William S. Osler KC

Partner

T: 403.298.3426 / E: oslerw@bennettjones.com

Calgary

Will Osler practices in the areas of public and private mergers and acquisitions, securities law, and corporate governance matters, with a particular focus on the oil and gas sector. Will has significant experience in domestic and cross-border joint bidding and co-ownership structures, including partnerships and joint ventures. His corporate governance advisory work includes advising corporations and boards of directors with respect to general compliance matters as well as specific issues arising out of transactions. Will works frequently on offerings of equity and debt securities, acting for both issuers and underwriters, as well as Canadian and international takeover bids, plans of arrangement, corporate reorganizations, divestitures and asset and share purchase transactions. He has represented clients in several of Canada's largest recent initial public offerings.

Will also advises clients on lobbyist registration and compliance matters federally and in Alberta.

Will is recognized by Chambers Global: The World's Leading Lawyers for Business for Corporate/M&A; the Canadian Legal Lexpert Directory for Corporate Finance & Securities; the Lexpert/Report on Business Special Edition – Canada's Leading Energy Lawyers; the Lexpert/Report on Business Special Edition – Canada's Leading Infrastructure Lawyers; Who's Who Legal: Canada as a leading lawyer in Capital Markets; and Best Lawyers in Canada as one of Canada's leading Mergers and Acquisitions lawyers.

Will is a former co-head of the firm’s capital markets and mergers & acquisitions practice and was a member of the firm’s partnership board from 2009 to 2011. He is a Past President of the Calgary Exhibition and Stampede, and is currently a director of the Kidney Foundation of Canada Southern Alberta Branch and a director of the Saddledome Foundation. Will was appointed King’s Counsel in 2022, and in 2025 he was awarded the King Charles III Coronation Medal for his significant contributions to the community.

Select Experience

ATB Securities, as lead underwriters, in a bought deal offering of subscription receipts to InPlay Oil
Pine Cliff Energy Ltd. in its $100-million acquisition of a privately held oil and natural gas producer, through the acquisition, directly and indirectly, of all issued and outstanding common shares by way of takeover bid
ATCO Power (2010) Ltd. in its restructuring and co-ownership, financing, and funding transactions related to Chiniki and Goodstoney First Nations' participation in the Deerfoot and Barlow solar projects
CU Inc. in its $210-million offering of 4.773% debentures due 2052
Canadian Utilities Limited (TSX: CU) in its US$250-million private placement of debentures due 2052
Canadian Utilities Limited, in its public offering of $175 million of Series HH Preferred Shares by way of short form prospectus
CU Inc. in its $460-million offering of 3.174% debentures.
Aecon Group Inc., in the sale of substantially all its assets related to its contract mining business to North American Construction Group Inc. for $199.1 million.
ATCO Ltd., completes private placement of $200M fixed-to-floating subordinated notes
ATCO Ltd., in its $450-million acquisition of a 40% interest in Neltume Ports S.A.
AKITA Drilling Ltd., in its acquisition of all of the issued and outstanding common shares of Xtreme Drilling Corp. by way of a plan of arrangement
Canadian Utilities Limited's public offering of $200 million of preferred shares and debentures
ATCO Electric Ltd., as part of the successful proponent team on behalf of the Alberta Powerline consortium, in the Fort McMurray West 500 kV Transmission Project, a design, build, own, operate and finance project valued at $1.43 billion
ATCO Ltd., in the sale of ATCO Emissions Management to TriWest Capital Partners
Kissner Holdings LP, on its $400,000,000 notes offering and related refinancing transactions
ATCO Ltd., in the negotiation, structuring and other commercial matters relating to ATCO entering into a strategic alliance with Wipro including 10-year master service agreements governing the provision of IT services by Wipro to the ATCO Group of Companies valued at approximately $1.2 billion
Murphy Oil Company Ltd., in its $486-million light oil purchase from and joint venture with affiliates of Athabasca Oil Corporation
Gibson Energy, in a public offering of $230 million equity financing and $100 million offering of unsecured subordinated convertible debentures for total gross proceeds of $330 million
TD Securities Inc., lead in a syndicate of underwriters, in a $300 million offering of Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares by Westcoast Energy Inc.
Macquarie Capital Markets Canada Ltd., in the offering by TORC Oil & Gas Ltd. of an aggregate amount of $288,052,000 in subscription receipts
BMO Capital Markets, lead in a syndicate of underwriters, in $115 million gross proceed offering of Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares by Westcoast Energy Inc.
ATCO Ltd., in the disposition of ATCO I-Tek Inc. and ATCO's Australian IT operations to affiliates of Wipro Ltd. for aggregate sale proceeds of approximately $210 million
Macquarie Capital Markets Canada Ltd., as lead underwriter, in the public offering by Surge Energy Inc. of 9,660,000 subscription receipts for aggregate gross proceeds of $63 million
National Bank Financial Inc., as co-lead underwriter, in the public offering by Manitok Energy Inc. of flow-through common shares for aggregate gross proceeds of $25 million
Canadian Utilities Limited, in its public offering of 9,000,000 Cumulative Redeemable Second Preferred Shares Series DD at a price of $25.00 per share for aggregate gross proceeds of $225 million
Canadian Utilities Limited, in its public offering of 7,000,000 Cumulative Redeemable Second Preferred Shares Series CC at a price of $25.00 per share for aggregate gross proceeds of $175 million
Gibson Energy Inc. in its US$445 million acquisition of all of the issued and outstanding common stock of the parent holding company of OMNI Energy Services Corp
CU Inc., in its public offering of $200 million of debentures
Gibson Energy Inc., in its completed offering of subscription receipts for total gross proceeds of approximately $403 million
Canadian Utilities Limited, in its public offering of $200 million of debentures
Canadian Utilities Limited, in its offering of 6,000,000 Cumulative Redeemable Second Preferred Shares Series AA, for aggregate gross proceeds of $150 million
Alberta PowerLine, a partnership between ATCO and Quanta Services, in a project to design, build, own, operate and finance the $1.4 billion Fort McMurray West 500-kilovolt transmission line and associate facilities
Canadian Utilities Limited, in $325 million preferred share issue and establishment of medium term note program
Marathon Oil Corporation, in its US$6.9 billion acquisition of Western Oil Sands Inc. by way of a plan of arrangement
Canadian Utilities Limited, in a $125 million offering of cumulative redeemable fixed rate preferred shares
Canadian Utilities Limited, in a $250 million offering of cumulative redeemable rate reset preferred shares
Canadian Utilities Limited, in its completed a public offering of 6,000,000 4.90% Cumulative Redeemable Second Preferred Shares Series BB at a price of $25.00 per share for aggregate gross proceeds of $150 million
CU Inc., in a $400 million offering of 3.964% debentures
CU Inc., in a proposed redemption of its Cumulative Redeemable Preferred Shares Series 4
Debentureholders Twin Butte, in their successful opposition to a proposed plan of arrangement involving Twin Butte Energy and Reignwood Resources
Glenogle Energy, in a private placement of common shares to JOG Capital Inc. and Great Realm Limited
Pembina Pipeline Corporation, in a joint venture with Petrochemical Industries Company for a proposed integrated propylene and polypropylene production facility in Sturgeon County, Alberta
Pine Cliff Energy, in its graduation from the TSX Venture Exchange to the TSX; $35 million in dispositions of fee title land and minor overriding royalty interests; an $11 million offering of subordinated floating charge debentures to insiders; and a $30 million private placement issuance of promissory notes and common share purchase warrants to AIMCo
Pine Cliff Energy Ltd., in the acquisition of natural gas weighted assets in the Viking area of Central Alberta and Ghost Pine area of Central Alberta for $185 million, and a concurrent $69 million offering of subscription receipts

