Miller, Keith F.
Stikeman Elliott LLP
(403) 266-9055
kmiller@stikeman.com
Mr. Miller represents clients
in regulatory proceedings
related to energy develop-
ment, including oil & gas, oil
sands, LNG, electricity, coal
and related environmental
issues. He also acts for clients
in pipeline and electric utility
tariff matters.
Mondrow, Ian A.
Gowling Lafleur
Henderson LLP
(416) 369-4670
ian.mondrow@gowlings.com
Mr. Mondrow practises
natural gas and electricity
regulation and policy law. He
represents utilities, custom-
ers and energy services pro-
viders in rate, policy, facilities,
licencing and compliance
matters, in both wholesale
and retail energy markets.
Morillon, Chantal
Norton Rose Fulbright
Canada LLP
(418) 640-5160
chantal.morillon@nortonrose-
fulbright.com
Ms. Morillon acts for renew-
able energy clients in her
domestic and cross-border
bank financing, commercial
law and real estate practice.
She also has considerable
experience as corporate sec-
retary to boards of directors
and board committees.
Moch, Darcy D.
Bennett Jones LLP
(403) 298-3390
mochd@bennettjones.com
Mr. Moch's tax practice
focuses on corporate M&A,
reorganizations and finan-
cings, as well as personal, suc-
cession and foreign matters.
He is the past-chair of the
National Tax Section of the
CBA and the past co-chair
of the Joint Committee.
Moore, J. Alexander
Davies Ward Phillips
& Vineberg LLP
(416) 863-5570
amoore@dwpv.com
Mr. Moore practises corpor-
ate law with an emphasis on
mergers and acquisitions,
corporate finance, proxy
contests and contested trans-
actions. He has experience
advising on transactions in
Ontario's electricity industry
and Canadian oil
& gas M&A.
Muggah, Sean A.
Borden Ladner Gervais LLP
(604) 640-4020
smuggah@blg.com
Mr. Muggah practises cor-
porate and commercial law,
and represents and advises
clients on a wide variety of
infrastructure projects,
energy transactions, acquisi-
tions, mergers and divesti-
tures and corporate reorgan-
izations across Canada.
34
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M&A ISSUES
LEXPERT
®
RANKED LAWYERS
for many years. We're very good friends
and, coincidentally, we both have summer
cottages on Lake of the Woods. So when
Repsol made its first approach in July 2014,
Talisman called Kevin and let him know
that we were acting for Repsol. Kevin's first
email to me on this deal read: "So, negotia-
tions on your dock or mine?"
Kevin Johnson (Norton Rose Fulbright
Canada LLP, for Talisman): Yes, it was
unique. David and I got started on the proj-
ect from our summer cottages, not far from
each other in northwestern Ontario.
Lexpert: at must have taken some of the
edge off. e economy wasn't exactly flour-
ishing in Spain, aer all — not to mention
the collapse in oil prices. Did market or eco-
nomic forces put pressure on either side to
get this deal done?
Johnson: For Talisman, I don't think the
economic conditions in either company's
home country had any impact. Both com-
panies had extensive international opera-
tions and were affected more by the changes
in commodity prices. Discussions between
the parties started before oil prices began to
decline precipitously in July 2014. Talisman
had been looking at transactions for quite
some time, but the deteriorating conditions
did increase the importance to Talisman of
doing the deal.
Spencer: Oil and gas prices were, of course,
Has the oil crash discouraged energy M&A?
Acquirers may have gotten ahead of themselves
in late 2014, leading to a relative lull in 2015. The graphic below tracks the number and value of Canadian corporate energy acquisitions worth more
than US$50 million over the past two years against the price of petroleum. Emboldened acquirers took advantage of the rapid decline in December
2014, but the languishing price of oil has since dampened enthusiasm throughout the spring and summer.
GRAPHIC
BY
DAVID
DIAS;
SOURCE:
THOMSON
REUTERS
