How does one acquire a large Canadian publicly listed company, and what key considerations should be taken into account when acquiring a Canadian publicly listed company?

First, selection of the acquisition target. On the day Repsol announced its acquisition of Talisman, Repsol’s CEO Josu Jon Imaz made the following remarks: 'The transaction with Talisman is the result of Repsol’s analysis of over 100 companies and assets worldwide. From a regional perspective, Talisman emerged as the optimal choice—both for its globally diversified asset base and its highly talented workforce. Repsol possesses the necessary capabilities and resources to unlock Talisman’s asset value, and the synergies created by this transaction are expected to generate over $200 million annually—making it a win-win deal.' For Chinese companies pursuing acquisitions of large Canadian publicly listed companies, adherence to fundamental oil-and-gas M&A principles is essential: thorough, long-term analysis and research of the target company or assets; careful assessment—grounded in the acquirer’s own circumstances—of whether the acquisition aligns with the company’s strategic development goals, whether it will generate meaningful synergies, and whether it is economically viable. Second, selection of the acquisition method for Canadian publicly listed companies. Acquisitions of Canadian listed companies generally proceed via three methods: (1) Takeover bid (a public, market-based offer directly to the target company’s shareholders); (2) Amalgamation (the buyer establishes a special-purpose vehicle, which merges with the target company upon obtaining approval from a majority of the target’s shareholders); and (3) Plan of Arrangement (the buyer and target enter into an acquisition agreement, requiring both majority shareholder approval and court sanction; upon completion, the buyer’s Canadian special-purpose vehicle merges with the target). In the context of international M&A, takeover bids and plans of arrangement are most commonly used in practice. Under a takeover bid, if the bidder fails to acquire 90% of shares in the initial public offer—but secures more than 66.66%—a so-called 'second-step' process becomes necessary: convening a shareholder meeting to complete full (100%) acquisition of the target. By contrast, a plan of arrangement requires only a single procedural step to finalize the acquisition. Moreover, regulatory requirements under securities laws are significantly more stringent for takeover bids than for plans of arrangement. Generally, in friendly transactions involving large listed companies—i.e., where the target’s board supports the acquisition—the plan of arrangement is the predominant method employed. For Chinese companies targeting large Canadian listed firms, choosing the appropriate acquisition method hinges first on whether the transaction will be friendly or hostile: plans of arrangement are unsuitable for hostile takeovers; if the target lacks a 'poison pill' (i.e., a shareholder rights plan enabling structural or financial defenses against hostile bids), a takeover bid may proceed faster than a plan of arrangement. Second, the bidder must assess its confidence in securing over 90% of shares outright in the initial public offer; otherwise, it will need to pursue shareholder meeting approval (requiring at least 66.66% support) to complete the acquisition.

What is the current state of Canada’s oil industry?

Suncor also invests in non-oil projects. It owns a portfolio of wind farms and has added electric vehicle (EV) charging stations at many of its self-operated gas stations. As illustrated, Canadians can now drive EVs coast-to-coast—from the Pacific to the Atlantic—using Suncor’s charging network. Suncor can sustain operations as long as WTI crude remains above USD 30 per barrel; it can maintain dividend payments if WTI exceeds USD 35. Suncor forecasts continued reductions in capital expenditures over the coming years—meaning it may still pay dividends even if crude prices dip below USD 30. Crude oil currently trades around USD 70 per barrel, having recently declined from a November peak of USD 84. At this price level, Suncor is generating free cash flow—which it can allocate toward dividends, share repurchases, debt reduction, and small-scale growth initiatives. Suncor is a classic value stock: its forward cash flows are not expected to grow substantially, and its share price is unlikely to surge dramatically. Returns will stem primarily from the accumulation of per-share value. Trading at low valuations, the company pays a high dividend, aggressively repurchases and cancels its own shares, and steadily lowers its net debt.

Canada's Greenfire Resources to Buy Connacher for About $900 Million

Jul 13, 2026

Greenfire Resources agreed to acquire Connacher Oil and Gas for approximately C$1.27 billion ($900 million) in cash. The merger aims to increase combined production to 34,000 barrels per day by 2026 while capturing C$30 million in annual synergies.

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Canada's Greenfire Resources to Buy Connacher for About $900 Million

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