CHC Helicopter Corp. (FLI) - First Reserve Corp.

July 9, 2008 (9:25a) - Industry Canada Approval / Status Report

FLI has announced Industry Canada approval of this transaction.

As part of its press release related to this development, FLI has noted that the termination date may be extended from July 31 to November 19, 2008. This, of course, would be necessary if the remaining regulatory approvals are not obtained before the end of this month.

FLI has also repeated the following statement regarding pending regulatory matters:

"Completion of the Arrangement remains subject to a number of conditions, including receipt of transportation regulatory approvals in Canada and Europe. CHC and the Purchaser continue discussions with the applicable regulatory authorities and will advise on anticipated transaction timing as information becomes available."

As discussed previously, the expectation is for all the required regulatory approvals to ultimately be granted. However, there is clearly a possibility, if not probability, that the review processes will continue into August of this year. There is currently no expectation that this transaction will continue beyond August.

APP Pharmaceuticals, Inc. (APPX) - Fresenius

July 8, 2008 (1:30p) - Initial Analysis

This acquisition by Fresenius looks to be fairly routine from a regulatory standpoint, as APPX's injectable products compete in an extremely robust market. It's primary competitors are major players such as Bedford, Baxter, Teva, and Hospira, all of which have increased their presence in the injectables market by acquiring APP's competitors in recent years (see this FTC Consent Order regarding Mayne/Hospira).

Of importance from a competitive perspective is the fact that Fresenius' Kabi unit offers a variety of "infusion therapies", but does not offer injectables pharmaceuticals similar to APPX's products, nor does its infusion products address the treatment areas (oncology, anti-infectives, critical care) of APPX. In short, there appears to be literally no competition issues associated with this combination.

Since APPX's products are primarily sold within the U.S. (and exclusively manufactured in the U.S. and Puerto Rico), major review outside the U.S. are currently perceived as very unlikely.