takeover

U.S. producers are expected to continue to view Canadian exploration and production (E&P) companies as enviable takeover targets in 2002, according to analysts.

U.S. producers are expected to continue to view Canadian exploration and production (E&P) companies as enviable takeover targets in 2002, according to analysts.

Only two weeks after it had launched its friendly takeover bid of Gulf Canada Resources Ltd., Conoco Inc. reported on Wednesday that the Canadian Commissioner of Competition issued an advanced ruling certificate to the company, allowing the acquisition to go forward without the requirement of any further approvals under the Canadian Competition Act.

U.S.-based IntercontinentalExchange’s (ICE) takeover of Europe’s International Petroleum Exchange is basically a done deal, with approval of 89.6% of the shares. As of June 15, ICE’s financial adviser, Goldman Sachs, had received 10.25 million shares of acceptance, and with 90% or more of IPE shares in hand, ICE may exercise its right to acquire the rest of the outstanding shares.

Conoco Northern Inc., a subsidiary of Houston-based Conoco Inc., officially launched its friendly takeover bid for Gulf Canada Resources Ltd. on Friday, tendering a cash offer that would pay the Calgary-based company C$12.40 per share in a deal worth $4.3 billion (C$6.7 billion). The two companies agreed to the sale in May (see NGI, June 4), and Conoco’s offer will expire on July 13.

Conoco Northern Inc., a subsidiary of Houston-based Conoco Inc., officially launched its friendly takeover bid for Gulf Canada Resources Ltd. on Friday, tendering a cash offer that would pay the Calgary-based company C$12.40 per share in a deal worth $4.3 billion (C$6.7 billion). The two companies agreed to the sale in May (see Daily GPI, May 30), and Conoco’s offer will expire on July 13.

A state legislative proposal will be introduced later this week to start the political process for implementing the agreement (MOU) between California’s governor and Southern California Edison Co. to return the utility to credit-worthiness in exchange for selling its transmission system to the state and assuring below-market power supplies from the utility’s existing fleet of hydro, nuclear and coal-fired power plants.

Small producer Canadian Superior Energy launched a takeover bid for Canadian 88 Energy Corp. last week. The stock swap deal would put Canadian 88’s maverick former CEO Greg Noval back in control of the firm. Noval is offering 2.75 Canadian Superior shares for each share of Canadian 88, which he left last year after a change of control. The deal is worth about C$4.95 a share, or C$700 million (US$451 million).

Small oil producer Canadian Superior Energy announced late yesterday a takeover bid for Canadian 88 Energy Corp. The stock swap deal would put Canadian 88’s maverick former CEO Greg Noval back in control of the firm.