau announced that it laid criminal charges under section 66 of the Competition Act against Progressive Waste Solutions Ltd. and its subsidiary BFI Canada Inc. for “multiple breaches” of a June 2010 consent agreement
Apple’s legal win could lead to increased smartphone M&A
A jury ruling in Apple’s favour over Samsung in the US District Court earlier this week could have a chilling effect on rivals, leaving them scrambling for alternatives to common touch-screen gestures used in many smartphones today.
The awarded $1.05 billion has affected Samsung’s stock price, and may limit its access to the coveted US marketplace. While Samsung will appeal, Apple indicated it will seek an injunction against the Korean tech giant to further its market share.
Samsung will not suffer alone.
M&A Trends for Q2
Yesterday Price Waterhouse Cooper released its Q2 M&A report on the 721 deals worth $47.7 billion announced in that quarter, and there were a few surprises. Although deal volumes, as expected, declined 7% over Q1 and 14% over Q2 2011,
Leadership changes and other merger developments at the Competition Bureau
Dealmakers should take note of several recent significant merger-related developments at the Competition Bureau:
- Commissioner’s Resignation – The head of the Bureau, Commissioner of Competition Melanie Aitken, announced that she intends to resign in September 2012;
- New Head of the