Recent Recognitions

Chambers Canada

Ranked, Corporate/Commercial – Alberta
Chambers Global: The World's Leading Lawyers for Business

Ranked, Corporate/M&A
The Legal 500: Canada

Recommended, Energy and Natural Resources: Oil & Gas
Canadian Legal Lexpert Directory

Consistently Recommended, Corporate Commercial Law
Repeatedly Recommended, Corporate Finance & Securities
Best Lawyers in Canada

Recognized for Mergers and Acquisitions Law
LexisNexis Martindale-Hubbell

Received a BV Distinguished Peer Review Rating
Lexpert Guide to the Leading U.S./Canada Cross-border Corporate Lawyers in Canada

Recognized as one of the leading lawyers in the area of corporate commercial
Recognized as one of the leading lawyers in the area of corporate finance and securities
Recognized as one of the leading lawyers in the area of mergers and acquisitions
Lexpert/Report on Business Special Edition - Canada's Leading Corporate Lawyers

Recognized as a leading corporate lawyer in Canada
Lexpert/Report on Business Special Edition - Canada's Leading Energy Lawyers

Recognized as a leading energy lawyer in Canada
Lexpert/Report on Business Special Edition - Canada's Leading Infrastructure Lawyers

Recognized as a leading infrastructure lawyer
Lexpert Special Edition—Canada's Leading Finance and M&A Lawyers

Recognized as a leading Finance and M&A lawyer
Who's Who Legal: Canada

Recognized as a leading lawyer in the area of capital markets
Who's Who Legal: The International Who's Who of Business Lawyers

