Recently, a Canadian oil ﬁrm wanted to invest in a Russian oil producer. However, the Russian ﬁrm's
stock was not available for purchase. The Russian ﬁrm did have publicly traded convertible bonds
outstanding. Can the Canadian ﬁrm achieve its objective in this case? Would it be ethical for the
Canadian ﬁrm to take this route? What are the implications of convertible bonds for control of a
ﬁrm?

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The Answer of Recently, a Canadian oil ﬁrm wanted to invest in a Russian oil producer. However, the Russian ﬁrm's
stock was not available for purchase. The Russian ﬁrm did have publicly traded convertible bonds
outstanding. Can the Canadian ﬁrm achieve its objective in this case? Would it be ethical for the
Canadian ﬁrm to take this route? What are the implications of convertible bonds for control of a
ﬁrm?

Recently, a Canadian Oil ﬁRm Wanted to Invest in a Russian