General Business Mergers & Acquisitions Energy & Utilities

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FERC Seeks Comment On Potential Modifications To Its Market Power Analyses

On September 22, 2016, the Federal Energy Regulatory Commission (FERC) issued a Notice of Inquiry (NOI) seeking comment on whether and, if so, how FERC might modify or enhance its methods for identifying and assessing market...more

Your daily dose of financial news - The Brief – 9.29.16

OPEC has reached a tentative deal among its 14 member nations to “modestly cut” their oil output toward the end of the year in an effort to shore up sagging oil prices–an announcement that immediately sent global oil prices...more

Merging Companies Tesla and SolarCity Among Entities Advocating Wider Role for Electric Storage Resources in RTO and ISO Markets

In early August, Tesla Motors Inc., a manufacturer of advanced electric vehicles and battery energy storage systems, announced a deal to buy SolarCity Corporation, a developer of distributed energy resources, particularly...more

Your daily dose of financial news - The Brief – 9.22.16

As most expected, the Fed held rates steady yesterday. Though its divided FOMC and Chair Yellen’s comments about an improving economy seem to portend a rate hike before the end of the year....more

Your daily dose of financial news - The Brief – 9.7.16

Turns out that running the show at Valeant has given Pershing Square’s Bill Ackman quite the appetite. He’s looking to satisfy that hunger (and get back to the business of maximizing returns by pushing companies to make...more

Your daily dose of financial news - The Brief – 9.1.16

Canada’s signaled an interest in joining the China-led Asian Infrastructure Investment Bank—often seen as China’s answer to the World Bank.  The bid is controversial at home for new PM Justin Trudeau, but it reflects the...more

Significant Developments in Canadian Energy – For the Month of August 2016

Conventional - August 2, 2016 – Quattro Exploration and Production Ltd. has signed a letter of intent for the sale of certain oil and gas production facilities and lands in Western Canada to an Alberta-based oil and gas...more

Significant Developments in Canadian Energy – For the Month of July 2016

Conventional - July 26, 2016 – TORC Oil & Gas Ltd. entered into an agreement with Zargon Oil & Gas Ltd. to acquire light oil assets in southeast Saskatchewan. The acquisition includes 1,120 boe per day (roughly 95 per...more

Return of the MAC – Material Adverse Change Clauses Making a Comeback in Oil and Gas Deals

For many years, US and UK M&A practices have differed in their use of material adverse change clauses (MACs) in sale and purchase documents. Common, even ubiquitous in the US, these clauses, which permit a buyer to refuse to...more

Slow but steady: US M&A H1 2016

The frenzied pace of US M&A in 2014 and 2015 calmed in the first half of 2016, returning the market to far more sustainable and familiar activity levels. After two blockbuster years, the first half of 2016 has brought...more

Significant developments in Canadian energy – for the month of June 2016

June 22, 2016 – In response to the Redwater decision (discussed below) and pending the outcome of an appeal, the Alberta Energy Regulator (AER) implemented interim changes to its regulatory measures “to minimize risks to...more

Significant developments in Canadian energy – for the month of May 2016

Conventional - May 3 – Freehold Royalties Ltd. entered into an agreement with Husky Energy Inc. to acquire royalty production and lands for an aggregate purchase price of $165 million. The transaction closed on May 25,...more

FERC Finalizes Hold-Harmless Policy and Strikes the Most Problematic Proposals

FERC guidance clarifies the scope of the hold-harmless commitments offered in electric utility mergers and acquisitions, but discards its initial proposal to make those commitments open-ended. On May 19, the Federal...more

Significant Developments in Canadian Energy – For the month of April 2016

Conventional - April 21, 2016 – The Alberta government announced the technical formulas that will be used to calculate royalties and payout cost allowances on oil, natural gas, propane and butane starting in 2017....more

Your daily dose of financial news The Brief – 5.3.16

Craig Steven Wright—the Australian who claims to be famed Bitcoin mastermind Satoshi Nakamoto—is not exactly being welcomed with open (and unquestioning) arms – NYTimes... Stocks came booming back yesterday after a tough...more

Second Circuit Issues Amended Order Affirming Dismissal in Transocean

On April 29, the United States Court of Appeals entered an amended order (previously decided on March 17, 2016) that affirmed the decision of the United States District Court for the Southern District of New York in DeKalb...more

Strategic Considerations for Bridging the Bid-Ask Spread in Upstream M&A During Oil Price Volatility

Oil prices fell on Monday after producers failed to reach agreement on a production cap that would have contracted supply. West Texas Intermediate (WTI) dropped almost 7 percent in early trading, and, although it pared back...more

Antitrust Lessons from Oil Giants’ Proposed Merger

In perhaps an unsurprising move, last week the U.S. Department of Justice filed a civil antitrust lawsuit challenging the merger of Halliburton and Baker Hughes, the first and third largest oilfield services companies in the...more

Oil price turbulence benefits the opportunistic

The prolonged turbulence in oil prices has brought cost reduction programmes, the shelving of projects, and insolvencies in the oil field services (OFS) and exploration and production (E&P) sectors — and has presented a once...more

Significant developments in Canadian energy – for the month of March 2016

Conventional - March 9, 2016 – Encana Corporation is exploring the sale of more non-core assets in the United States and Canada that could net proceeds of approximately $1 billion. Encana is open to offers on all of...more

2015 Energy Year in Review

Akin Gump is pleased to announce it has released its “2015 Energy Year in Review,” which examines the current state of the global energy market and highlights the energy matters with which the firm was involved last year in...more

"Key Takeaways - Energy M&A Webinar Series: Utility M&A Update"

On January 28, 2016, Skadden hosted a webinar titled “Utility M&A Update,” the first installment of a three-part Energy M&A Webinar Series focused on transactional trends in the energy industry. The program, which drew 140...more

The Top 10 Questions Facing the LNG Industry in 2016

Although continuing low oil prices affect the LNG industry in expected ways (e.g., delays and cancellations in the development of LNG export projects) and unexpected ways (e.g., take-overs between major players in an already...more

Break Fees in Private M&A

The speed of economic change in the energy sector has created legitimate concerns about volatility in the marketplace. This has caused both vendors and purchasers to be more cautious in deal making. One way to help the...more

Lessons from the Suncor-Canadian Oil Sands Shareholder Rights Plan Decision

On December 14, 2015, the Alberta Securities Commission (ASC) released its much anticipated decision (the Decision, Re Suncor Energy Inc., 2015 ABASC 984) concerning the 120-day shareholder rights plan adopted by Canadian Oil...more

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