Recognized as a leading lawyer in the area of Capital Markets

Recent Insights, News & Events

Federal Election 2025 Contribution and Advertising Rules
Blog / March 31, 2025
With the next federal election scheduled called for April 28, 2025, anyone considering making a financial contribution to a political party or candidate should be aware of the rules governing contributions and political advertising as outlined in the Canada Elections Act (CEA). The CEA regulates political financing, defines advertising restrictions, and ensures transparency in election-related expenditures.
CSA Seeks Comments on Proposed Access Model: Modernized Approach for Delivery of Continuous Disclosure Documents
Blog / November 28, 2024
As an update to our previous blog posts, Greater Flexibility for Reporting Issuers: Access Equals Delivery and CSA Seeks Comments on “Access Equals Delivery” Model for Prospectuses, Financial Statements and MD&A, the Canadian Securities Administrators (CSA) have published for comments a revised access model for certain continuous disclosure documents (CD Documents) of non-investment fund reporting issuers (Proposed Access Model). The Proposed Access Model is subject to a 90-day comment period, ending on February 17, 2025.
Canadian Securities Administrators Publish Tenth Report Regarding Women on Boards and in Executive Officer Positions
Blog / November 14, 2024
The Canadian Securities Administrators (CSA) recently published its 10th annual Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 10 Report) (the Review). The Review outlines the CSA's key findings from its review of public disclosure filings by Canadian public issuers with respect to women on boards and in executive officer positions. The CSA reviewed and summarized data from a sample of 574 issuers listed on the Toronto Stock Exchange (TSX) that were required to provide disclosure during the period covered by the Review.
Bennett Jones Top Ranked in Chambers Canada 2025
Announcements / September 26, 2024
Bennett Jones is proud to have once again been recognized as one of Canada’s leading law firms across 41 practice areas, with 135 lawyer rankings in Chambers Canada 2025. These rankings reflect the deep trust our clients place in us to solve their most complex legal matters and underscore our lawyers' extensive understanding of their industries and businesses, enabling us to consistently deliver an exceptional experience. In this year's guide, Bennett Jones has 10 Band 1 practice rankings, 20 Band 1 lawyer rankings and 10 newly-ranked lawyers. In addition to this year's rankings, Bennett Jones was awarded Class Action Law Firm of the Year and was a finalist for Real Estate Law Firm of the Year.
42 Lawyers Recognized in Lexpert Special Edition: Energy and Mining 2024
Announcements / September 09, 2024
42 Bennett Jones lawyers have been recognized for their legal expertise in the Lexpert Special Edition: Energy and Mining 2024. This issue highlights the latest industry developments, trends and legal issues including how the demand for critical minerals, ESG accountability and Indigenous consultation is reshaping dealmaking.
Lexpert’s Leading Canadian Infrastructure Lawyers 2024
Announcements / May 15, 2024
Bennett Jones, the firm that businesses trust with their most complex legal matters, is proud to have 18 lawyers ranked in the 2024 Lexpert Special Edition of Canada’s Leading Infrastructure Lawyers. The issue profiles the emergence of new legal tools amid evolving government policy goals, focusing on the dynamic intersection of law and infrastructure innovation, and offering insights into transformative projects and regulatory frameworks that shape the future of development.
Government of Alberta Proposes Substantial Changes to Municipal Elections and Governance
Blog / May 06, 2024
On April 25, 2024, the Government of Alberta tabled Bill 20, the Municipal Affairs Statutes Amendment Act. The bill proposes changes to two pieces of legislation concerning municipal elections and governance: the Municipal Government Act and the Local Authorities Election Act. If passed, the province anticipates that these changes will come into force immediately upon royal assent.
Twenty-Seven Bennett Jones Lawyers Ranked in Lexpert's Special Edition on Finance and M&A
Announcements / April 18, 2024
Twenty-seven Bennett Jones lawyers are ranked in the April 2024 Lexpert Special Edition—Finance and M&A. The annual feature profiles Lexpert-ranked lawyers in in Corporate Finance, M&A and related practices.
Landmark Indigenous Energy Infrastructure Equity Partnership in Alberta
Client Work / October 03, 2023
Bennett Jones acted for Canadian Utilities Limited, an ATCO company and its subsidiaries, in their landmark partnership agreement with the Chiniki and Goodstoney First Nations in respect of the 37-megawatt Deerfoot and 27-megawatt Barlow solar power projects.
Bennett Jones Top Ranked in Chambers Canada 2024
Announcements / September 28, 2023
Bennett Jones has been recognized as one of Canada’s leading law firms across 39 practice areas, with 124 lawyer rankings in Chambers Canada 2024. In this year's guide, Bennett Jones has 11 Band 1 practice rankings, 21 Band 1 lawyer rankings and 10 newly-ranked lawyers. In addition to this year's rankings, Bennett Jones was awarded Real Estate Law Firm of the Year and was a finalist in Projects and Energy Law Firm of the Year.
52 Lawyers Recognized in Lexpert Special Edition: Energy 2023
Announcements / September 25, 2023
52 Bennett Jones lawyers have been recognized for their legal expertise in the Lexpert Special Edition: Energy 2023. This issue highlights the latest industry developments, trends and legal issues including oil and gas, renewables, environmental regulation and Indigenous consultation.
Bennett Jones Lawyers Recognized in Best Lawyers in Canada 2024
Announcements / August 24, 2023
104 Bennett Jones lawyers have been recognized across 46 practice areas in the 2024 edition of Best Lawyers in Canada. The recognized lawyers work in Bennett Jones' offices across Canada in Calgary, Edmonton, Toronto and Vancouver, highlighting the firm's national expertise.
Seeking Transparency: New Compliance Requirements for Lobbyists
Blog / August 11, 2023
Canada's new Lobbyists' Code of Conduct (the Code) came into effect on July 1, 2023. The Code operates alongside the other ethical regimes for federal officials, and seeks to "foster transparent and ethical lobbying of federal officials." Individuals who must file returns or employees who are named in a return required by the Lobbying Act must also comply with the Code.
Will Osler Joins Launch of Official Boot of Calgary Stampede
In The News / May 24, 2023
Will Osler, President and Chair of the Calgary Stampede, helps to reveal the brand-new official boot of the iconic ten-day celebration. Each of the boots is handmade at the Alberta Boot factory in Calgary. Will joined company CEO Eytan Broder at the launch.
CSA Proposes to Expand Diversity Disclosure
Blog / May 05, 2023
The Canadian Securities Administrators are currently seeking public comment on proposed amendments and changes to the disclosure requirements for reporting issuers not listed on the TSX Venture Exchange or the Canadian Securities Exchange.
The Final Countdown Is On for SEDAR+ Onboarding
Blog / April 03, 2023
The Canadian Securities Administrators' (CSA) modernized System for Electronic Document Analysis and Retrieval (SEDAR) will soon be launched as SEDAR+. Two important dates are fast approaching—the deadline for pre-launch onboarding submissions on April 14, 2023, and the SEDAR+ go-live date on June 13, 2023.
Navigating Political Contributions: Alberta's Election Finances and Contributions Disclosure Act
