Deals - Acquisition, Mergers, Divestitures
ExxonMobil/Celtic Merger Review Period Extended
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Celtic Exploration Ltd. has been advised by ExxonMobil Canada Ltd. of the status of the review by the Minister of Industry under the Investment Canada Act (the ICA) of the proposed arrangement whereunder Celtic is to be acquired by a subsidiary of ExxonMobil Canada.
The review period under the ICA has been extended until February 20, 2013 to allow time for the Minister to complete his review of the acquisition. It is anticipated that the Minister will complete his review, and if the acquisition is approved, this allows sufficient time for the completion of the Arrangement prior to the February 28, 2013 "Outside Date" provided for in the Arrangement.
The completion of the Arrangement remains subject to the receipt of a notice from the Minister under the ICA that the acquisition is likely…
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