TWO leading Canadian business and litigation law firms worked on one of the largest Australian deals in January, new statistics released to The New Lawyer by Mergermarket reveals.
In a monthly rundown of the biggest Australian deals of the month, Mergermarket figures (see page 2) reveal that law firms Fraser Milner Casgrain and Fasken Martineau worked on the biggest deal of January, based on deal value.
The deal, in which BHP Billiton Canada agreed to pay AUD$312 million to acquire fertiliser company Athabasca Potash, was by far the largest in January.
Clifford Chance and Baker & McKenzie advised on the second largest deal, valued at $136 million. The deal involved Australia's biggest private-hospital operator, Ramsay Health Care, which pushed into the European market with its bid for a majority stake in French operator Groupe Proclif, which runs nine hospitals in the Paris region.
Freehills and New Zealand law firm Russell McVeaugh worked on the third largest deal of the month, with Auckland International Airport's purchase of a 24.6 per cent stake in North Queensland Airports from Westpac Bank. The $133 million deal was a result of a New Zealand effort to lift its market share after it had performed badly against Australia in gaining a share of Asian tourism.
Advising on the next largest deal was Veirano Advogados and Lilla, Huck, Otranto, Camargo e Massina, when engineering group Worley Parsons reached an agreement to acquire CNEC Engenharia, the engineering and construction division of Brazilian conglomorate Camargo Correa for about AUD$107 million.
At the time, CNEC president, Jose Ayres de Campos, said that joining with WorleyParsons would enable the company to grow geographically, while adding to its technical areas of expertise.