Blog / March 30, 2023
With the next provincial election in Alberta scheduled for May 29, 2023, anyone considering making a financial contribution to a political party or candidate should be aware of the rules governing contributions as outlined in the Election Finances and Contributions Disclosure Act (EFCDA). The EFCDA was updated effective March 31, 2022, making this the first general election under these rules.
Bennett Jones Partner Will Osler Appointed President and Chair of the Calgary Stampede
Announcements / March 27, 2023
Bennett Jones congratulates partner Will Osler KC on being appointed President and Chair of the Board of The Greatest Show on Earth. An active volunteer for almost 30 years, Will joined the Board in 2014 and carries forward the century-long tradition of Bennett Jones' commitment to the Calgary Stampede. "There is no organization like the Calgary Stampede," says Will. "It means so much to the community and embodies our spirit as a city. Having the opportunity to lead our volunteer Board as we continue to drive economic growth for our city, our province and our country is an honour."
Canadian Securities Administrators Publish Eighth Report Regarding Women on Boards and in Executive Officer Positions
Blog / November 15, 2022
The Canadian Securities Administrators recently published its eighth annual Review of Disclosure Regarding Women on Boards and in Executive Officer Positions. The Review outlines the CSA's key findings from its review of public disclosure filed under National Instrument 58-101 Disclosure of Corporate Governance Practices by 625 issuers listed on the Toronto Stock Exchange with financial year ends between December 31, 2021, and March 31, 2022.
ATCO Grows Renewable Energy Portfolio With Major Acquisition From Suncor
Client Work / October 07, 2022
Canadian Utilities Limited, an ATCO company, announced it has entered into a definitive agreement with Suncor Energy Inc., to acquire a portfolio of wind and solar assets and projects located in Alberta and Ontario for a purchase price of $730 million, subject to closing adjustments.
New Prospectus Exemption for Listed Issuers to Come Into Effect November 21, 2022
Blog / September 27, 2022
The Canadian Securities Administrators (CSA) recently announced an amendment to National Instrument 45-106 Prospectus Exemptions (NI 45-106) that introduces a new prospectus exemption (the Listed Issuer Financing Exemption) for reporting issuers. As of November 21, 2022, the Listed Issuer Financing Exemption will allow eligible issuers to bypass prospectus requirements to raise capital more efficiently.
Lexpert’s Leading Canadian Infrastructure Lawyers
Announcements / June 22, 2022
Thirty-eight Bennett Jones lawyers are ranked in the 2022 Lexpert special edition of Canada’s Leading Infrastructure Lawyers. The issue profiles Lexpert-ranked lawyers in business-related litigation and appears in June’s Report on Business Magazine in the Globe and Mail.
Additional Canada Business Corporation Act Regulations to Come Into Force August 31, 2022
Blog / April 20, 2022
In 2021, the Government of Canada proposed regulations that would change the director election process for certain corporations established under the Canada Business Corporations Act. The regulations are scheduled to come into force on August 31, 2022 and will be in place for the 2023 annual meeting season for many corporations. Once in force, the regulations will require: (i) annual board member elections; (ii) individual voting; (iii) voting "for" or "against" each nominee; (iv) majority voting; and (v) other administrative updates.
32 Bennett Jones Lawyers in Lexpert's Special Edition on Finance and M&A
Announcements / April 20, 2022
Thirty-two Bennett Jones lawyers are ranked in the 2022 Lexpert Special Edition – Canada's Leading Finance and M&A Lawyers. This annual feature profiles Lexpert-ranked lawyers in in Corporate Finance, M&A and related practices and appears in the April issue of the Globe and Mail’s Report on Business Magazine.
Five Bennett Jones Lawyers Honoured with Queen’s Counsel Designation
Announcements / April 07, 2022
Bennett Jones congratulates five of its lawyers on being appointed Queen's Counsel (QC) in Alberta.
CSA Publishes New Guidance on Disclosure of Women on Boards and in Executive Officer Positions
Blog / November 15, 2021
The Canadian Securities Administrators (CSA) has published the seventh annual Review of Disclosure Regarding Women on Boards and in Executive Officer Positions. The participating jurisdictions from the previous report—Alberta, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan—were joined in publishing the Review by Newfoundland and Labrador, Northwest Territories, Nunavut and Yukon.
Proposed New Climate-Related Disclosure Requirements
Blog / November 01, 2021
On October 17, 2021, the Canadian Securities Administrators (CSA) published proposed National Instrument 51-107: Disclosure of Climate-related Matters (NI 51-107) for comment. The proposed rules would expand on the CSA's prior guidance for disclosure of climate-related risks and greenhouse gas emissions by specifying mandatory information that must be disclosed by reporting issuers in their annual filings.
Bennett Jones: "Top Tier" in Chambers Canada 2022
Announcements / September 16, 2021
Bennett Jones has been recognized as one of Canada’s leading law firms across 38 practice areas, with 111 lawyer rankings in Chambers Canada 2022. Bennett Jones has 8 Band 1 practice rankings and 14 Band 1 lawyer rankings in this year's guide.
Bennett Jones' Best Lawyers in Canada 2022
Announcements / August 26, 2021
146 Bennett Jones lawyers have been recognized across 48 practice areas in the Best Lawyers in Canada 2022 edition, with 44 lawyers having earned recognition in multiple practice areas. The recognized lawyers work in Bennett Jones' offices across Canada in Calgary, Edmonton, Toronto and Vancouver, highlighting the firm's national expertise.
36 Bennett Jones Lawyers Ranked in Lexpert Special Edition on Infrastructure
Announcements / August 05, 2021
Thirty-six Bennett Jones lawyers are ranked in the 2021 Lexpert Special Edition: Infrastructure 2021.
New Proposed CSA Measures Set to Simplify Filings for Issuers, Enhance Usability for Investors
Blog / June 08, 2021
On May 20, 2021, the Canadian Securities Administrators (CSA) issued a notice requesting comments on proposed amendments to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) and other changes relating to annual and interim filings of non-investment fund reporting issuers. The CSA is also seeking feedback on a proposed framework for semi-annual reporting for venture issuers, on a voluntary basis.
Canadian Securities Regulators Publish Sixth Report Regarding Women on Boards and in Executive Officer Positions
Blog / June 04, 2021
In March 2021, the Canadian Securities Administrators (CSA) published the sixth Staff Review of Disclosure Regarding Women on Boards and in Executive Officer Positions. Recently, participating securities regulatory authorities (Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan) published the underlying data used to prepare the review. The data summarizes results from the review of public disclosure documents filed on SEDAR of 610 reporting issuers.
Bennett Jones Acting for ATCO on Potential Clean Hydrogen Project with Suncor
Client Work / May 14, 2021
Bennett Jones is acting for ATCO Ltd. in a potential world-scale hydrogen project in Alberta. ATCO is collaborating with Suncor Energy Inc. on early stage design and engineering for a potential clean hydrogen project near Fort Saskatchewan.
