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The demise of Superior Plus Corp.'s $982-million deal to acquire Canexus Corp. is not without its upside for M&A stakeholders subject to the Competition Act. "This is the first time Canada's Competition Bureau has ever approved a transaction based upon the efficiencies defence," says Brian Facey of Blake Cassels & Graydon LLP in Toronto, who represents Superior. "It's also one of the rare occasions on which the bureau didn't go along with a U.S. Federal Trade Commission's decision to challenge a merger."

Lexpert contributor Julius Melnitzer reports at

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