08-10-2013, 04:09 AM
From the fwiw dept, the last two deals I have been involved with
Deal 1: term sheet signed August xx, sales and purchase agreement signed December, closing January
Deal 2: term sheet signed dec Yy, spa signed June, closed August
Both of these deals were in se Asia and were asset sales. Neither required substantially new Joint venture operating agreements and were relatively straightforward deals.
The IOC deal is on the surface much more complex with multiple parties on xom side.
Further, knowing Phil my guess is ioc's outside counsel is Dewey Cheatem and Howe rather than Jones Day or another top tier M&A firm.
iOC excom M&A experience - actually getting a deal done from start to finish - probably very limited.
So, my guess is that no one hAd a clue how long this would take and they grossly underestimated the time.
All IMHO.
Deal 1: term sheet signed August xx, sales and purchase agreement signed December, closing January
Deal 2: term sheet signed dec Yy, spa signed June, closed August
Both of these deals were in se Asia and were asset sales. Neither required substantially new Joint venture operating agreements and were relatively straightforward deals.
The IOC deal is on the surface much more complex with multiple parties on xom side.
Further, knowing Phil my guess is ioc's outside counsel is Dewey Cheatem and Howe rather than Jones Day or another top tier M&A firm.
iOC excom M&A experience - actually getting a deal done from start to finish - probably very limited.
So, my guess is that no one hAd a clue how long this would take and they grossly underestimated the time.
All IMHO.