AIMCo’s Hand Stuck in Takeover by Total Energy Services
In November 2016, the Alberta Investment Management Corporation (AIMCo) inked a strategic financing deal to assist Calgary-based Savanna Energy Services Corporation, a contract drilling and oilfield services company operating in North America and Australia. AIMCo manages a number of funds including Alberta’s Heritage Fund. Western Energy Services Corporation, an oilfield service company, made a friendly offer to acquire Savanna Energy Services, going through the front-door approach. Meanwhile, Calgary-based Total Energy Services Inc. made an offer to acquire all of Savanna Energy Services’ common shares in late November, which was viewed by some as a hostile takeover. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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