Occidental Petroleum didn’t go with a Texas lawyer for its $38 billion counter-bid for Anadarko Petroleum Corp., whose board already agreed to a $33 billion purchase by Chevron. The company chose Faiza Saeed, presiding partner at Cravath, whose media and entertainment clients have included Time Warner, Disney and DreamWorks. Still, Saeed is no stranger to the energy industry, as Claire Poole reveals.
Three Texas M&A Attorneys Make Lateral Moves
White & Case and Shearman & Sterling announced new hires early this week.
CDT Roundup: 13 Deals, 10 Law Firms, 90 Texas Lawyers, $13.5B
As The Texas Lawbook has noted, capital markets activity – especially in the energy industry – has been moribund so far this year. Last week, the Austin analytics provider Drillinginfo confirmed that unsettling view. While the $22 billion worth of debt and equity raised in the first quarter was up 9% over the fourth, it was down a concerning 45% year-over-year. Drillinginfo says Wall Street is enforcing discipline in the energy sector, and in her weekly Roundup, Claire Poole describes exactly what that means.
Section 199A: A Brief Introduction
One of the most discussed parts of the Tax Cuts and Jobs Act of 2017 is IRC section 199A, which includes the complex rules for determining when a taxpayer can deduct up to 20% of certain “pass-through” income. Jason Freeman of Freeman Law provides an analysis of the Treasury’s final regulations governing this provision.
CDT Roundup: 16 Deals, 14 Law Firms, 91 Texas Lawyers, $38.9B
Early last week, M&A activity for the year was lagging. Then came the $33 billion sale of Anadarko to Chevron. With that deal, everything changed – at least statistically. The equity and debt markets continue to be stingy, so what do companies do for new capital? Claire Poole has the answer, along with her weekly roundup of deals involving Texas lawyers.
V&E Advises Anadarko on $33B Sale to Chevron in Biggest Shale Deal Ever
Chevron Corp. of San Ramon, California, announced Friday that it agreed to buy Anadarko Petroleum Corp. of The Woodlands for $33 billion in cash and shares. Claire Poole has details and analyst reactions.
Q&A: Ryan Maierson’s Big Month and What It Says About the M&A Market
Latham & Watkins partner Ryan Maierson has been very, very busy, leading three billion-dollar deals in the last month. The Lawbook’s Claire Poole had a chance to talk to him about those deals and what they say about dealmaking right now.
CDT Roundup: 12 Deals, 11 Law Firms, 94 Texas Lawyers, $6.87B
M&A is down in the first quarter of 2019. That is a fact. But in the energy sector, according to Drillinginfo, it was worse than you think. Claire Poole has the startling numbers, along with her weekly roundup of Texas transactions.
Robust Economic Growth and Tax Law Changes Mean Choice of Entity Decisions More Important than Ever
Business is booming in Texas, and recent changes to U.S. tax laws have brought billions of dollars from foreign investors to the state. These developments have elevated the importance of choosing the right entity when structuring a new business venture. Business lawyers seeking to stay up-to-date on this topic should attend the 17th Annual “Choice, Governance & Acquisition of Entities” course in Dallas on May 24.
Jimmy Vallee Leaves Paul Hastings for Winston & Strawn
Jimmy Vallee, a top energy-focused M&A expert, has moved to Winston & Strawn in Houston with the avowed purpose of quadrupling the firm’s practice there. Vallee says others are already planning to join him. Claire Poole has him on the record.
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