Canadian Government Proposes New CBCA Standard for Electing Directors (Updated)
Blog / May 11, 2021
This blog was originally published on May 4, 2021, and has been updated to reflect an announcement on May 6, 2021, that the new regulations will not come into force on July 1, 2021. The federal government has introduced proposed regulations that would, among other things, change the director election process for certain corporations established under the Canada Business Corporations Act (CBCA).
Will Osler on Majority Voting for Director Elections
In The News / May 06, 2021
Will Osler comments in Activistmonitor on how majority voting for directors in uncontested elections is becoming increasingly prevalent in Canada, and how it will help to strengthen corporate governance and shareholder democracy.
Government of Canada Publishes First Report on Diversity Disclosure
Blog / April 26, 2021
On April 7, 2021, the Government of Canada published Diversity of Boards of Directors and Senior Management of Federal Distributing Corporations. The report is the first report on the effect of the government's efforts to increase diversity on corporate boards and in senior management in Canada.
36 Bennett Jones Lawyers in Lexpert's Special Edition on Finance and M&A
Announcements / April 16, 2021
Thirty-six Bennett Jones lawyers are ranked in the 2021 Lexpert Special Edition – Canada's Leading Finance and M&A Lawyers.
The Canada Infrastructure Bank Launches Indigenous Community Infrastructure Initiative
Blog / March 26, 2021
On March 19, 2021, the Canada Infrastructure Bank (CIB) launched the Indigenous Community Infrastructure Initiative (ICII), which aims to invest $1 billion to encourage infrastructure investment in Indigenous communities. The initiative plans include channeling more investments into Indigenous communities to support their economic growth and address the existing infrastructure gap.
Corporations Canada Holds Public Consultations on Proposed CBCA Amendments
Blog / February 12, 2021
Corporations Canada has launched public consultations on proposed regulations under the Canada Business Corporations Act related to recent amendments to the CBCA regarding executive compensation and the well-being of employees, retirees and pensioners.
Will Osler on ESG in the Energy Industry in Daily Oil Bulletin
In The News / February 02, 2021
Will Osler comments on recent success stories with ESG and Indigenous participation in the energy sector in Daily Oil Bulletin: "There have been some real success stories in Alberta recently involving [...]
Will Osler on Shareholder Activism in the Age of COVID-19
In The News / December 09, 2020
Will Osler comments in Financier Worldwide Magazine on what the pandemic has meant for shareholder activism and what management should expect moving forward.
Bennett Jones Leads Canada in Energy Law
Announcements / October 26, 2020
Bennett Jones has 52 lawyers ranked in Lexpert's Special Edition: Energy 2020—more than any other law firm in Canada. Ranked lawyers provide services in oil & gas, electricity, alternative and nuclear energy. Bennett Jones has been intimately involved in virtually every major energy development project in Canada in the past 20 years, representing project proponents, investors and other stakeholders.
Will Osler on Infrastructure and Indigenous Engagement: A Corporate Perspective
Articles / October 26, 2020
Will Osler writes the first in a two-part Bennett Jones series on infrastructure and Indigenous engagement.
The Government of Canada Announces $10-Billion Infrastructure Growth Plan
Blog / October 01, 2020
On October 1, the Government of Canada announced the Canada Infrastructure Bank’s (CIB) $10-billion plan to invest in major infrastructure initiatives (the Growth Plan), as a part of the $35 billion allocated to the CIB under the Federal Investing in Canada Plan.
Infrastructure and Indigenous Engagement
Announcements / September 17, 2020
Bennett Jones' latest Business Law Talks podcast episode looks at how new infrastructure projects will be an important part of Canada's recovery from the COVID-19 crisis—and that many will be situated [...]
Special Events: Infrastructure and Indigenous Engagement
Podcast / September 17, 2020
New infrastructure projects will be an important part of Canada's recovery from the COVID-19 crisis, and many will be situated on the path of reconciliation with Indigenous peoples. Listen to what the evolving legal, policy and business environments mean for engagement with Indigenous communities on investment in infrastructure projects in Canada. Serge Dupont hosts this discussion with Will Osler and Sharon Singh, all of Bennett Jones LLP.
Bennett Jones is Recognized in Chambers Canada 2021
Announcements / September 10, 2020
Bennett Jones has been recognized as one of Canada’s leading law firms across 38 practice areas, with 115 lawyer rankings in Chambers Canada 2021.
Capital Markets Modernization Taskforce Releases Initial Consultation Report
Blog / August 05, 2020
In February 2020, the Ontario Government established the Capital Markets Modernization Taskforce to review and modernize Ontario's capital markets. Given the events that have transpired since the last review in 2003, including the Great Recession and the ongoing COVID-19 pandemic, this is a much-needed undertaking. The taskforce issued its initial consultation report on July 7, discussing 47 of the most pressing policy issues raised by stakeholders during the consultation process.
Bill 33 Introduced to Create Invest Alberta Corporation
Blog / July 14, 2020
In June 2020, the Government of Alberta released the provincial economic Recovery Plan. The plan included creating the Invest Alberta Corporation (IAC), a dedicated investment promotion agency based in Alberta.
Alberta’s Recovery Plan
Blog / July 07, 2020
The Government of Alberta has launched its long-term plan for economic recovery from the effects of the COVID-19 pandemic and the historic fall in oil prices. Alberta’s Recovery Plan is the province's strategy to invest in infrastructure, diversify the economy and create jobs. The government says Alberta’s Recovery Plan is a work in progress and details of each policy initiative will be released in the coming days and weeks.
TSX Clarifies Mandatory Majority Voting for Director Elections and Makes Other Housekeeping Amendments to TSX Company Manual
Blog / June 08, 2020
The Toronto Stock Exchange (TSX) has adopted housekeeping amendments to: Clarify the method to count votes "for" and "withheld" in director elections; Clarify the dividend notification requirement for a distribution of securities where there is an immediate consolidation; and Remove the reporting requirement for control block sales. The amendments also correct some minor typographical errors in the TSX Company Manual.
AIOC Program Guidelines Released: Loan Guarantees and Capacity Grants
Blog / May 11, 2020
On May 4, 2020, the Alberta Indigenous Opportunities Corporation (AIOC) released its program guidelines by which it will evaluate investment proposals made by Indigenous communities (ICs). We provided [...]
Securities Regulators Provide Guidance for AGMs During COVID-19 Outbreak
Blog / March 23, 2020
As discussed in our earlier update, COVID-19 and Annual Shareholder Meetings, many issuers are reconsidering certain elements of their upcoming annual shareholder meeting (AGM). The regulatory reaction to this trend has become clearer in the past few days. The Canadian Securities Administrators (CSA) have confirmed an accommodative approach vis-à-vis issuers who choose to hold a virtual or hybrid AGM to comply with social distancing measures recommended or imposed by governments or public health authorities.
