Glencore plc acquired Calgary-based Caracal Energy Inc. through a wholly owned subsidiary by way of a plan of arrangement for an all cash consideration of approximately $1.48 billion.
Caracal was listed on the London Stock Exchange and focused on oil and gas exploration, development and production activities in the Republic of Chad.
Glencore was represented by an in-house team led by Ken Klassen, General Counsel, and Gary Middleton. Externally, Glencore was represented by Torys LLP and McCarthy Tétrault LLP in Canada and by Clifford Chance LLP in the UK. The Torys team was led by John Emanoilidis and James Scarlett and included Tom Yeo, Konata Lake, Michael Pedlow, Rory McGillis and Miranda Callaghan (corporate/M&A); Andrew Gray and David Wood (dispute resolution); and Tom Zverina (lending), Jerald Wortsman (tax) and Lynne Lacoursiere (employment). The Clifford Chance team was led by David Lewis and included Jo En Low (M&A), Simon Sinclair and Yara Fadayel (capital markets); Roger Leese (dispute resolution), Russell Wells and Marta Pink (energy and infrastructure). The McCarthys team provided foreign investment regulatory advice in Canada and the Competition Act and Investment Canada Act approvals with a team of Donald Houston, Oliver Borgers, Dominic Thérien and Jonathan Bitran.
Caracal Energy was represented in Canada by Stikeman Elliott LLP with a team including Chris Nixon, Keith Chatwin, Patrick McNally, Sandra Bates and Jeffrey Keey (corporate/M&A) and David Weekes (tax); and by Linklaters LLP in the UK with a team including Neil Dixon and Nick Garland.