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Regulatory Approvals in M&A Deals

Purchasers’ Contractual Covenants related to Regulatory Approvals

Posted in Private Transactions, Public M&A

Recent proposed mergers blocked by the Canadian government and other regulators, such as the Minister of Industry’s ruling against BHP Biliton’s proposed hostile take-over bid for Potash Corporation in November 2010, the recent CRTC decision to deny BCE’s friendly bid for Astral Media and the initial rejection by the Minister of Industry of the proposed negotiated acquisition of Progress Energy by Malaysian Petronas suggest that the negotiation of the provisions in merger agreements that relate to government and regulatory approvals will become increasingly important, and will be reviewed with greater scrutiny by the parties and their boards of directors.

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