Shareholder Activism in a Time of COVID-19 Uncertainty
Blog / March 23, 2020
With the dual threat of the global COVID-19 pandemic and the oil price war between Russia and Saudi Arabia, financial markets in Canada and around the world have suffered heavy losses. As uncertainty looms, a variety of social and economic factors may result in activist shareholders looking to either regain the value of their investments or alter companies' business direction and strategy.
The Alberta Indigenous Opportunities Corporation: A Framework For Meaningful Ownership and Economic Reconciliation
Blog / March 09, 2020
Amidst a backdrop of growing interest from Indigenous communities (ICs) in pursuing ownership stakes in major energy projects, in summer 2019 the Alberta Government announced that it would create the new Alberta Indigenous Opportunities Corporation (AIOC)
Will Osler and Luke Morrison on Alberta's Bill 14
In The News / January 02, 2020
Will Osler and Luke Morrison comment in The Lawyer's Daily on Bill 14, the Alberta Indigenous Opportunities Corporation Act.
Indigenous Ownership in Energy Infrastructure
Blog / December 23, 2019
The Success What It Means Seven Indigenous communities in Alberta now own a combined 40% equity stake in Alberta PowerLine [...]
Bennett Jones' Leading Lawyers in Chambers Canada 2020
Announcements / September 19, 2019
Bennett Jones has been recognized as one of Canada’s leading law firms with over 100 recognized practitioners nationally in Chambers Canada 2020. Here are a few things clients have said: “The [...]
Bennett Jones Leads Canada in Energy Law
Announcements / September 02, 2019
Bennett Jones has 49 lawyers ranked in Lexpert’s 2019 Special Edition—Canada’s Leading Energy Lawyers, more than any other firm. The rankings appear in the Globe and Mail’s Report on Business magazine.
Bennett Jones in Who’s Who Legal: Canada 2018
Announcements / November 01, 2018
64 Bennett Jones lawyers are ranked in 19 areas of Who’s Who Legal: Canada 2018. The guide identifies the foremost legal practitioners in multiple areas of business law for their annual publication.
Bennett Jones Acts for Winners in P3 Awards 2018
Announcements / October 11, 2018
Bennett Jones congratulates our clients, Alberta PowerLine Limited Partnership—a partnership between Alberta-based Canadian Utilities Limited (an ATCO company) and United States-based Quanta Capital Solutions, Inc.—and the Government of Bermuda for their award wins at the 5th annual P3 Awards 2018 in New York City yesterday.
Changes to Alberta Lobbying Rules
Blog / April 30, 2018
On April 11, 2018, the Legislative Assembly of Alberta held the first reading of Bill 11: the Lobbyists Amendment Act to bring changes to the Lobbyists Act. Key changes in the proposed amendments include [...]
Securities Regulators Anticipate Greater Requirements on Climate Change Disclosure
Blog / April 17, 2018
On April 5, 2018, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project, which reports the findings of their project to review [...]
Upcoming Policy Projects Announced by the Canadian Securities Administrators
Updates / April 09, 2018
The Canadian Securities Administrators (CSA) announced on March 27, 2018, the initiation of six policy projects aimed at reducing regulatory burdens for non-investment fund reporting issuers. The announcement comes after stakeholders had the opportunity to respond and comment on a CSA Consultation Paper released in April 2017.
Bennett Jones Acts for IJGlobal Awards Winners
Announcements / March 16, 2018
Bennett Jones congratulates our clients, the Government of Bermuda and Alberta PowerLine Limited Partnership—a partnership between Alberta-based Canadian Utilities Limited (an ATCO company) and United States-based Quanta Capital Solutions, Inc.—for winning deal of the year honours at the prestigious 2017 IJGlobal Magazine Awards in New York City yesterday. Bennett Jones represented both clients in their infrastructure projects that received...
Bennett Jones Acts on PFI Deal of the Year
Announcements / January 02, 2018
Bennett Jones acted for the successful proponent team in Alberta PowerLine, the 2017 P3 Deal of the Year for the Americas, awarded by Project Finance International (PFI). The firm represented Canadian Utilities Limited as equity investor, ATCO Electric Ltd., the operating and maintenance contractor and construction contractor co-venturer, and the Alberta PowerLine Limited Partnership, the project entity.
Four Bennett Jones Practices Ranked Band 1 by Chambers Global 2017
Announcements / March 16, 2017
The 2017 Chambers Global Rankings are out and Bennett Jones is once again noted as a top-ranked law firm. Forty-nine lawyers in 25 practice areas are recognized in the publication. Of particular note are the four practices and nine lawyers recognized in Band 1.
Will Osler in Calgary Herald on Owen Hart Foundation Fundraiser
In The News / January 21, 2017
Will Osler is pictured in the Calgary Herald's coverage of the annual Owen Hart Foundation fundraiser. The Foundation's mandate is education and it has provided more than $3 million for a variety of social programs, specifically for scholarship and housing which assist low-income individuals. This year is the foundation’s 17th anniversary.
Government of Canada Approves Pacific NorthWest LNG Project
Updates / September 28, 2016
On September 27, 2016, the Government of Canada approved the Pacific NorthWest LNG natural gas liquefaction and export facility, sending a strong signal that it is committed to growing Canada's role as a global energy supplier.
Disclosure of Women on Boards and in Executive Officer Positions in Alberta
Blog / September 23, 2016
ASC Releases Proposed Amendments Regarding Disclosure of Corporate Governance Practices by Will Osler, Juliamai Giffen, Jordan Primeau and Suzanne Cassell On September 14, 2016, the Alberta Securities [...]
21 Bennett Jones Infrastructure Lawyers Canadian Leaders
In The News / August 26, 2016
21 Bennett Jones lawyers have been ranked in Lexpert's special edition on Canada's Leading Infrastructure Lawyers. Bennett Jones has broad and deep experience sectorally and geographically in Canadian public infrastructure projects and has acted on over 40 major infrastructure projects across Canada and internationally in the past 10 years.
Ontario Encourages Gender Diversity Targets for Boards
Updates / June 10, 2016
The Ontario Government has announced a target that women comprise at least 40 percent of appointments to provincial boards and agencies by 2019 and is encouraging businesses to set gender diversity targets for their boards of directors.
TSX Proposes Mandated Website and Updated Equity Compensation Plan Disclosure Requirements
Updates / June 09, 2016
The Toronto Stock Exchange (TSX) has published for comment proposed amendments to the TSX Company Manual. If adopted, the amendments would, among other things, introduce mandated website disclosure for all TSX listed issuers (Part IV Amendments), and amend the current disclosure requirements regarding security based compensation arrangements (Part VI Amendments). The TSX is seeking public comment on the proposed amendments until June 27, 2016.
22 Bennett Jones Lawyers in Lexpert: Canada's Leading Corporate Lawyers
In The News / May 27, 2016
22 Bennett Jones Lawyers have been included in Lexpert's special edition on Canada's Leading Corporate Lawyers. For the full list, click here.
Asset Sale Transactions - Shareholder Approval Requirements
Blog / March 31, 2016
Canadian corporate statutes require approval by a special majority of shareholders (two-thirds) of the "sale, lease or exchange of all or substantially all of the property of a corporation other than [...]
