Trio of firms advise on British energy company's €328m takeover

A trio of UK law firms have taken roles on British energy company Dana Petroleum's largest-ever acquisition – the e328m (£274m) takeover of Petro-Canada Netherlands.

Allen & Overy (A&O) and McGrigors both advised Dana, while Petro-Canada and its parent company Suncor Energy instructed Herbert Smith on the sale.

A&O handled the corporate work for Dana, while McGrigors advised on the bank finance aspects of the transaction. Both firms are longstanding advisers of the Aberdeen-based oil company.

Banking and finance partner Iain Macaulay led the McGrigors team, while City corporate partner Dominic Morris took the lead role for A&O. The magic circle firm also advised Dana in the Netherlands, fielding a team led by Amsterdam-based M&A partner Karine Kodde.

City-based corporate partner Simon Tysoe headed up the team for Herbert Smith, assisted by senior associate Alastair Young.

The deal, which includes 15 new offshore and three onshore oil fields, marks Dana's first venture into the Netherlands.

Morris commented: "The transaction was especially interesting because it was the largest deal to date for Dana and significantly expands their resources. It is a major transaction for them and it also hands them a whole new platform, as they have not been in the Netherlands before. For us, the deal was also building on the good client relationship that we enjoy with Dana."

The parties signed a share sale and purchase agreement earlier this month (11 June), with the deal subject to shareholder approval but expected to close in the third quarter of 2010.

The news comes after A&O last month won a role on an energy-related deal that saw Morris lead a team, alongside City corporate partners Jeremy Parr and Andrew Ballheimer, advising on the $4.9bn (£3.3bn) sale of mining multinational Vale's aluminium assets to Norsk Hydro.