Tuesday, October 01, 2002
Wednesday, June 18, 2003
Published in Magazine:
Toronto-based ShawCor Ltd., acquired Houston-based Halliburton’s 50 per cent interest in Bredero Shaw, the world’s largest pipecoating business, for approximately US$200 million including assumption of debt. The deal closed on October 1, 2002. Combined with its original 50 per cent interest, ShawCor now owns 100 per cent of Bredero Shaw, making it the world’s largest provider of corrosion, insulation and weight pipecoatings. The purchase price consisted of US$75 million (US$50 million in cash and a short-term note for US$25 million) together with the issue from treasury of 7,723,996 class A subordinate shares.
Lang Michener represented ShawCor, with a team led by William Sheridan and Patrick Phelan, and included Emma Ritchie and Craig Manuel, and Nairn Waterman and Gavin Smyth (due diligence), David Thring and Christopher Partridge (banking) and James Musgrove (anti-trust). The ShawCor legal team was assisted by in-house counsel Jim McTurnan, Bredero Shaw, and by international counsel Theodore Goddard, Leslie Jackson and Geraint Harries in the U.K.; Blair Pritchett and Jeffrey Hoyt of Cox Hanson O’Reilly Matheson in Nova Scotia; John Cabaniss of Andrews & Kurth LLP in Houston, Texas; Carlos Cornejo of Sanchez-DeVanny Eseverri, S.C. in Mexico; and Michael Kliriotis of PricewaterhouseCoopers in Cyprus.
Halliburton was represented by in-house counsel Tom Cooney, who assisted Brad Hayden of Macleod Dixon LLP in Calgary and David Knight in Toronto, and in the U.S., Darrell Taylor of Baker Botts LLP in Houston, with securities advice.