Mergers & Acquisitions Administrative Agency Energy & Utilities

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ITC Companies Settle FERC Enforcement Action Regarding Federal Power Act Section 203 and 205 Violations for $750,000

On March 11, 2014, the Federal Energy Regulatory Commission (FERC) issued an order approving a settlement between the FERC Office of Enforcement (OE) and four subsidiaries of ITC Holdings Corp. (the ITC Companies) that...more

Canadian Government Approves CNOOC’s Acquisition of Nexen

Monumental US$15.1 billion acquisition results in the largest foreign acquisition by a Chinese company to date. On December 7, the Canadian government approved the acquisition of Calgary, Alberta–based petroleum company...more

The Shale Play Today - December 2012

In This Issue: - The Natural Gas Industry: 2012 Year in Review & Look Ahead - Please Take Our Reader Survey - Spilman Member Speaks at National Environmental Conference - Statoil Acquires 70k Acres in...more

Focus on Foreign Investment: Canada Gives Green Light to CNOOC and Petronas Deals, But Red Light to Future SOE Takeovers in Oil...

On Friday, December 7th, the Canadian Government approved two controversial takeovers of Canadian companies under the Investment Canada Act, Canada’s foreign investment review legislation: the acquisition of oil and gas...more

Canadian Government Adjusts Rules for Foreign Investment

On December 7, 2012, the Canadian Minister of Industry announced decisions under the Investment Canada Act (ICA) to allow acquisitions by two foreign state-owned enterprises (SOEs): of Nexen Inc. by China National Offshore...more

FTC Defers to State Resolution of Competitive Concerns Arising Out of Acquisition of Natural Gas Assets

On November 7, 2012, the Federal Trade Commission announced it had closed its investigation of Hilcorp Alaska LLC's proposed $375M acquisition of Marathon Oil Company's Cook Inlet, Alaska natural gas production, storage, and...more

PETRONAS Decision Signals Feds' Caution on SOE Investment Reviews

On October 19, 2012, minutes prior to the expiry of the review period mandated by the Investment Canada Act (ICA), the Minister of Industry, Christian Paradis, announced that he was rejecting the proposed acquisition of...more

"Obama Administration Blocks Chinese Purchase of Wind Farms on National Security Grounds"

Citing “credible evidence” that led him to believe that the Chinese-owned Ralls Corporation or its subsidiaries or affiliates “might take action that threatens to impair the national security of the United States,” President...more

REGULATORY: EU Competition Law: UK Competition Commission Clears Water Merger – Unconditionally for First Time by Suzanne Rab

Owning and buying privatised network utilities in the UK raises regulatory issues, yet there continues to be interest in investing in them. On 31 May 2012, the UK Competition Commission (“CC”) approved the acquisition by...more

The Canadian Oil Sands: A Backgrounder: Structuring your Transaction or Project

Valuation - Land sale spending in Alberta surged in 2010 due to a combination of new plays, enhanced oil sands technologies and a rebound in oil prices. From April 2010 to March 2011, 365,969 hectares of Crown oil...more

Changes to the Mineral Tenure Act Regulation

The good news is that many of the current registration fees will be eliminated including fees for registration of exploration and development work, registration of payment of cash in lieu of work, registration of portable...more

Transactions: Corporate/London: M&A: The Importance of Bribery and Corruption Due Diligence - A UK Perspective

With M&A activity in the energy sector still buoyant, particularly in developing economies, the need for effective and risk sensitive diligence into potential bribery and corruption by target entities is becoming more...more

Energy Newletter - March 2012

In This Issue: TRANSACTIONAL Transactions The Top 10 Issues Facing the LNG Industry in 2012 Philip Weems, Matt Salo With numerous technological, commercial, and geopolitical factors...more

FERC Reaffirms its Policies on Analyzing Horizontal Market Power

In an order issued on February 16, 2012 (February 16 Order), the Federal Energy Regulatory Commission (FERC) reaffirmed its policies regarding horizontal market power analyses under Sections 203 and 205 of the Federal...more

FERC Reaffirms Merger Policy; Does Not Adopt DOJ/FTC 2010 Horizontal Merger Guidelines

Public utilities could face different levels of scrutiny in merger reviews before the U.S. Federal Energy Regulation Commission, and the Department of Justice and the Federal Trade Commission (the Antitrust...more

China’s MOFCOM to Review Merger in Gas Market

Recently, ENN Energy Holdings Limited and China Petroleum & Chemical Corporation jointly announced the acquisition of all outstanding shares in China Gas Holdings Limited.  This acquisition triggers a requirement...more

FERC Reaffirms Policy for Assessing Horizontal Market Power

On February 16, the Federal Energy Regulatory Commission (FERC) issued an order that reaffirms its existing policies regarding the analysis of horizontal market power when reviewing mergers and other transactions under...more

Summary of FERC Meeting Agenda - February 2012

In This Issue... - Administrative Items - Electric Items - Gas Items - Hydro Items Below are brief summaries of the agenda items for the Federal Energy Regulatory Commission’s February 16,...more

REGULATORY: Converging On Federal Reviews Of Electricity Mergers

Although the Federal Energy Regulatory Commission and the U.S. Department of Justice have in large part concurrent jurisdiction over electricity mergers, the two agencies have coordinated little in their review of...more

FERC Imposes Conditions on Proposed Duke - Progress Merger

The Federal Energy Regulatory Commission issued an order on September 30, 2011 that conditionally approved the proposed merger of Duke Energy and Progress Energy, but stated that issues regarding competition must be resolved...more

Inside M&A - July/August 2011

In This Issue: The Top 5 Traps in Energy M&A Transactions The Top 5 Traps in Distressed M&A Transactions The Top 5 Traps in Energy M&A Transactions by Blake H. Winburne and Matthew R. Archer Energy M&A...more

Southern California Edison Announces Revisions To Crest Ppa

Southern California Edison (SCE) recently announced revisions to the pro forma power purchase agreement (PPA) governing the California Renewable Energy Small Tariff (CREST) acquisition program. CREST is designed to be “a...more

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