Month: June 2012

Big Deals: Petronas to acquire Progress Energy

Petronas, Malaysia’s state oil company, agreed on Thursday to buy Calgary-based Progress Energy Resources Corp. for $5.5 billion. The deal, which still subject to court, shareholder and regulatory approvals, will give Petronas control of shale gas reserves in Alberta and British Columbia. The company plans to export liquified natural gas (LNG) from Prince Rupert, BC, to Asian markets. Last year, a $1.07 billion transaction saw Petronas investing in certain shale gas assets and

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Herbert Smith + Freehills: UK, Australian law firms continue to take advantage of reforms

Yesterday, as reported in the New Lawyer’s website out of Australia, partners at London-based Herbert Smith LLP and the Australian firm Freehills agreed to a merger that creates Herbert Smith Freehills, the eighth-largest firm in the world, with 2,800 lawyers. The global behemoth will be led by joint CEOs and managing partners David Willis and

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Nominations open for Lexpert’s Rising Stars: Leading Lawyers Under 40 awards

Lexpert is now accepting nominations for its Rising Stars: Leading Lawyers Under 40 award. The Rising Stars award will honour lawyers from law firms, in-house and government who were born no earlier than 1972. All practice areas within business law (e.g. corporate, litigation) are open for consideration. We encourage lawyers to nominate other lawyers from

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Scrutiny intensifies on Chinese corporations as SEC pressures Big Four auditors to hand over documents

Are we about to see a wave of accounting scandals involving Chinese companies listed on U.S. and Canadian exchanges? It’s not out of the question. According to a recent Reuters report, the Big Four auditors (KPMG, E&Y, Deloitte and PwC) have so far failed to comply with requests from the U.S. Securities and Exchange Commission

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Norway’s Statoil and TGS make Canadian announcements

Two big Norwegian companies recently announced their involvement with oil and gas exploration in Canada. Statoil confirmed that it has found between 100 million and 200 million barrels of recoverable oil in the Newfoundland offshore on Wednesday; and late last week, TGS-NOPEC Geophysical Company (TGS) announced its acquisition of Calgary’s Arcis Seismic Solutions. Statoil found the reserves in its Mizzen prospect, located in the Flemish Pass

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There will always be an England…

Clyde & Co’s Toronto partner Graeme Mew is heading to the London Olympics next month.  He’ll be one of 12 arbitrators from around the world serving on the ad hoc panel of the Court of Arbitration for Sport (CAS).  The panel’s mandate is to resolve all Olympic-related disputes arising between 16 July and 13 August.These could

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Long-awaited copyright reforms clear the House of Commons

As reported in by the CBC, the Harper government’s long-awaited copyright reforms have finally cleared the House of Commons: Bill C-11 passed its final vote at third reading just before 11 p.m. on Monday night, by a vote of 158-135. The bill was introduced in the Senate immediately, and is expected to speed through all

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Big Deals: New Bridge to Link Detroit and Windsor

The agreement to build a new Detroit-Windsor bridge, which Prime Minister Stephen Harper referred to in an announcement on Friday as “a great act of confidence in the future of the North American economy,” is set to speed up trade between Canada and the US.   The Canadian government is fronting Michigan its $550 million share of the construction, with

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Alpha to Become “Nasdaq of the North” (and why the North could really use one)

Reuters is reporting that Alpha — the stock exchange launched by the big banks a few years back to compete with TMX Group — will reinvent itself as the “Nasdaq of the North” by developing a niche in Canadian technology listings, a sector that’s already being served in part by the TSX-Venture exchange. It’s an

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Bill C-38 and the new landscape for pipelines in Canada

With the omnibus budget Bill C-38 just surviving a marathon voting session, and set to go to third and final reading in the Commons on Monday and clear the Conservative-dominated Senate by the end of next week, the landscape for energy projects, and pipelines in particular, will soon be fundamentally altered. Bill C-38 will overhaul

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