Friday, February 12, 2010 4:22 PM
All quiet on the M&A front
Jeff Gray
Where are all the big mergers and acquisitions that some were predicting for 2010? There is Kraft’s takeover of Cadbury and, worldwide, a quick pace in the energy sector.
But on Bay Street, lawyers who work on big deals say that despite New Year’s assurances from some that things were bound to pick up, business across the board remains slow.
The year is barely a month-and-a-half old, admittedly. But some say they are a little surprised not to see more action by now. Others say they have files open but nothing to announce, yet.
Shoppers from Asia may be looking for Canadian bargains, however. A report last month from Citigroup suggested 2010 would see a 17-per-cent increase in worldwide merger activity, with Asian firms sitting on cash leading the way.
Clearly, Canada’s natural resources will continue to be of interest. Bay Street law firms have been pushing into Calgary to get in on some of these deals.
According to Bloomberg, Fasken Martineau DuMoulin LLP says it plans to double its staff of 25 in Calgary in anticipation of new business. Ogilvy Renault LLP also just opened a new office there.
