Legal Feeds Blog
|The Calgary Stampede parade circa 1912. (Photo: Courtesy of the Calgary Stampede Archives)|
The firm will celebrate the joint centenaries by running a chuckwagon in the Rangeland Derby at this year’s Stampede, piloted by former Canadian champion Vern Nolin.
FMC’s Calgary office traces its roots to the firm founded by Lloyd Hamilton Fenerty and Henry Phipps Otty Savary in the city 100 years ago. They rented office space in a building at 8th Avenue and 1st Street SE, just a couple of blocks from FMC’s current location.
By 1985, their firm, Fenerty Robertson Fraser & Hatch, had grown in tandem with the Alberta oil industry, with 60 lawyers calling it home. In 1991, they merged with Edmonton’s Milner & Steer, before two further mergers created the national firm Fraser Milner Casgrain.
“I would like to personally congratulate FMC Calgary on its 100th anniversary,” said Chris Pinnington, FMC’s chief executive officer. “At FMC, every office is a key component of our firm. Our ability to provide our clients with the best legal and professional advice at the national and regional levels is what sets us apart from our competition.”
According to Tamela Coates, the current managing partner of the FMC’s Calgary office, the firm is here to stay.
“FMC has experienced tremendous growth over the past 100 years,” she said ”As business continues to grow and diversify we look to the future, we’ll be there, continuing to provide the high level of client service on which we pride ourselves.”
Maple, a consortium of Canada’s largest banks, insurers and pension funds, said the Ontario Securities Commission has approved final recognition orders that will govern operations of the combined entity after the close of the $3.8-billion deal. The rules will be published by the OSC later on Wednesday.
Canada’s Competition Bureau said earlier this year it was working closely with the OSC on its review of the deal. The bureau initially raised concerns about the deal’s impact on competition, but it later indicated the OSC’s final terms and conditions may help to “substantially mitigate” its concerns.
Maple as part of the deal wants to fold under TMX’s wing Alpha Group — TMX’s biggest domestic competitor in stock trading, and the Canadian Depository for Securities, which clears and settles all stock trades in Canada. The fact that TMX and Alpha control some 85 per cent of all stock trades in Canada raised concerns the merger would give too much power to a single market and clearing operator controlled by Canada’s big financial institutions.
TMX and Maple, in a joint statement, said the OSC’s orders approve the proposed acquisition of TMX Group, Alpha and CDS.
The orders, which provide the terms under which the OSC will permit Maple to operate a combined exchange and clearing group, have been reviewed and agreed to by all members of Maple Group.
Update 2:11 p.m.:
Competition Commissioner Melanie Aitken just released the following statement:
"Following an extensive review of Maple Group's bid to acquire TMX Group, as well as Alpha Group and Canadian Depository Services (CDS), in light of the Ontario Securities Commission's (OSC) recognition orders as finalized today, the Competition Bureau does not, at this time, intend to make an application to the Competition Tribunal to challenge the proposed transactions.
- Subtitle Orders may pave the way for Competition Bureau approval
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Samsung loses bid to lift ban on U.S. tablet sales, Reuters
58-day Air India strike ends as pilots ordered back to work, Reuters
Argentine court upholds glacier law in mining area, Reuters
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Gail J. Cohen