AEC extends Pacalta offer, avoids poison pill

Article Abstract:

Alberta Energy Co Ltd (AEC) has extended its hostile takeover bid for Pacalta Resources Ltd of Calgary, Alberta, by two weeks from Apr 7 to Apr 21, 1999. The extension would qualify the proposal as a permitted bid under Pacalta's shareholder poison pill plan because it is open for 35 days. The move would prevent the activation of the poison pill which would have flooded the market with cheap Pacalta shares. Under the proposed bid, AEC will swap 0.235 of an Alberta Energy share for each Pacalta share. The deal is valued at $415 million based on the Apr 8 closing prices.

Asset sales & divestitures, Pacalta Resources Ltd.

---

EnCana cuts Syncrude stake

Article Abstract:

EnCana Corp. will sell a minority share of the Syncrude project in Alberta to Canadian Oil Sands Ltd. The deal for the 10% share is valued at 1.07 billion Canadian dollars.

Crude petroleum and natural gas, PETROLEUM AND COAL PRODUCTS, Petroleum, Petroleum and Coal Products Manufacturing, Petroleum & Energy Products, Alberta, Mergers, acquisitions and divestments, Company acquisition/merger, Natural resources, EnCana Corp., Canadian Oil Sands Ltd.

---

Similar abstracts:

• Abstracts: TD Waterhouse to offer free pocket PCs. Pension clients demand tough rules
• Abstracts: Thiessen offers no hint he'll boost interest rates. Bank of Canada holds interest rates steady. Telus can't charge for court-ordered wiretaps
• Abstracts: MCI-Sprint deal changes playing field. Seagram results tank in second quarter
• Abstracts: WestJet chairman objects to user fee. Ruling on Air Canada fares reversed. Discount airlines caused divide
• Abstracts: Corel sales warning sinks shares. Corel cuts jobs after revenue rise falls short

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.