How to 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 portfolio and its highly talented workforce. Repsol possesses the necessary capabilities and resources to unlock Talisman’s asset value, and the synergies generated by this transaction will deliver over $200 million in annual benefits—making it a win-win deal.' — For Chinese companies pursuing acquisitions of large Canadian publicly listed companies, overseas M&A must adhere to fundamental oil & gas industry acquisition principles: thorough, long-term analysis and research of the target company or assets; alignment of the acquisition with the acquirer’s own strategic development goals; assessment of whether the deal will generate operational synergies; and evaluation of economic feasibility. Second, selection of the acquisition method for Canadian publicly listed companies. Acquisitions of Canadian listed companies generally fall into three categories: (1) Takeover bid (a public, market-based offer directly to the target company’s shareholders); (2) Amalgamation (a merger whereby the buyer establishes a special-purpose Canadian corporation and merges with the target company upon obtaining approval from a majority of the target’s shareholders); and (3) Plan of Arrangement (a negotiated agreement between buyer and target, requiring both majority shareholder approval and court sanction; upon closing, 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 is required: convening a shareholder meeting to complete 100% acquisition of the target. By contrast, a plan of arrangement achieves full acquisition in a single procedural step. 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. — For Chinese companies targeting large Canadian listed companies, selecting an acquisition method requires first determining whether the transaction will be friendly or hostile. Plans of arrangement are unsuitable for hostile takeovers. In the absence of a 'poison pill' (i.e., a shareholder rights plan enabling the target to undertake equity restructuring or raise acquisition costs to deter hostile bids), takeover bids typically proceed faster than plans of arrangement. Second, the acquirer must assess whether it has 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 finalize the acquisition.

[Oil Watch] Upstream oil & gas companies reignite a wave of restructuring and consolidation.

Globally, M&A activity among upstream oil & gas companies has remained robust this year. According to Wood Mackenzie, publicly disclosed upstream M&A deals totaled $55 billion in Q1 alone—far exceeding the ~$14.5 billion recorded in the same period last year, and approaching 1.7 times the average quarterly level over the past five years. From January to April, the global upstream sector saw 55 M&A transactions totaling over $56.7 billion. In terms of transaction count, asset-level deals dominated, accounting for 46 transactions; in terms of value, corporate-level M&A accounted for $50 billion—or 88% of total transaction value. Geographically, North America led all regions with over $51.3 billion in M&A spending, representing more than 90% of the global total—and thus remains the most active region. Over the past five years, corporate-level M&A has shown a clear upward trend, whereas asset-level deals—both in number and value—have declined. Asset Optimization and Concentration to Enhance Resource Control Amid mounting geopolitical challenges and accelerating global energy system transformation, upstream oil & gas companies are increasingly prioritizing economies of scale and synergistic resource utilization—pursuing mergers and consolidations to continuously optimize business structures and asset portfolios. In Europe, according to the Financial Times, UK independent oil company Ithaca Energy has reached agreement with Eni to acquire Eni’s 11 upstream assets in the UK for £750 million. Both parties hold interests in key North Sea Central blocks—including Elgin, Franklin, and Jade. It is estimated that post-merger, Ithaca Energy’s daily production will reach approximately 150,000 barrels of oil equivalent (boe) by around 2030—more than double its 2023 average daily output. This will significantly strengthen Ithaca’s reserves and production base in the North Sea, positioning it as one of the region’s largest oil & gas producers. In the United States, in February, independent E&P company Chord Energy announced its acquisition of Canadian peer Enerplus for $11 billion in stock and cash. Upon completion, Chord Energy’s operated acreage in the Williston Basin will increase by 23%, reaching 1.3 million acres. The two companies’ combined average daily production in Q4 2023 stood at 287,000 boe. A year earlier, Chord Energy had acquired 62,000 acres of developed oil & gas properties in the Williston Basin from ExxonMobil for $375 million. Chord Energy’s President and CEO Danny Brown stated that this merger will create the largest exploration and production company in the Williston Basin. Additionally, several similar transactions have occurred in the Permian Basin. At the start of this year, shale oil & gas producer Diamondback Energy announced its $26 billion cash-and-stock acquisition of Endeavor—a single-largest deal so far in 2024. It is reported that the two companies currently produce a combined 816,000 barrels of shale oil per day. Local media report that the newly formed entity will join ExxonMobil and Chevron as one of the top three U.S. oil & gas producers. Chesapeake Energy also issued a statement announcing its acquisition of rival Southwestern Energy, aiming to establish the largest natural gas producer in the United States.

Ithaca Energy Acquires Canadian Offshore Assets from Suncor in First International Deal

Oct 5, 2026

North Sea oil producer Ithaca Energy acquired Canadian offshore assets from Suncor Energy for $860 million plus contingent payments, marking its first international acquisition to diversify production. The transaction positions Ithaca as the fifth-largest operator in Canada’s offshore sector.

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Ithaca Energy Acquires Canadian Offshore Assets from Suncor in First International Deal

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