Privatization looms for ATB

Article Abstract:

Alberta Treasury Branches (ATB), a government-owned bank, may be privatized as the Progressive Conservative government of Canada's Alberta province considers radical reforms. The bank is about to become a regional bank that would serve not only Alberta but also other parts of Western Canada, and eventually the US Pacific Northwest. ATB's operations would be diversified as a result of the broadening of its geographic base. The dangers associated with being confined to resource-dependent Alberta would also be diminished through geographic expansion. The most probable areas for expansion into the US are believed to be the states of Idaho, Montana, Washington and Oregon.

Comment:

May be privatized as the Progressive Conservative government of Canada's Alberta province considers radical reforms

Commercial Banking, Chartered Banks, Banks (Finance), Depositories (Banking), Alberta Treasury Branches

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Petrocan scraps propane IPO

Article Abstract:

Petro-Canada of Calgary, Alberta, has cancelled its plans to launch a C$200-million initial public offering of its retail propane business, ICG Propane Inc. The company will now try to sell ICG to another energy company. Petrocan was planning to sell 20 million units of ICG for C$10 a share, payable in instalments of C$6 due on the deal's closing and C$4 in mid-1999. According to company spokesman John Percic, the company decided to cancel the IPO due to the depressed market for energy-related investments.

Comment:

Its planned C$200-million initial public offering has been cancelled by parent Petro-Canada Inc

Natural Gas Liquid Extraction, Propane (Liquefied), Petro-Canada Inc., Propane, ICG Propane Inc.

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Petrocan CEO hopes Ottawa will dump its 18-per-cent stake

Article Abstract:

Petro-Canada President and CEO James Stanford hopes the Canadian government will sell its remaining 18% interest in the company once oil prices recover. Stanford believes the government is not waiting for the company's stock to return to its peak of C$29.85 before unloading its shares. Some analysts project oil prices to rebound to $18 per barrel at the end of 1999 and average $18 in 2000.

Asset sales & divestitures, Petroleum and Coal Products Manufacturing, Petroleum

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