Vinson advises Sinopec on £1.9bn takeover of Canada’s Daylight

Bennett Jones, Blake Cassels & Graydon and Vinson & Elkins took leading roles on Sinopec’s £1.88bn takeover of Canada’s Daylight Energy.

Sinopec International Petroleum Exploration and Production Corporation (SIPC) has entered into an agreement to acquire Calgary-based oil and gas Daylight Energy for C$3bn. Vinson, Sinopec’s long-term international legal advisor, advised the Chinese state-owned energy giant in the cross-border transaction. Partners David Blumental and Jay Kolb led the firm’s team.

Bennett Jones, led by Calgary partners John Kousinioris and Jon Truswell, is Sinopec’s Canadian legal advisor.

Daylight Energy turned to Blakes with the firm’s team being headed by Calgary partners Chad Schneider and Pat Finnerty.

SIPC is a wholly owned subsidiary of Sinopec Group and undertakes the group’s overseas investments and operations in the upstream oil and gas sector.

The three firms, all of which have an office in Beijing, have been active advisors to Sinopec. Vinson, for example, advised SIPC in its $8.8bn acquisition of Addax (6 July 2009), while Blakes represented the Chinese acquirer in its $4.6bn acquisition of 9 per cent interest in a Canadian oil sands joint venture from ConocoPhillips in April 2010.