Appeals Court Won't Ax $100M Suit Over Failed Energy Deal

Law360, Houston (January 28, 2014, 6:52 PM EST) -- A Texas appeals court on Tuesday declined to shut down an energy developer’s $100 million suit alleging a Canadian rival used unfair tactics to win a bidding war for a Nabors Industries Inc. unit, saying the foreign company’s acquisition target could be sued in Texas.

The Fourteenth District Court of Appeals ruled that Calgary-based Parex Resources Inc. and a Bermudan affiliate had not sufficiently conducted business in Texas relative to the purchase of Ramshorn International Ltd. from Nabors and that the trial court therefore lacked jurisdiction...
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