62 | LEXPERT • June 2018 | www.lexpert.ca/usguide
'merger of equals' in Canadian history,
[and] it also gave the deal team a chance to
help create — essentially like an IPO — a
new western Canada-based global giant."
Ross Bentley led the team at Blake,
Cassels & Graydon LLP for Agrium.
Michael Kandev, who led the Tax team
for PotashCorp at Davies Ward Phillips
& Vineberg LLP with Nathan Boidman,
says: "Conceptually, a merger of equals
can be effected contractually or structur-
ally. e former would see each corporate
group remain legally separate but 'merged'
by contractual agreements including profit
equalization arrangements. A corporate-
structural merger was instead chosen."
2. CENOVUS ACQUIRES
CONOCOPHILLIPS ASSETS
FOR C$17.7B
Last year's Top 10 Deals
were all about combining
forces, as companies
sought out efficiencies
and clout in the market.
By Lexpert
LEXPERT'S TOP 10
DEALS OF 2017
M&A
Consolidation was the recurring theme in
2017 Canadian M&A. In certain sectors
facing disruptors and high costs, it took
two large competitors to team up. In other
sectors, it meant two purchasers coming
together to acquire at least a third company.
1. POTASHCORP AND AGRIUM
MERGE TO FORM NUTRIEN
is merger of equals was announced by
Potash Corp. of Saskatchewan Inc. and
Agrium Inc. in 2016. e deal closed on
January 2, 2018, with the merger creating
Nutrien, which has an enterprise value of
$36 billion.
Bill Braithwaite led the team at Stike-
man Elliott LLP, which included Mike
Devereux for PotashCorp and its General
Counsel, Joe Podwika. Braithwaite says
the team worked on "the biggest true