Considering an Asset Sale Transaction? Be Aware of Shareholder Approval Requirements
Updates / March 29, 2016
In the current economic climate, many companies are seeking alternative means of accessing capital for their businesses, including selling assets when other means of financing may not be available. When considering an asset sale transaction, both buyers and sellers should ensure that the seller's shareholder approval requirements under corporate legislation are not inadvertently triggered.
Simplified Rights Offering Rules Announced By Canadian Securities Administrators
Updates / September 30, 2015
The Canadian Securities Administrators (CSA) have announced that a revised rights offering regime for reporting issuers will come into force on December 8, 2015 (the New Rules). The New Rules will benefit reporting issuers seeking to raise capital from existing securityholders.
Alberta's NDP Government's Flagship Bill Bans Corporate and Union Donations to Political Parties in Alberta
Updates / July 02, 2015
On June 23, 2015, the Alberta legislature unanimously passed the first bill of Alberta's new NDP government. Bill 1, An Act to Renew Democracy in Alberta passed in third reading with the unanimous support of all parties, including the Wildrose Alliance and the Progressive Conservatives. Bill 1 will ban donations to political parties from corporations, trade unions and employee organizations, as well as persons not normally resident in Alberta retroactively to June 15, 2015.
Will Osler in the Financial Post on the Slowdown of Energy Deals
In The News / May 13, 2015
In the Financial Post article by Drew Hasselback, "Calgary Oil and Gas Transaction Lawyers Wait for the Deals to Return," Will Osler comments on the recent collapse of energy prices and the changes that may come with the election of a majority NDP government in Alberta.
Canadian Securities Administrators Adopt National Policy 25-201 Guidance for Proxy Advisory Firms
Updates / May 08, 2015
On April 30, 2015, the Canadian Securities Administrators (CSA) adopted National Policy 25-201 Guidance for Proxy Advisory Firms. The Policy may be viewed on the websites of CSA members, including the Alberta Securities Commission and the Ontario Securities Commission.
Canadian Securities Administrators Publish Comment Letters on Proposed National Policy 25-201 Guidance for Proxy Advisory Firms
Updates / April 20, 2015
On April 24, 2014, the Canadian Securities Administrators (CSA) published for comment proposed National Policy 25-201 Guidance for Proxy Advisory Firms. Issuers, law firms and other market participants submitted comment letters which were recently published by the CSA. The proposed policy, including the comment letters received, may be downloaded from the website of the Alberta Securities Commission (PDF).
Bennett Jones Receives Top Honours in Four Practice Areas by Chambers Global Rankings
Announcements / March 18, 2015
The 2015 Chambers Global Rankings have been published and once again Bennett Jones LLP remains one of the top ranked law firms in the country, with 18 rankings out of 28 categories and 60 individually ranked lawyers.
Canadian Securities Regulators Publish Amendments to Required Oil and Gas Disclosure
Updates / December 09, 2014
The Canadian Securities Administrators, or CSA, have published amendments (the Amendments) to National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities and Companion Policy 51-101 – Standards of Disclosure for Oil and Gas Activities (together, the Instrument). The Amendments are intended to enhance disclosure of resources other than reserves, to provide increased flexibility for oil and gas issuers that operate and report in various jurisdictions and recover product types not previously recognized by the Instrument, and to align the Instrument with the recently amended Canadian Oil and Gas Evaluation Handbook.
Canadian Securities Regulators Propose Significant Changes to the Rights Offering Regime
Updates / December 04, 2014
The Canadian Securities Administrators, or CSA, have published for comment proposed rule changes which would create a streamlined prospectus exemption for rights offerings conducted by reporting issuers other than investment funds (the Proposed Exemption). The Proposed Exemption is intended to benefit reporting issuers by removing the current regulatory review process, which will reduce the time and associated costs of conducting a rights offering.
TSX Adopts Extension Amendments Regarding Security-Based Compensation Arrangements and Backdoor Listings
Updates / October 14, 2014
The Toronto Stock Exchange has adopted amendments to the TSX Company Manual, which: allow listed issuers to adopt security-based compensation arrangements for employees of a target company in the context of an acquisition without obtaining security approval; and broaden the scope of the transactions that may be considered “backdoor listings”.
National Securities Regulator Moves Forward; Draft Legislation Published
Updates / September 15, 2014
On September 8, 2014, the governments of Canada, British Columbia, Ontario, Saskatchewan and New Brunswick announced the signing of a memorandum of agreement formalizing the terms of the Cooperative Capital Markets Regulatory System (the Cooperative System), the proposed national securities regulator for Canada. Draft provincial and federal legislation that would implement the Cooperative System has now been released for public comment. The legislation not only seeks to harmonize securities regulation but also introduces changes to existing legislation in order to "update and modernize" securities laws.
TSX-Listed Companies Face Mandatory Majority Voting for Director Elections
Updates / February 18, 2014
The Toronto Stock Exchange has approved amendments to the TSX Company Manual relating to director elections, which come into effect on June 30, 2014.
Securities Regulation: The Supreme Court of Canada Speaks Again
Updates / December 09, 2013
The Supreme Court of Canada recently issued its decision in McLean v British Columbia (Securities Commission). The case is the first by the Court to address inter-provincial cooperation in relation to securities regulation since its 2011 decision in the Securities Reference. It is also the first to be rendered by the Court since the announcement in September 2013 by the finance ministers of Canada, Ontario and British Columbia to create a new national cooperative securities regulator.
Alan Rautenberg and Will Osler in the Globe and Mail on Cross-border Tax Schemes
In The News / November 26, 2013
In the Globe and Mail article by David Israelson, "CRA Zeroes In On Tax 'Treaty Shopping'," Alan Rautenberg comments on efforts by the CD to prevent major companies from using tax havens. Will Osler also comments in the article on the importance of resource companies fully understanding the method used to finance its corporate transactions and how that financing will be treated by the Canada Revenue Agency. Will is quoted, "The implications of getting it wrong can be pretty severe. You don't get your deduction".
Proposed Prospectus Exemption for Distributions to Existing Security Holders of TSXV Issuers
Updates / November 26, 2013
On November 21, 2013, Canadian securities regulators in all jurisdictions but Ontario and Newfoundland and Labrador published for comment a proposed prospectus exemption for issuers listed on the TSX Venture Exchange (TSXV issuers) that would, subject to certain conditions, allow them to obtain additional financing by distributing securities to their existing security holders.
Federal, Ontario and BC Governments Announce New Securities Regulator
Updates / September 24, 2013
