by Sandra Rubin

Lexpert®'s look at the most significant 2009 deals shows that Canada's resource sectors played major roles in several transactions. As a result of a dragging economy, successful refinancings, restructurings and plain old IPOs suddenly became events to be celebrated

Chinese companies went shopping in Canada's resource sectors last year. Of the 20 largest Canadian M&A deals in 2009, Chinese companies were the bidders on at least five, worth more than US$15 billion.

Experts say we should expect more of that in 2010. “Aside from the blockbuster deals in the oil and gas sector – Suncor/Petro-Can and Addax/Sinopec – deal activity in the mining sector rebounded beginning in the second quarter of 2009,” says John Nyholt, PricewaterhouseCoopers' National Transaction Services Leader. “Deal values are dramatically lower than the 2007 peak, but still in line with pre-peak averages. With continued strength in the gold market and solid recovery in base metal prices, mining companies have been busy raising capital in the latter half of 2009, so watch for some of that capital to go into more acquisition activity in 2010.”

The list of Chinese deals would start with Sinopec's US$8.8-billion acquisition of Addax Petroleum and PetroChina's stake in the Athabasca oil sands.