Manalta board accepts Luscar bid

Article Abstract:

Manalta Coal Ltd.'s board of directors has recommended a tender of a new takeover offer valued at C$589 million from Edmonton, Alberta-based Luscar Ltd. Calgary, Alberta-based Manalta's board suggested receipt holders of the Manalta Coal Income Trust tender to the Luscar Coal Income Fund. The agreement is expected to set up the sixth-largest coal producer in North America with around 41.1 million tonnes in annual capacity and 3,000 workers, before expected job reduction. Luscar added C$39 million to an original C$550-million, offering 0.4 of a fully paid unit for each Manalta instalment receipt. Luscar president Gordon Ulrich said a complete merger of the two companies is expected to happen before the end of 1998.

Comment:

Gets approval of Manalta board of directors for its new takeover offer valued at C$589 million for Manalta

Coal, Coal Mining, Manalta Coal Ltd., Luscar Ltd.

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Alberta Energy launches hostile $446-million bid for Amber

Article Abstract:

Alberta Energy Company Ltd., a Calgary, Alberta-based company, has started a hostile C$446-million attempt to acquire heavy oil producer Amber Energy Inc. The Calgary-based company is proposing a C$7 per share bid for Amber Energy. Stockholders of Amber Energy are given the option to take 0.215 Alberta Energy shares instead of cash. Alberta Energy is also proposing to shoulder C$304-million in Amber Energy debts. Gwyn, Morgan, CEO of Alberta Energy, said that the acquisition of Amber would give Alberta Energy greater reserves and production at an advantageous price. Acquisition of Amber Energy would increase Alberta Energy's 1999 production by almost 30% to about 900 million cu ft a day.

Comment:

Starts hostile C$446-million attempt to acquire heavy oil producer Amber Energy Inc

Crude Petroleum and Natural Gas Extraction, Crude Petroleum & Natural Gas, Heavy Crude Petroleum, Petroleum industry, Natural gas, Petroleum, Gas industry, Alberta Energy Company Ltd., Amber Energy Inc.

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Nova buys Huntsman operations

Article Abstract:

Nova Corp. of Calgary, Alberta, is acquiring most of Salt Lake City, UT-based Huntsman Corp.'s styrene-related businesses for $744 million to become the world's largest producer of styrene. The deal will give Nova around 13% of the world's polystyrene market, said Nova president and CEO Jeffrey Lipton. The deal will add six US and two European chemical manufacturing facilities to 12 such facilities Nova already owns in Canada and the US. Styrene is a chemical building block of polystyrene utilized in building insulation as well as restaurant takeout containers.

Comment:

Is acquiring most of Salt Lake City, UT-based Huntsman Corp's styrene-related businesses for $744 million

Plastics Material and Resin Manufacturing, Utah, Polystyrene, Nova Corporation of Alberta, Huntsman Corp.

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