On September 19, 2013, the finance ministers of Canada, Ontario and British Columbia announced an agreement in principle to create a new securities regulator through a "cooperative capital markets regulatory system".
Unsolicited Expressions of Interest may be Material Information
Updates / August 30, 2013
The Alberta Securities Commission (ASC) has entered into a settlement agreement with Anthony Lambert, the former CEO of Daylight Energy Ltd., following allegations by the ASC that Mr. Lambert violated provisions of the Securities Act (Alberta) relating to insider trading and tipping.
OSC Proposes Disclosure Requirements Regarding Women on Boards and in Senior Management
Updates / August 06, 2013
On July 30, 2013, the Ontario Securities Commission (OSC), released its proposal to require TSX-listed companies to provide disclosure with respect to women on boards and in senior management as set out in the OSC Staff Consultation Paper 58-401 – Disclosure Requirements Regarding Women on Boards and in Senior Management.
Changes to Rules for Marketing Activities during a Public Offering
Updates / June 05, 2013
The Canadian Securities Administrators (CSA) have adopted amendments to the rules governing permissible marketing activities in the context of a public offering. The amendments, which will come into force on August 13, 2013, involve significant changes to the existing marketing rules.
Will Osler Comments on Lack of Recent Calgary M&A Deals in the Legal Post
In The News / May 22, 2013
In Drew Hasselback's Legal Post article, "Hunting for Calgary's Missing M&A Deals," on the surprising lack of energy M&A deals given lower stock prices, Will Osler speaks about how valuations from 2011 may be affecting board decisions in 2013.
The CSA Proposes a New Framework for Shareholder Rights Plans and Amendments to the Early Warning Reporting Regime
Updates / March 22, 2013
Last week, the Canadian Securities Administrators (CSA) published a proposed new regulatory framework for shareholder rights plans under National Instrument 62-105 Security Holder Rights Plans, and significant changes to Canada's early warning reporting regime with proposed amendments to National Instrument 62-103 Early Warning System and Related Take-Over Bids and Insider Reporting Issues, Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and National Policy 62-203 Take-Over Bids and Issuer Bids.
Damages Awarded Against Underwriter for Failing to Complete a Bought Deal
Updates / March 21, 2013
The Ontario Superior Court of Justice recently awarded damages of just over $16 million against Thomas Weisel Partners Canada Inc. (now Stifel Nicolaus Canada Inc.) for failing to close on a bought deal private placement financing. The decision confirms that bought deal letters are binding agreements.
TSX Listed Companies Face Changes to Board Election Process
Articles / November 30, 2012
The Toronto Stock Exchange has approved amendments to the TSX Company Manual relating to director elections. The amendments come into effect on December 31, 2012. Published by CCH in the Ultimate Corporate Counsel Guide (November 2012, Number 71), this article is a reprint of a Bennett Jones publication.
TSX Listed Companies Face Changes to Board Election Process
Updates / October 24, 2012
The Toronto Stock Exchange has approved amendments to the TSX Company Manual relating to director elections. The TSX has indicated that it believes the corporate governance landscape in Canada is lagging vis-à-vis other jurisdictions and has adopted the amendments to support good governance and provide an effective voice to the Canadian investing public on the director election process.
Will Osler Comments in Financial Post on Firm's Strong Showing in 2011
In The News / April 27, 2012
In the Financial Post article, "Calgary Now Energy Law Focal Point," Will Osler comments on a strong showing for the firm in regard to energy deals in 2011 and the steady pace of work the firm enjoyed, "The deals that put us where we are on [the Legal Post financing league tables] list… were of a size and scale and level of complexity that kept the group pretty busy. So we were more than happy.”
New Regulatory Regime for Credit Rating Organizations
Updates / April 19, 2012
The Canadian Securities Administrators (CSA) are adopting National Instrument 25-101 Designated Rating Organizations (NI 25-101), related policies and related consequential amendments, that will impose new requirements on credit rating agencies or organizations (CROs) that wish to have their credit ratings eligible for use in securities legislation. The new instrument, related policies and related consequential amendments will come into force on April 20, 2012.
Will Osler Comments on the Current State of the M&A Market
In The News / June 01, 2010
In "Dealing with Uncertainty," writer Marzena Czarnecka explores the frail state of the Canada's M&A market despite fairly consistent decisions from two securities commissions on shareholder rights plans in hostile bids. In the article, Will Osler addresses the impact of the buy-impact shareholder vote on junior oil and gas companies in the oil patch. This article appears in the June issue of Lexpert magazine.
Bennett Jones Lawyers Named as Source for Alberta Lobbyists Act Information
Announcements / October 13, 2009
Appearing in the Financial Post, Julius Melnitzer's article, “Alberta Lobbyists Act in Force,” outlines some of the key points in Alberta's new Lobbyists Act. He cites William Osler, Milos Barutciski, and Jessica Ferguson as having “a good summary of the legislation online.”
Alberta's New Lobbyists Act
Updates / October 08, 2009
New lobbying legislation came into force in Alberta effective September 28, 2009. The Lobbyists Act (Alberta) imposes new reporting requirements on specified communications with public office holders in the province, and will require individuals who lobby provincial public office holders to file reports of their lobbying activities with a new Lobbyist Registry.
New Rules for Disclosure of Executive Compensation
Updates / February 06, 2009
The Canadian Securities Administrators (CSA) have established new rules regarding executive compensation disclosure, which revokes and replaces the old form for executive compensation found in Form 51-102F6 to National Instrument 51-102.
Federal Lobbying Act Rules for Post-Election Corporate Lobbying
Updates / October 15, 2008
Another minority Parliament in Ottawa combined with the implications of the international financial situation will undoubtedly give rise to new policy directions on a range of issues. This is a critical time for businesses to review their government relations strategies with regard to economic, regulatory and other policy matters that may affect their interests, as well as to make their views on these matters known to government policy-makers.
Lexpert's Top Deals of 2007
Announcements / January 22, 2008
Four Bennett Jones deals were recognized in Lexpert's Top 10 Corporate Deals of 2007: The $2.3-billion sale of Alliance Atlantis Communications Inc.'s outstanding shares, Marathon Oil Corp.'s $6.66-billion acquisition of Western Oil Sands Inc., Russian Machines' $1.5-billion investment in Magna International Inc., and Ontario Teachers' Pension Plan in connection with its proposed $266-million investment in the offer made in February 2007 by James Richardson International Limited for Agricore United. The firm also received recognition for its involvement in Royal Dutch Shell plc's $8.7-billion acquisition of the outstanding shares of Shell Canada (the largest going-private transaction in Canada to-date) and SSAB Svenskt Stal AB's US$7.7-billion acquisition of Ipsco Inc.