Francis Legault is regional chair of our Quebec business law practice. He focuses on corporate finance, both private placements and public financings, international financings, mergers and acquisitions, privatizations and corporate governance.
His extensive experience with mergers and acquisitions involves many large transactions for major North American enterprises.
Mr. Legault also frequently advises on directors and officers' liability, board of directors' governance, independent committee deliberations, shareholder matters and other aspects of corporate governance. He also advises on potential proxy battles, for both incumbents and challengers.
Mr. Legault conducts numerous Canadian and Canada / US cross-border and international financings for both issuers and underwriters. He acts for underwriters in numerous equity and debt financings both in Canada and internationally and in numerous initial public offerings in various industry segments, including insurance, technology and communications.
Selected client work
Mr. Legault has acted for the following clients:
· Domtar Inc. in its combination with Weyerhaeuser's fine paper business to create North America's largest white paper producer with an estimated enterprise value in excess of US$6 billion, and Domtar Corporation, the new entity, in connection with the sale of its forest products business to EACOM Timber Corporation for approximately $126.5 million
· Alcan Inc. in connection with take-over defence preparedness, fending off Alcoa's hostile bid and in Alcan's final friendly transaction with Rio Tinto plc for a total consideration to Alcan shareholders of US$38.1 billion, representing the biggest all-cash take-over in Canadian history (cross-border transaction) in October 2007
· Bowater Incorporated in connection with its merger with Abitibi-Consolidated Inc. to create a global leader in publications papers (newsprint and other communications papers). AbitibiBowater Inc. became the third largest paper and forest products company in North America and the 8th largest worldwide (cross-border transaction) in October 2007
· Bowater Canadian Forest Products (a predecessor of Abitibi-Consolidated Inc.) and AbitibiBowater Inc. in the sale of sawmills and private woodlands in New Brunswick and in the Quebec regions of the Gaspé, the North Shore, Mauricie and Charlevoix, for total consideration of over $300 million in 2006, 2007 and 2008
· Bell Nordiq Income Fund in connection with the acquisition by Bell Aliant Regional Communications Income Fund, of the public minority interest in Bell Nordiq Income Fund, representing a transaction value of approximately $505 million in January 2007
· Garda World Security Corporation in a private placement in the United States and Canada of two series of 9.75% senior unsecured notes due 2017 in the aggregate principal amounts of US$250 million and $75 million and a bank refinancing consisting of a $215 million secured three-year term loan and a $125 million secured three-year revolving credit facility and in connection with various cross-border transactions involving the acquisition of a provider of high threat protection (Afghanistan, Iraq) from Kroll International, the acquisition of ATI Systems International in a transaction valued at $395 million in February 2007, and the acquisition in February 2006 and subsequent resale in June 2009 of Vance International, a provider of physical security services
· The agents' syndicate led by RBC Dominion Securities Inc. and TD Securities Inc., in connection with a public distribution in Canada by way of prospectus by Bell Canada of $1 billion M-20 Debentures in June 2009
· The agents in connection with the public offering by Bell Canada of 3.60% medium term note debentures, series M-21, maturing on December 2, 2015
· The special committee of independent directors of Lafarge Canada Inc., in connection with the privatization of Lafarge Canada Inc. and Lafarge North America Inc. by parent shareholder Lafarge, S.A., in a cross-border transaction with a value in excess of US$3.0 billion in 2006
· Two Canadian chartered banks for advice on board governance issues and the conduct of shareholder meetings
Rankings and recognitions
· Best Lawyers in Canada, 2012: Securities Law, Corporate Governance, Mergers & Acquisitions
· The International Who's Who of Capital Markets Lawyers, 2011
· Chambers Global: The World's Leading Lawyers for Business, 2011: Corporate Law/Mergers and Acquisitions
Memberships and activities
· Legal Advisory Committee to the Expert Panel on Securities Regulation in Canada (national regulator project) (2008-2009)
· Legal Advisory Committee to Autorité des marchés financiers (Quebec Securities Commission) (2000-2008)
· Canadian Bar Association
Related Publications
Governance, compensation and activism
As part of our Continuing Education Seminar Series we hosted on November 17, in our Montréal office, a seminar on governance.
17/11/2011
Related News
Ces tendances qui changent la donne
In Les Affaires, Francis Legault talks about trends in the practice of law, which is changing under pressure from global and regional markets as well as social change. He mentions among other things international networking and proxy battles.
14/11/2009
Les entreprises sont reparties à la chasse
In La Presse, Francis Legault explains that companies are starting to look into acquisitions again.
09/09/2009
New Rules on Executive Compensation Disclosure
As the effects of the financial crisis continue to play out in financial markets across the world, new rules on executive compensation disclosure for listed corporations are slated to come into force in Canada on December 31, 2008.
08/12/2008
De nouvelles préoccupations pour les avocats
Francis Legault explains in La Presse's legal page the role assumed by lawyers in MA matters.
16/04/2009
La prudence succède à la frénésie
Francis Legault, chair of our Corporate Finance and Securities team, analyzes the impact of the financial crisis on the MA market, in La Presse.
02/10/2008