Canada High Court Breathes New Life Into M&A Efficiencies

Law360, New York (February 6, 2015, 10:45 AM EST) -- On Jan. 22, 2015, the Supreme Court of Canada issued its first merger case decision in 20 years, setting standards for the evaluation of competitive effects and efficiencies and for how to balance results of these analyses.[1] The decision permitted the merger of Tervita Corp. [2] with Complete Environmental Inc. and Babkirk Land Services Inc. (together, “Babkirk”), overruling decisions by the Competition Tribunal[3] and Federal Court of Appeal[4] to block the transaction.

At issue were: (1) the “appropriate standard for merger review,” (2) the “proper legal test to determine when a merger gives rise to a substantial prevention of competition,” and...

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